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01Marketing Management
marketing management is the process of planning, executing, and tracking the marketing strategy of an organization. This includes the marketing plan, campaigns and tactics used to create and meet the demand of target customers to drive profitability.
Marketing management is vital to a business’s ability to generate revenue, create a brand, and better understand its customer base. Marketing management works to ensure a company is profitable by gaining new customers, expanding a customer base, building a company’s reputation, and improving customer interactions.
An example of marketing management is creating an advertising plan and implementing that plan.
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Different Marketing Management Types
- Marketing Strategy
- Media Relations
- Customer Marketing
- Product Development
Strategy creation
A marketing management strategy is created in order to support the overall marketing strategy of a business. Whereas the marketing strategy involves the overall goals the company has with regard to reaching customers and markets, strategic marketing management involves creating a marketing plan to reach those goals and using a range of tools to ensure success is achieved.
Strategic marketing management often starts with a brand audit which will allow a company to ask and answer several questions that can help direct the future marketing management strategy.
Strategy implementation
The activities of marketing management fall into the following categories:
- Price: Price is the monetary value placed on a product. It depends on production costs, the segment of customers targeted, and their ability to pay for the product, as well as demand for the product.
- Product: The product on the market needs to be optimized with target customers in mind for the remainder of the marketing mix to achieve the overall goal.
- Place: In marketing management, place refers to both the general and exact locations customers are able to purchase a product. This involves making choices about online or brick-and-mortar availability, as well as the specific locations therein.
- Promotion: Finally, activities such as various advertising channels, direct marketing, press releases, and even incentives can all be utilized to promote the product once it has been optimized and produced.
philosophies of marketing management
- Production concept: Prioritizes production efficiency
- Product concept: Prioritizes the quality of the product(s)
- Selling concept: Prioritizes customer satisfaction
- Marketing concept: Prioritizes profits through customer satisfaction
- Societal concept: Prioritizes the societal impact of marketing activities
