What is Marketing Management? – A Complete Guide 2023

With marketing management, you can manage resources, activities, costs, and schedules to successfully execute a marketing campaign. To respond quickly and accurately to their target customers’ demands, marketers use the marketing management process to streamline their job and reach their customer base.

Marketing Management: What Is It?

A marketing manager is responsible for planning, executing, and tracking the organization’s marketing strategy. This includes creating and meeting the demand of target customers in order to drive profitability. To ensure that you’re making the right decisions, market research is essential to understand the market and to determine what needs are not being met, or how to capitalize on opportunities that are currently untapped. The goal of market research is to gain an understanding of the competition, key demographics, pricing, and the best promotions for attracting customers. Research and marketing plans can be organized with the help of project management software. Using Project Manager, you can plan and collaborate using multiple project views such as Gantt charts, task lists, calendars, and Kanban boards.

An international marketing management perspective:

The term international marketing management refers to marketing activities that take place across national borders. Any marketing manager involved in international marketing management should gain a thorough understanding of the customer base in any country where the product will be marketed, including cultural nuances and demographics. It is possible that you will need to interact with marketers in other countries when marketing products abroad, which will further broaden your marketing management responsibility. You might need to hire local employees or hire a marketing agency to reach customers in that country.

A marketing-management degree:

A marketing management degree emphasizes business leadership and gives students exposure to current marketing trends. A career in this field can be rewarding for anyone interested in advertising, promotions, marketing, or leadership.

A Marketing Management philosophies:

It is unique to every company how it will run its production, sell, and market its products. This is the marketing management philosophy of a company that makes very high-quality caps with high selling rates and invests a lot of money to make their brand valuable (through marketing).

The concept of production

According to the production concept, customers prefer products that are accessible and affordable. The managers’ main focus is on producing at high efficiency, keeping costs low, and distributing on a mass scale. When buyers are more interested in getting the product than its attributes, this type of business orientation is effective in developing nations. A local company, for instance, produces mobile handsets at a lower cost than a branded company. The local handsets would therefore be preferred by consumers in these countries over branded handsets.

An overview of the selling concept

If comprehensive promotional and selling efforts are not carried out by the organization, customers are unlikely to buy enough of the company’s products. This concept is used for items that are unsought of by consumers, such as insurance. By finding the target segment and selling on the high quality of the product benefits, these products are forcefully sold. A poor assumption is that consumers will fundamentally like a product if they are coaxed into buying it, and this concept lives up to expectations. Regardless of the fact that they dislike it, they will eventually overlook their displeasure and buy it.

An overview of marketing concepts

Marketing concept developed over time and emphasizes the need for organizations to evaluate the consumer’s needs and produce products or services that meet those needs better than their competitors. This concept completely contradicts the ‘manufacture’ concept as well as the sales concept because it focuses on what consumers want. The marketing concept Example: Head and Shoulders shampoo was initially packaged and sold in a standard form. Over time, however, the organization realized the needs of shoppers and adjusted its product, bringing in a variety in its cleanser line.

The Marketing Management Functions are important

A project management tool is essential to managing all seven marketing functions. Handling all these seven areas can be overwhelming, so it’s suggested to use project management tools.

1. Getting promoted

Promotion refers to all marketing activities that promote brand awareness. It can be aimed at a single product or service, or it can be focused on a brand. Promotions include digital advertising, content marketing, PR, and events, among others. It is a good idea to put together a creative brief to help with your promotion.

2. The selling of

An organization’s marketing department usually builds a marketing funnel strategy that generates leads and sales. Marketing and sales are closely related. Maintaining profitable relationships with customers requires maintaining a marketing calendar and customer relationship management (CRM) system.

3. The product management process

It is also important for marketing managers to work closely with product management departments to develop a product that meets the needs of both the company and the customers. In addition to keeping costs down, product development teams are concerned with the functional aspects of the product, while marketing managers provide guidance for developing products tailored to the needs of the target market.

4. The price

It is important for marketing professionals to plan a pricing structure for their businesses based on factors such as demand planning, costs, and their brand’s competition.

5. A market research study

As part of marketing research, customer data, such as demographic information, is analyzed in order to develop a marketing strategy that meets their needs. By conducting market research, you will gain a better understanding of your target market’s purchasing behavior, which will allow you to determine what marketing strategy will work best to reach them.

Roles in marketing management

Let’s review two of the most important marketing roles, the marketing manager and director of marketing, now that we understand the elements that make up the marketing management discipline.

As a marketing manager

The responsibilities of a marketing manager are similar to those of a head of marketing, but they may be referred to as “head of marketing” or similar titles. As a marketing manager, you are responsible for overseeing the campaigns and tactics that a company uses to execute its marketing strategy.

VP of Marketing

 In most large companies, the VP of marketing acts as a liaison between the CMO and various departments, including marketing, sales, and other functions. The company’s marketing strategy is primarily responsible for ensuring that it is implemented correctly throughout the organization.

Marketing Management: What Does It Include?

Your marketing management program, policies, and strategies are designed to help your business achieve its objectives by planning, organizing, monitoring, and implementing them. By effectively bringing in more potential consumers to your base, it can help to generate greater profits.