Marketing management is the creative and dynamic process of planning, implementing and tracking a company’s marketing strategy. It closely resembles strategic planning and is closely related to creative management. Marketing managers develop strategic objectives and target markets and focus on implementing the chosen marketing strategy. Marketing managers typically plan their strategies across the “4 Ps”: products, pricing, place and sales channels.
Marketing management is the process of planning, executing and tracking a company’s marketing strategy
Marketing management involves using a variety of tactics and strategies to attract consumers to a company’s products or services. This includes placing advertisements on television channels, social media platforms, and using sales staff to demonstrate a product or service. It also involves measuring consumer satisfaction, making sure a product or service meets consumers’ needs, and tracking its success.
Marketing management involves analyzing consumer wants and needs and developing a market offering that highlights the product or service’s benefits and functionality. In addition, the company must also create an exchange mechanism that enables customers to access the product or service.
It is closely related to strategic planning
Strategic planning provides a map of a company’s goals and a plan for achieving them. It helps identify internal and external influences on the business, as well as opportunities and threats. It helps identify new markets and identify new competitors. The process can include conducting a SWOT analysis, setting specific objectives, creating strategies, and designing a measurement and reporting process. It can also include a comprehensive marketing plan.
It is a creative management function
Creative marketing management is a key function in modern business. Today, creative marketing managers are modeled after entrepreneurs, adopting similar work cultures and adopting entrepreneurial business practices. This requires the creative marketer to be agile and constantly modify their strategy. Using innovative marketing tools is essential to staying ahead of the competition.
The marketing operations manager oversees the review and approval process of creative assets. They ensure that these assets meet regulatory guidelines and brand standards. They may also use software to streamline the approval process. In some cases, lawyers are hired to review creative content to ensure that it meets all necessary legal requirements. This function can improve efficiency and happiness for the creative team.
It is a dynamic process
Marketing management is a process which helps in planning the future course of action and makes decisions in relation to pricing, promotional mix and distribution channels. It is a dynamic process and depends on the needs and preferences of the consumers. In order to meet their expectations, marketers provide the right product and service to them. They also monitor the competitors’ strategies to determine potential market opportunities.
Marketing activities are based on the overall organisational objectives. The ultimate goal of a firm is to increase sales volume and profitability. The marketing function provides information to the customer to make the decision to purchase the product.
It involves building relationships with customers
Marketing management involves developing and managing relationships with customers to create and maintain a profit-generating business. Its goal is to attract new customers and maintain current ones by delivering value and satisfaction. This is accomplished through the creation of long-term customer relationships. Customers will remain loyal and spend more when they are happy with your products and services.
In addition to customer acquisition, marketing management also involves building relationships with partners inside and outside the company. In today’s connected world, every area of a business interacts with customers, so it’s important for everyone within the company to focus on delivering the best customer service possible.
It is an on-going process
Marketing management is a continuous process, which aims to create innovative products and services for the customers. The process of marketing includes product planning and development, promotion and distribution to the customers, and after-sales services. It requires the participation of different individuals, such as a researcher, production engineer, and sales personnel. The objectives of marketing management change with changing market conditions.
The function of marketing management includes planning, organizing, coordinating, controlling, and evaluating marketing activities. Its goal is to meet or exceed the objectives of an organization. It is important to make the process of marketing management an ongoing one, so that it can change and adapt to any changes.