Marketing management entails all the strategies made by marketers to increase the demand for products or services of an organization. It is all about the process of creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
Marketing management further involves making decisions on what products or services should be released into the market, how these goods or services should be priced, what kind of marketing channels to reach consumers, and how to measure the effectiveness of marketing campaigns.
Importance of Marketing Management
Marketing management is essential because it helps organizations achieve their objectives. Through this function, businesses can create value for their customers, which allows them to generate profits and increase their market share. It is also the reason why companies can produce products and services that better suit customer needs.
Marketing management functions as a tool used by organizations in increasing sales, promoting their brands, gaining a competitive advantage over other firms, adding value to customers’ lives through developing new products, or adjusting prices of existing items to be more profitable.
Functions of Marketing Management
As mentioned earlier, marketing management is a vital function in all organizations. It involves several activities that help companies grow and prosper. Among the most functions include:
Developing a mission statement – A mission statement provides direction to an organization by communicating its purpose and values to managers, employees, and other stakeholders. It also serves as a guide in making marketing decisions.
Formulating a marketing strategy – A marketing strategy is a plan that outlines the specific actions to achieve the desired results. It includes the goals that should accomplish the target market, the product or service offering, the price, the channels of distribution, and the methods to measure the success of the marketing efforts.
Designing and implementing marketing campaigns – Marketing campaigns are how a company tries to persuade consumers to buy its products or services. They can be in the form of print ads, TV commercials, online ads, social media campaigns, public relations initiatives, direct mail, or sales promotions. The nature of these campaigns will depend on the target market. It is why they must be appropriately designed to meet their needs.
Developing marketing strategies – This function involves selecting a marketing strategy best suited to an organization’s vision, mission statement, and core values. For instance, if a company wishes to penetrate a new market, it will need to employ a different marketing strategy compared to the arrangement of keeping its current customers.
Evaluating marketing performance – Measuring the effectiveness of marketing campaigns and strategies is relevant to determine whether or not they are achieving the desired results. This function also allows companies to make necessary adjustments to ensure that their marketing efforts are on track.
As can be seen, marketing management is a vital function in all organizations. By implementing the correct strategies and campaigns, businesses can increase sales, promote their brands and gain a competitive advantage over their opponents. Furthermore, by evaluating the performance of their marketing efforts, companies can make the necessary adjustments to ensure that they are achieving their desired results.