marketing-management

Marketing Management is one of the most common undergraduate degree programs in the country, with over 300 schools awarding it. This degree helps students understand how to effectively promote products, services, and concepts to attract people to them. With this type of knowledge, students can work towards their own businesses or other organizations that need help reaching their target audience. The education offered by Marketing Management has not only made its graduates highly competitive in the workforce but has allowed them to bring about positive change in society. As this discipline continues to grow and develop, so will its impact on society as a whole.

Marketing Management is a branch of marketing that deals with the promotion and growth of companies. There are different types of marketing management degrees acknowledged by educational institutions, including undergraduate and graduate degrees; however, they all entail similar coursework to teach students how to market products and services. An undergraduate degree in Marketing Management gives students an overview of the field and the knowledge they need to pursue further education or enroll in a graduate degree program.

What Is Marketing Management Definition? 

Marketing management is defined as “the activities that help organizations to identify and satisfy customer needs, gather valid information to make investment decisions, and make appropriate decisions such as product development and acquisition.

What Is The Scope Of Marketing Management?

Marketing management definition is concerned with all the activities that help an organization to identify and satisfy customer needs, gather valid information to make investment decisions, and make appropriate decisions such as product development and acquisition. The scope of marketing management refers to the organization’s internal processes that take into account all types of activities aimed at maintaining or acquiring customers. These processes should be minimal yet should be dynamic in nature so as to respond to changes in customer behaviour.

Marketing Management Functions

There are many functions that marketing management can perform. These include:

1. Market research – a systematic way of gathering information about a market and its customers, competitors, and suppliers.

2. Planning – a process that organizes the firm’s activities to meet the objectives of the business plan.

3. Pricing – a process that establishes what price should be charged for goods and services.

4. Promotion – a process that communicates the message about the value of goods or services to existing and potential customers or clients through various media.

5. Product management – a process responsible for developing new products, identifying their features, communicating product benefits to customers, organizing production and distribution, selecting suppliers from whom they can purchase raw materials or components, after-sale service of products, etc. 

6.. Workflow – a process responsible for organizing and controlling all activities of the firm.

7. Human resource management – a process responsible for the creation of effective human resources strategies that help to develop and retain valuable employees, including training, compensation, and staffing decisions.

8. Customer service – a process responsible for making customers satisfied with products and services in many ways: retention (preventing them from switching to competitors), retention (retaining current customers), up-selling (convincing them to upgrade products), cross-selling (convincing them to add other products or services), reducing shipping costs, increasing shipping speed or quantity, etc.

9.. Labor management – a process responsible for managing employees (including recruiting, training, motivating, and terminating), the relationship between management and employees in a team, workplace safety and security.

10. Administrative management – a process responsible for the coordination of various functions in the organization to ensure that they all support each other.

11. Information systems – a process responsible for organizing resources in an efficient manner to meet the expectations of customers and business partners. 

12.. Marketing research – a systematic way of gathering information about a market and its customers, competitors, and suppliers.

13.. Fair trade strategy – arranging strategic business decisions to produce products & services that consumers want at reasonable prices with fair working conditions provided to employees world-wide.

14. Firm communication – a process that links all employees to each other and the market.

Marketing management is a dynamic field since it is constantly changing to keep up with current trends. The world went through an industrial revolution in the early 1900s, which lead to mass production of goods for consumption. Now that information technology has evolved, people are now more reliant on technology than ever before. Therefore, marketing management has changed dramatically to maximize opportunities in the digital age.

There are still many ways marketing can be implemented in society, though it is already involved in numerous areas of manufacturing and consumption. Even though companies will not tell their secrets for free (such as how junk food gets its appeal), marketing research does give people insight on how products are marketed today.

What Is Marketing Management Process?

Marketing management is a set of inter related decisions for the firm to enhance its profitability. The first step is to determine its objectives on what’s more important for the company – Volume or Profits.

Once objectives are clear, the next step is to analyze the industry structure. This involves assessing the competitive status of an industry on aspects like demand elasticity, market share, barriers to entry, threat of substitutes etc., using secondary data or by conducting primary research. Marketing mix or some other tools are then used for understanding how it can be implemented in order to achieve objectives.

After this, a marketing plan has to be designed. This is a formal statement on what’s to be done in order to achieve the objectives on time. While designing the plan, marketing tools have to be used for allocating resources and managing risk. A monitoring & control system has to be established for ensuring that plans are on track and new plans are being prepared in case of deviation from original objectives or marketing mix.

If the company is not performing well financially then, some corrective measures have to be taken which includes a review of its marketing strategy & Mix using various tools & techniques for identifying changes in the situation.

The last activity of marketing management is to evaluate the effectiveness of marketing activities undertaken. The results are used for making further changes in the marketing mix & strategy.

Marketing management differs from strategy to strategy, product to product and target audience to target audience. Firms need to perform their own set of studies on each area based on factors like market share, perception, competitor behavior etc., This will help firms in developing their own effective marketing strategies.

Marketing management is a human-oriented business function that deals with the purchase/sale/distribution/marketing/exchange transactions of goods and services between an organization and its external customer(s).

What Is The Role Of Marketing In Management?

Marketing helps a company to take customer-oriented decisions by analyzing various data about the market situation using statistical tools. It involves management of all the important resources of a firm or organization, from top to bottom levels, from suppliers to customers. The field of marketing studies the market dynamics along with customer behavior and their relationship with a product or service. Studies take into consideration the factors that influence the potential customer to buy a product or service, their buying habits and how it can be changed to earn profits for a company. For example :-

1) A company may find that certain features that have been advertised have failed in convincing customers about the need for making the purchase decision. What are the changes that can be brought about in advertising approach to target the customers who are initially non-purchasers of the product?

2) A market research study may show that many potential customers are willing to buy a product if it is available in more colors. The study also shows that more younger people than older people prefer buying this product. Which of the following would be the most appropriate step for marketing management?

Marketing management is an umbrella term for all business functions, activities and decisions involved in satisfying customer needs profitably. It focuses on developing, communicating and delivering value to customers.

What Is The Difference Between Marketing And Sales?

When we talk of marketing we mean all functions related to understanding and satisfying customer needs. Sales means all functions related to making the sale. Selling is the process of convincing customers to buy goods or services by providing them financial incentives such as discounts, money off, etc. A salesperson acts as an intermediary between the buyer and seller; s/he is often known as a dealer or a broker and can be hired by an organization or organization itself for increasing sales.

What Is Marketing Management Subject?

Marketing management is an interdisciplinary subject which involves all types of organizations like, government organizations, educational institutions, NGO’s, etc. who are involved in either selling the product or service of their organization on the market. Marketing management is about activities including planning, implementation, monitoring and controlling.

Who Controls Marketing?

Marketing is one of the most important functions in an organization which involves all organizational units including sales, expenses, marketing research, advertising, finance etc. Each unit of the organization has its individual responsibility in fulfilling the function of marketing. There are three types of responsibilities of each department involved in marketing i.e., – 

1) Planning – Marketing planning involves allocating resources for various functions like sales promotion, advertisement etc. based on various objectives like profit maximization based on quantitative estimates & qualitative estimates of demand elasticity of customer base.

2) Implementation- Marketing implementation is all about marketing activities being carried out by the firm to achieve the objectives planned in the earlier step.

3) Monitoring and control – It monitors and controls various aspects of marketing activities.

It is a group activity where all the departments have to work together. There are three main roles in marketing viz., 

1) Strategic marketing – Strategic marketing involves planning, organizing, staffing , directing and controlling activities of an organizations. It takes decisions for promoting organization’s products or services in order to meet organizational goals or objectives, this may include advertising through mass media (TV, radio), sales promotions (discounts, coupons etc. ), and public relations and market research and many more.

2) Operational marketing- It is concerned with implementing the marketing strategies and taking care of day-to-day activities. It includes the functions like sales, distribution, accounting ,marketing research, analysis and analysis of data related to sales & purchases.

3) Managerial marketing – It makes sure that the entire organization works in harmony for achieving success by co-ordinating other two roles i.e., strategic marketing & operational marketing.

Sales Are Increasing, But Profit Is Decreasing. Is This A Normal Trend?

Sales are increasing because of increased price/margin/volume ratio, while profit is decreasing because of increasing expenses i.e.

What Is The Role Of Marketing In Public Policy?

Marketing policies are formulated by the government to control certain aspects of marketing activities on grounds that they affect people’s lives negatively or positively. For example :-

1) An Indian court recently banned cigarette advertisements in print media because smoking is considered as a health hazard for people who are below 30 years age group.

2) According to the Supreme Court of India, tobacco products are not health-products.

3) The Ministry of Food and agriculture has to take steps to control the consumption of genetically modified foods.

4) A government may impose quota on certain food products because of shortage in supply at home or to earn extra foreign exchange by exporting them.

Is Marketing Management A Good Career?

Yes. Marketing management is a good career option for people who have a flair for selling and marketing, because it opens a lot of job opportunities. It can be a student’s best career option if he/she knows the basic things related to marketing and can make appropriate decisions in an organization or in life.

Why Should We Study Marketing Management?

We should study marketing management to get knowledge about different types of business strategies, how they work and how they can be implemented in an organization. In addition, it helps us develop capabilities like planning, organizing, staffing , directing and controlling activities of an organization .

What Are The Types Of Marketing Management?

There are three types of marketing management. – 

  1. Short-Run Marketing– It is based on short run planning, which means that it plans actions to meet immediate objectives. It includes all activities that are executed immediately with an intent to generate short run profits or products. If one wants to gain immediate revenues, he/she should use this form of marketing management. This form of management is used by firms which have minimum costs & low cost per unit & high competition for their products 
  1. Long-run Planning – It is based on long run planning, which means that it plans actions for future generations with regard to both short-run and long-run objectives. It includes all activities that are executed in the long run to meet long run objectives. This form of marketing management is used by firms which have high cost per unit, low competition for their products & high investment.
  1. Combined Marketing – This form of marketing management is a combination of short run & long run planning.
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