The process of setting marketing management for an organization taking into account internal incomes and market opportunities, planning and executing actions to meet these objectives, and measuring progress toward achieving these objectives.
In a nutshell, it’s about managing everything it takes to drive marketing and sales in the business. It means creating, executing, and measuring a plan for the company to reach, communicate with and convert its target market.
What are the Objectives of Marketing Management?
The two primary goals of marketing management are to maximize the company’s market share within the overall industry and customer satisfaction of the consumer base within its already captured market share. Increase Market Share
Market share measures your company’s achievements in your industry or product category. Because of this, it can also use as an indicator of your marketing and sales relative to your competitors (although profit and other financial metrics make market share an inadequate measure of competitors’ overall success).
Increasing market share is essential as it shows what the market thinks about your brand. A growing market share may indicate:
- You have successfully reached and won over a large proportion of your prospects.
- Existing customers return to buy enough products for new customers to generate positive net customer development.
- Your product has a positive and rising reputation in the industry.
Of course, all of this can signify revenue growth and other important goals for the company.
Increase Customer Satisfaction
Another important goal of marketing management is the satisfaction of existing customers. As mentioned in the last point, your business cannot grow if you lose the same number of customers you gain in a month. Without addressing the needs and desires of customers, your company becomes a revolving door.
Satisfied and loyal customers mean for a company:
- Repeat customers increase customer lifetime value and overall sales.
- Customers praise you in front of their friends, reducing the cost of acquiring new customers.
- Trusted customers who are more easily persuaded to make future purchases.
- Smoother customer service experiences and reduced complaint volume.
A company’s best opportunities lie within its existing customer base. They know your brand well enough to give you informed feedback but not enough to get as close as the staff can bring.
Marketing Management Functions
Conduct Market Research In Your Industry
Increasing market share requires a deep and thorough understanding of the market itself. To fill out the rest of this list, your business needs to know what consumers want and need, their lives, budgets, and buying habits, among other factors.
Conduct a Competitive Analysis of Your Industry
In addition to fully understanding the consumers in the market, marketing management must also understand who the other key players are. It requires knowing the main competitors in the industry, what makes customers choose them, and what their strengths and weaknesses are.
Identify a Unique Positioning for the Brand and Products
To increase your market share, your marketing needs to effectively convey, “Why to choose this product over the other options?”. Once management knows why customers choose your business, they can communicate that to potential customers.
Develop A Promotional Plan to Launch into the Market
Ultimately, once management understands who makes up the market, what they need, and how your company offers that differently from the competition, they can devise a strategy to communicate this and promote products.
Characteristics of Marketing Management
To achieve these specific goals, marketing managers spend their days working on various tasks, from those focused on communication to those involving big data. After all, modern marketing is as much an art as it is a science, and it’s mainly technology-driven, filled with all the data you can imagine. But creativity is still required to build the strategy and products that produce the results the data illustrates.
This work includes the following:
- Communication with the public, customers, shareholders, partners, etc.
- Planning of promotional calendars and campaigns.
- Analysis of market trends and campaign performance.
- Collection and analysis of customer perceptions.
- Forecast trends and projections relevant to the above.
- Collaboration with other teams within the organization.
- Management of units within your department, such as public relations or advertising.
- Supervised the relationships and work of external marketing providers, such as payment agencies.
With the current focus of the digital marketing landscape, technology is also becoming an increasingly prominent feature among all the above responsibilities.
Marketing management is the administrative discipline that focuses on the practical application of marketing orientation, techniques, and ways inside enterprises and organizations and also on managing a firm’s marketing resources and activities.
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