Do you think IIT Guwahati certified course can help you in your career?
Introduction
Using marketing management, you can identify lucrative prospects. And turn them into reality by gratifying your customers. Marketing management is focused on the customer. In this article, the reader will learn about marketing management and the objective of marketing management. We will also discuss the importance of marketing management and the Tasks and functions of marketing management.
Marketing Management
The marketing management process strives to increase revenue by meeting consumer demands. It includes controlling the marketing aspects, creating company goals, and structuring plans step-by-step. It also makes decisions for the company and puts those decisions into action.
A marketing manager needs to perform extensive research to understand what marketing management is. And how to improve it for the benefit of the company. To draw customers, marketing management is focused on product, venue, pricing, and promotion.
These four Ps are chosen by the company's management based on client demand for what they want to buy, with reasonable market prices and easy to find both in physical stores and online. For a business to exist, marketing management must deal with and create an inflow of these components.
Objectives of marketing management
Each company has pre-determined goals that are governed by marketing management goals. The following are the core and significant goals of marketing management:
Attracting new customers
To enhance product sales, attracting new customers is a key goal of marketing management. To ensure that the greatest number of people are drawn to the company's products, various techniques have been put in place. It includes placing advertisements on TV channels or social media and distributing pamphlets. And setting up a sales team that does product demonstrations.
Satisfying the demands of customers
The long-term satisfaction of customers who have been using the company's products is another key goal of marketing management. Quality is important for this goal, but good service is also important, such as timely deliveries of products that are not damaged.
Profitability
Without making a profit, a business could not continue to operate. Making a profit is what keeps a business alive. For a firm to expand, diversify, and remain in operation, it must make a profit. A business needs to understand what market management is in order to achieve this. And how can these market goals be met? The management team of a firm steers the marketing in the right direction by entertaining its long-term, dependable clients and luring in new ones in order to maximize profit and foster maximum growth.
Maximizing the market share
Making the most of the marketing share is another goal of marketing management. Companies utilize a variety of techniques for this aim in order to compare their product sales with those of the market economy. And thus achieve the highest market sales possible. Companies occasionally give discounts to draw in customers. They occasionally create eye-catching and distinctive packaging and run promotions.
Creating a good public reputation
Public perception is crucial to a company's development. If the business has maintained a positive public image, it will have more opportunities to expand and diversify. But if it has a negative reputation, it will no longer be able to exist. A company's reputation can be improved and made trustworthy in the eyes of the public through marketing.
Importance of Marketing Management
Marketing management is crucial since it makes it possible to compete successfully in the market. This supports the creation of strategies for raising sales and cutting expenses. Marketing management is currently one of the primary channels for the exchange and movement of products.
It promotes the upkeep of the business's reputation.
It contributes to the company's economy.
It encourages new concepts.
It serves as a means of promoting brand-new products.
Tasks and functions of marketing management
When a corporation understands what marketing management is, it has created a plan to achieve its objectives. And has set up a track to take follow-up on production and position in the market. It performs distinct responsibilities. Below are some of the duties and responsibilities of marketing management:
Development of products
Marketing management monitors consumer feedback on newly released products and analyses it. By considering the raw resources, technologies, and beneficial ideas that could lead to positive evaluations and widespread public acceptance, they work to produce products.
To ensure that goods can be sold on the market and used by customers, products go through a variety of processes.
Promotions are made
A company's products cannot be sold unless they are widely accessible and publicized. Marketing management ensures that consumers are aware of either of their products. They prepare their product for promotion through a variety of social media channels, including Facebook, Instagram, WhatsApp, Pinterest, Twitter, and others.
The majority of users of these social networking apps are exposed to various adverts. These adverts can be seen by the most eyes possible and be chosen for use if they are created in an efficient manner.
Frequently Asked Questions
What are the 7 P's of marketing?
The seven Ps of marketing include product, price, promotion, place, people, process, and physical evidence.
What are the three types of marketing?
Call to Action (CTA), Point of Purchase (PoP), and Top of Mind Awareness (TOMA) are the three styles of marketing.
What is a marketing concept?
The marketing idea is the use of marketing data to concentrate on consumer needs and wants. In order to design marketing strategies that not only meet customer needs but also achieve organizational goals.
Is marketing a form of copywriting?
Copywriting can be found in print, web, television, print adverts, sales sites, and many other places. The marketing development process relies heavily on copywriters.
34+ registered 
