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.