All you need to know about marketing management which performs all the managerial functions in marketing. It identifies market opportunities and brings appropriate strategies to explore those opportunities profitably. This involves implementing a marketing program and evaluating the effectiveness of the marketing mix. It needs to address the shortcomings noticed in the actual implementation of marketing plans, policies, and procedures. It oversees the marketing system of the enterprise.
Management is the process of getting things done in an organized and efficient manner. The goal of marketing management is the efficient operation of marketing activities. Marketing management reduces the process of exchanging ownership of goods and services from seller to buyer. Marketing management, like other areas of management, includes the effectiveness of planning, organization, management coordination, and control.
Marketing Management Tasks:
With holistic marketing as a backup, we can identify a specific set of tasks that make up successful marketing leadership. Some of the essential tasks are being:
- Developing Marketing Strategies and Plans: The first task is to identify the organization’s long-run opportunities given its market experience and core competencies.
- Capturing Marketing Insights: Marketers must closely monitor the marketing environment to continually asses market potential and forecast demand.
- Connecting with the Customers: The firm must determine how to best create value for its chosen target markets and develop strong, profitable, long-term relationships with customers.
- Building Strong Brands: Marketers need to understand how customers perceive their brands’ strengths and weaknesses.
- Shaping the Market Offerings: At the heart of the marketing program is the product, the firm tangible offering to the market, features, and packaging.
- Delivering Value: How can the firm deliver value to its target market? Channel activities are needed to make the product offering accessible and available to customers.
- Communicating Value: Marketers must adequately communicate to the target market the value embodied by their products and services.
- Creating Successful Long-term Growth: The marketing strategy should take into account changing global opportunities and challenges.
It is apparent that Marketing management tasks as an alternative to the selling concept as the way business firms fundamentally approach the market. The guideline theme for marketing practice under the selling concept insists that given enough selling and advertising, customers can be convinced to buy the product.
Related Article: Conceptual Frame of Marketing
Former Student at Rajshahi University