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Marketing management is how companies identify profitable market opportunities and implement strategies that will best tell their customer bases about new products, services, and events. The goal of marketing management is to continue building your brand while becoming more profitable as a business — and it’s always customer-oriented.
In this article, we’ll cover everything you need to know about marketing management. By the time you’re done reading this comprehensive guide, you’ll know how to come up with the best possible marketing campaigns to influence your customers to hire you for your services and invest in your products.
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For now, read below for a thorough overview of marketing management.
Inside this blog:
What Exactly Is Marketing Management?
In the simplest terms, marketing management is the process of evaluating, planning, executing, and tracking the marketing strategy of your company. It involves analyzing target markets to see where the highest return is, setting goals for your company, and organizing the plans needed to achieve that high return via meeting customers’ demands.
The person in charge of all this is referred to as the marketing manager. The marketing manager is responsible for digging in and researching how to make your company overall better and more profitable. Ultimately, marketing management is based on the “Four P’s”, which are:
- Product
- Place
- Price
- Promotion
The Four P’s are directly related to attracting customers. Therefore, they are decided upon by the marketing manager or marketing team by what their customers want to buy or the services they need.
The 5 Goals of Marketing Management
Every business has certain goals, and marketing managers must align themselves with these goals and the objectives needed in order to create successful marketing strategies. Generally speaking, a marketing manager or marketing team will have the following goals:
1) Attracting New Customers
One of the most important goals of marketing management is to attract new customers to increase profitability through sales. There are plenty of different marketing strategies that can be used to attract the maximum number of customers, such as utilizing TV ads, digital ads, and creating content among various social media channels.
Many management teams even go as far as to arrange product or service demonstrations — whatever is most likely to attract these new customers.
2) Meeting the Demands of Customers
The next important goal of marketing management is to keep existing customers satisfied by meeting their needs and demands. In this case, it’s both product quality and service quality that matter, and that includes customer service as well.
Additionally, things like the steady and on-time supply of products or laborers for services matter. That’s why any successful marketing strategy will involve supply logistics to ensure that products or materials are not only delivered on time but in the best possible condition to keep customers happy.
3) Maximizing and Maintaining Profitability
Every business depends on earning substantial profits for long-term survival. Therefore, marketing managers must find ways to grow and diversify a business while also finding the best methods of maintaining all growth and diversification.
To keep a business profitable from a marketing perspective, a company must not only have a healthy understanding of marketing management, but the marketing manager must understand how to achieve market targets. For example, they need to know how to attract new customers, promote new and existing products, and turn one-off customers into recurring customers.
4) Maximizing Market Share
Making maximum market share is another important goal of marketing management. To maximize their market share, companies of all kinds will experiment with different tools to bring in better market sales of their products or services.
This can include:
- Offering discounts
- Utilizing promotions and specials
- Putting on events
- Organizing contests
As you can see, it’s not always about putting out a brand-new product but learning how to pique customers’ interest.
5) Creating and Maintaining a Good Reputation
A business’s reputation is essential to its growth. If a company has stood the test of time, remaining positive in the public eye, it has a better chance of growing diversifying, and maximizing profits. However, if a company has a bad track record, it has less of a chance of survival long-term.
Part of marketing is gaining customers’ trust and loyalty. Having an excellent reputation can create automatic trust in new customers while keeping existing customers coming back for more.
Why Does Marketing Management Matter?
Why is marketing management important? Aside from meeting the above goals, marketing management helps businesses stand apart from their competitors while also ensuring that they thrive in their industry market.
Marketing management is also important for the following reasons:
- It helps companies maintain a good reputation. Once again, a company’s reputation is its greatest form of leverage in building trust and high retention rates. This includes the processes of buying, selling, exchanging, and transporting goods and how they’re handled from the customer’s perspective. Companies that have a good reputation get more opportunities to grow.
- It helps boost the company’s economy. Marketing management is responsible for figuring out how to excel over the competition and become more profitable. Therefore, they’re directly responsible for coming up with the best marketing strategies to effectively promote products and services so that they not only sell but sell to a larger audience.
- It generates new and better ideas. A marketing team is also responsible for coming up with new ideas to promote products and services in relation to how they’ll benefit a company’s customer base. This takes tons of market research and creativity, both of which separate companies from their competitors while diversifying them.
- It’s a way of effectively advertising new products or services. New products and services need to be advertised, and marketing management is what allows the advertisement to be more effective in grabbing customers’ attention. Essentially, marketing management knows how to make the public understand whether they’re choosing a good product or service.
The Marketing Management Process
Understanding what marketing management is and how to achieve success with it is one thing. Understanding the process of marketing management is another beast. Every company has its own specific goals and objectives in terms of becoming profitable and differentiating itself from the rest of its market — and these are the steps within the process that allows them to achieve those goals and objectives:
Define Your Mission Statement
Your company’s mission statement should not only put your ultimate goal as a business in words but your core values as well. It should invoke emotions and also be:
- Unique
- Aspiring
- Realistic
- Enticing
This is the first thing you need to establish before doing anything else, as it will set you up for the rest of the marketing management process.
Analyze Your Business’s Industrial Ranking
The goal is to maintain your position in a competitive market. Competition among all industries has risen substantially, forcing marketing managers to find different and more unique ways to market their products or services.
Of course, to get started, you’ll need to know where you stand in your market. By analyzing your company’s ranking in your market, your marketing team will be able to assess your strengths and weaknesses. This is what will allow you to determine the areas in which you need to improve upon as well as what factors are trending within your industry.
Learning what’s trending provides opportunities to satisfy your customers and keep them engaged based on what’s interest-provoking or in demand at the time. Conversely, assessing your rankings will also allow your marketing team to better understand what obstacles they may have to overcome.
Planning Your Marketing Campaign
Once you know where you stand, it’s time to make an effective plan to market your company’s products or services. Ultimately, how your marketing team chooses to promote your products or services will depend entirely on what the market looks like, what’s trending, and the product or service in question.
Planning and executing marketing campaigns is an ongoing process. There will be multiple marketing campaigns as you’ll always want to maintain your company’s presence in your market and the relationships you have with your customer base.
Analyze and Modify Your Marketing Strategies
With each new marketing campaign, you plan and execute, you’ll need to also evaluate by setting up key performance indicators (KPIs) and other metrics to help you analyze your success — and failures.
This is what will help you and your marketing team identify what works and what doesn’t. This means you’ll be constantly modifying your marketing strategies over time, and hopefully coming up with consistent methods that garner the best possible results.
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