What is marketing management, exactly? Read this article to find out.

If you are a creative – and have a keen interest in business – then you should think about entering the exciting world of marketing management. This branch of marketing is a combination of all the techniques as well as processes that an institution makes use of in order to develop and implement its total marketing agenda.

A formal definition of marketing management

Marketing experts, Philip Kotler and Kevin Lane Keller, define “marketing management” as “…’the art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value”.

Marketing management is what informs a firm’s marketing plan through the utilisation of accurate market knowledge. This is usually obtained by means of research and surveys in a systematic approach. Being thoroughly aware of a company’s current market, setting realistic goals and targets, developing new market-penetration strategies as well as implementing effective marketing plans within budget are all part of marketing management. In a nutshell, marketing management is a business function which that makes and develops an institution’s marketing strategy.

Marketing management uses tools from economics as well as competitive strategy in order to analyse the industry context in which the company operates. These are, among others, Porter’s Five Forces, the analysis of strategic groups of competitors as well as value chain analysis.

The Nuts and Bolts of Marketing Management

Before you begin to learn about this field, you first need to know what ‘marketing’ is, exactly.

Kotler defines ‘marketing’ as a process which is used to regulate which products or services may be of interest to customers. Marketing is also responsible for determining the strategy to use in sales, communications as well as business development.

On the other hand, the term ‘marketing management’ refers to the administration, tracking and review of a company’s marketing strategies, activities, resources as well as campaigns. Professional marketing managers guide a firm’s marketing plan using techniques such as market research and surveys. In a nutshell, the marketing management team puts together a firm’s marketing strategy and campaign.

What a marketing manager does on a daily basis

There are a number of daily tasks that a marketing manager is responsible for and is measured against. Here are some of these:

Setting goals and objectives

The main responsibility of a marketing manager is to set out marketing goals and objectives for the company. Objectives which are clearly defined enhance the efficiency of the employees as well as the organisation. These objectives should be set in terms that are quantifiable.

Segmentation

It is challenging for a company to respond the demands of the market. Thus, another function that marketing managers take on is to divide the market into segments in order to select a target audience. This process is set to be the basis of modern marketing. Strategic marketing management – regarding marketing techniques and campaigns – should be done while making sure that you keep the target audience in mind.

Coordinating with other departments

In order to respond to consumers’ demands, marketing managers need to cooperate with other departments such as finance and HR. This coordination is required for the smoother functioning of the company.

Developing and maintaining relationships with third parties

It is vital for marketing managers to build as well as maintain relationships with third parties such as suppliers, government agencies and other consultants such as graphic designers and copywriters. This can ensure that marketing strategies as well as planning run without trouble.

Market research

This is one of the most significant responsibilities of marketing managers. This form of research involves the collection, analysis as well as interpretation of data, and it provides marketing managers with important information that help them in making key decisions. Market research helps in identifying the needs and preferences of consumers.

Controlling marketing activities

Marketing managers must successfully control marketing activities in order to ensure the success of marketing campaigns. This involves setting standards, assessing campaign performance and taking corrective measures if necessary.

Ultimately, a marketing manager is the leaders of the marketing department and, as such, needs to have outstanding leadership skills in addition to superior marketing know-how. Our Marketing Management Course will give you the skills that you need in order to be a great professional in this area.

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