Marketing Management provides the foundation and the managerial skills for an organisations successful marketing strategy and planning. Marketing Management provides the educational background to develop effective and efficient marketing strategies. Marketing Management is basically the managerial discipline that focuses on the application of marketing psychology, psychological science and strategies and techniques in organisations and enterprises. Marketing Management seeks to build a strong foundation for better product and services market penetration and to improve the effectiveness of marketing activities. It is one of the most important areas that focuses on marketing.
Marketing Management helps an organisation to establish its own goals, purpose and strategy and build upon these. The course mainly focuses on planning as well as execution of marketing activities with the ultimate objective of optimising organisational performance. This helps professionals to assess current market conditions, analyse existing marketing challenges and formulate a sound strategy.
Marketing managers are primarily concerned with the creation of market share, controlling market price and penetration, influencing customers, increasing customer loyalty, building sales power, and increasing company profits. Market managers monitor competition and create strategies to counter existing and new competitive threats. Marketers evaluate the effect of marketing activities on prices, demand, quality and the competitive landscape. Marketers determine competitive opportunities and potential pitfalls. Marketers and their managers are primarily concerned with sales, demand, cost and inventory, financial and capital markets, human resources, marketing and promotion.
Marketing managers are also involved in research, development, management and the conduct of tests and experimentation. They contribute to strategic and operational activities in order to improve quality, productivity and the profitability of the organisation. Marketing management involves five main activities: product development, selling and promotional activities, customer relations, advertising and promotion. The five activities of marketing management are process oriented, results oriented, competitive and nonprofit.
Marketing programs are designed and developed in order to achieve marketing management goals. The program must focus on its specific objectives and be able to achieve those objectives. Marketing programs concentrate on four primary objectives: internal control, sales force management systems, information systems and customer value added programs.
Marketing activities in a company should be effectively controlled at all levels. At every level of the organisation, from the top down through the bottom of the sales force, there should be consistent controls exercised to ensure that the marketing activities of the company meet its objectives. Control at the top of the organisation should include all senior management. In addition to controlling the upper management, controls at the bottom of the organisation should include the people who actually perform the various marketing activities, such as sales force managers and product owners.
Sales and Marketing
Sales and marketing management strategies are developed in order to meet the marketing objectives of companies. A company’s sales and marketing management strategy is developed through the evaluation of the company’s market position, size, competition and other factors. Marketing strategies involve the identification of potential problems and the formulation of solutions. Most of these strategies deal with creating a market for the product or service and then offering products and services that solve those problems.
Marketing plans may also be called marketing strategies or business plans. Companies usually develop marketing plans for one or more markets within their industry. These plans represent the company’s future objectives. Marketing management plans allow a company to evaluate its marketing position and determine what changes, if any, are necessary to achieve its future objectives. A company’s marketing management plan is therefore a written document that describes the products or services offered and their anticipated effect on sales, revenues and market share.
How do you manage your marketing strategy? Leave a comment below with your answer.