Marketing management is a dynamic and continuously evolving field that requires a deep understanding of market trends, customer behavior, and effective marketing strategies.
Here we have discussed what is marketing management and its objectives and scope.
What is Marketing Management?
Marketing management is the process of developing and implementing strategies to promote and sell products or services to customers. It involves analyzing market trends and consumer behavior, developing pricing and distribution strategies, and designing promotional campaigns to reach and engage with target audiences. Marketing management also involves managing the overall marketing budget and measuring the effectiveness of marketing efforts.
Effective marketing management requires a deep understanding of customer needs and preferences, as well as an ability to adapt to changes in the marketplace. It also involves coordination and collaboration across multiple departments within a business, including sales, product development, and customer service.
Marketing management is a critical function for businesses of all sizes and industries, as it plays a key role in driving revenue and growth. By understanding the needs and wants of their customers and developing effective marketing strategies, businesses can differentiate themselves from competitors, build brand loyalty, and achieve long-term success.
Marketing Management Meaning
- According to Philip Kotler, “Marketing means satisfying needs and wants through an exchange process.”
- Marketing simply means a process where a marketer creates a mark of identity of the product in the mind of their customer.
Definition of Marketing Management
Marketing can be defined as a process or system of business activity designed to plan promote and distribute the want satisfying goods and services to the target market.
Marketing Management can be defined as an Art and Science of choosing target volume and getting keeping and growing customers to create delivering and communicating superior customer value.
Top 10 Marketing Management definitions given by various authors;
- Marketing Management is the process of planning and executing the conception, pricing, promotion, and distribution of goods, services, and ideas to create exchanges with target groups that satisfy customer and organizational objectives. – Philip Kotler
- Marketing is a social and managerial process by which individuals and groups obtain what they need and want through creating, offering, and exchanging products of value to others. – Philp Kotler
- “Marketing is a social process by which individuals and groups obtain what they need and want through creating offerings, and freely exchanging products and services of value with others, For a managerial definition marketing has often been described as the art of selling products” – Peter Drucker
- Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational goals. – American Marketing Association (AMA)
Objectives of Marketing Management
The primary objectives of marketing management are to:
- Identify and Understand Customer Needs
- Develop and Implement Marketing Strategies
- Build Brand Awareness and Loyalty
- Increase Sales and Revenue
- Measure and Improve Marketing Effectiveness
Identify and Understand Customer Needs
Marketing management aims to understand the needs and preferences of customers and to create products or services that meet those needs. This involves conducting market research to gather insights into customer behavior, demographics, and preferences.
Develop and Implement Marketing Strategies
Marketing management is responsible for developing and implementing effective marketing strategies that promote the brand, attract new customers, and retain existing ones. This involves developing pricing and distribution strategies, designing promotional campaigns, and leveraging various channels to reach target audiences.
Build Brand Awareness and Loyalty
Marketing Mgmt aims to build strong brand awareness and loyalty among customers. This involves creating a unique brand identity and messaging, developing a positive reputation through effective communication and customer service, and creating an emotional connection with customers.
Increase Sales and Revenue
The ultimate objective of marketing Mgmt is to increase sales and revenue for the business. This involves leveraging various marketing tactics and channels to generate leads and convert them into paying customers.
Measure and Improve Marketing Effectiveness
Marketing Mgmt is responsible for measuring the effectiveness of marketing efforts and making improvements to optimize performance. This involves tracking metrics such as website traffic, conversion rates, and customer engagement, and using data-driven insights to make informed decisions about marketing strategies.
Nature and Characteristics of Marketing Management
Here are some of the key characteristics and nature of marketing management:
- Customer Focus
- Holistic Approach
- Strategic Thinking
- Data-Driven
- Creative and Innovative
- Collaborative
Customer Focus
Marketing management is focused on identifying and understanding the needs and preferences of customers. It involves conducting market research, analyzing customer data, and developing products and services that meet the needs of the target audience.
Holistic Approach
Marketing Mgmt takes a holistic approach to drive growth and profitability. It involves aligning various business functions, such as sales, product development, and customer service, to work together in achieving common marketing objectives.
Strategic Thinking
Marketing Mgmt requires strategic thinking and planning to develop and execute effective marketing campaigns. It involves setting clear objectives, developing actionable plans, and continuously monitoring and measuring performance to make informed decisions.
Data-Driven
Marketing Mgmt is increasingly data-driven, with a focus on using data and analytics to inform marketing decisions. It involves collecting and analyzing data on customer behavior, market trends, and campaign performance to optimize marketing efforts and maximize ROI.
Creative and Innovative
Marketing Mgmt requires creativity and innovation to develop unique and impactful marketing campaigns that resonate with customers. It involves developing creative messaging, designing engaging content, and leveraging emerging technologies and platforms to reach and engage target audiences.
Collaborative
Marketing management involves collaboration and coordination across multiple departments and stakeholders, both within and outside the organization. It requires building strong relationships with vendors, partners, and customers to achieve common marketing goals.
Importance of Marketing Management
- Understanding Customers
- Creating Customer Value
- Building Brand Equity
- Increasing Sales and Revenue
- Managing Competition
- Promote Innovation
Scope of Marketing Management
The scope of marketing management includes various aspects of marketing activities involved in identifying and satisfying customer needs. It encompasses the following areas:
- Product Development
- Market Research
- Pricing Strategy
- Distribution Channels
- Advertising and Promotion
- Sales Management
- Customer Relationship Management
Product Development
Marketing management involves developing new products or improving existing ones to meet the changing needs of the target audience. It includes activities such as product design, packaging, branding, and positioning.
Market Research
Marketing Mgmt involves conducting market research to gather information on customer needs, preferences, and behavior. It includes analyzing market trends, competitor strategies, and customer feedback to inform marketing decisions.
Pricing Strategy
Marketing Mgmt involves setting prices for products or services that reflect the value they provide to customers. It includes considering factors such as production costs, competition, and customer demand.
Distribution Channels
Marketing management involves selecting and managing distribution channels to ensure that products reach the target audience efficiently and effectively. It includes activities such as logistics, transportation, and inventory management.
Advertising and Promotion
Marketing Mgmt involves developing advertising and promotion campaigns to create awareness and generate interest in products or services. It includes activities such as media planning, creative messaging, and measuring campaign effectiveness.
Sales Management
Marketing Mgmt involves managing the sales team to ensure that they are equipped with the necessary skills and knowledge to sell products or services effectively. It includes activities such as sales training, performance management, and incentive programs.
Customer Relationship Management
Marketing management involves developing and maintaining relationships with customers to enhance loyalty and retention. It includes activities such as customer service, complaint handling, and feedback management.
Advantages of Marketing Management
- Increased Sales and Revenue
- Improved Customer Satisfaction
- Competitive Advantage
- Brand Market Position
- Enhanced Innovation
- Improved Communication
- Improved Profitability
Limitations of Marketing Management
- Inability to Control External Factors
- Costly
- Difficult to Measure ROI
- Limited Effectiveness of Traditional Advertising
- Dependence on Customer Perceptions
- Ethical Concerns
