The term ‘marketing management’ refers to the organisational discipline that focuses on the real-world application of:
- Marketing orientation,
- Techniques and methods used inside enterprises and organisations, and
- The management of a firm’s marketing resources and activities.
The concept of marketing management reviews the process which is made use of in order to determine which products or services may pique the interest of customers as well as the strategy to use in a particular business in order to carry out the marketing mix. Marketing management also explores the process of interpreting, creating and delivering value to targeted business markets and customers.
Marketing Management and the Marketing Mix
The ‘marketing mix’ is a strategy which a business uses in order to put together a product/service offering for its target market.
A marketing mix strategy is designed using the 4Ps of marketing:
- Price, and
In the case of marketing a service, there are 3 more Ps:
- Physical Evidence,
- People, and
The marketing mix concept was originally developed by Neil Bordon. It is called a ‘marketing mix’ to suggest how a marketer mixes several elements (Product, Price, Place, Promotion etc) in order to give the customer an offering that is relevant to them. The main objective of marketing mix strategy is to make the right product at correct price at the right place with right promotion.
Marketing management and the brand audit
Another tool that is vitally important that marketing managers use, on a regular basis, in the brand audit.
A ‘brand audit’ is a comprehensive analysis which shows the current performance of your brand in comparison to its stated goals. The next step is to look at the wider landscape to see how that performance positions your company in the market.
The way in which companies carry out brand audits will differ depending on industries and individual organisation. Regardless of the exact criteria you elect to measure, a brand audit should give you the opportunity to:
- Establish how your brand is performing
- Discover what the strengths and weaknesses of your brand are
- Align your brand strategy more closely with your customers’ expectations
- Understand your place in the market as opposed to the competition