Marketing management is a process of controlling the marketing aspects, setting the goals of a company, organizing the plans step by step, taking decisions for the firm, and executing them to get the maximum turn over by meeting the consumers’ demands.
A marketing manager must conduct extensive research to understand what marketing management is and how to improve it in your company’s favor. Marketing management is based on product, place, price, and promotion to attract consumers.
These four Ps are decided by the management of the company according to the demand of customers for what they want to buy, at suitable market prices, and easy to find either in stores or online. Marketing management must deal with and bring in these elements in order for the business to survive.
Objectives of marketing management:
The objectives of each business are pre-set, which are led by the objectives of marketing management. The basic and important objectives of marketing management are:
- Attracting new customers
The important objective of marketing management is to attract new customers to increase the sales of products. Different strategies are set up to make sure that maximum customers get attracted to the company’s products, like displaying ads on TV channels or social media, distributing pamphlets, and arranging a sales team that demonstrates the products.
- Satisfying the demands of customers
Another important goal of marketing management is to keep customers who have been associated with the company’s products for a long time satisfied. Quality is important for this purpose, but so is good service, such as timely delivery of products that are not damaged.
- Profitability
A company cannot survive in the absence of profit. Earning profit is the backbone of a company. It is necessary to earn profit for growing, diversifying a business and for its maintenance as well. A company must understand what market management is in order to achieve this goal. And how do we achieve these market targets? A company’s management team keeps the marketing on track by entertaining their old and reliable customers and attracting new ones to make maximum profit for maximum growth.
- Maximizing the market share
Another objective of marketing management is to maximize marketing share. For this purpose, companies use different tools to get the maximum market sales of their products through comparison with a market economy. Sometimes, companies offer discounts to attract customers. Sometimes, they offer attractive and unique packaging and offer promotions.
- Creating a good public reputation
Public reputation plays an important role in the growth of a company. If the company has a positive public image, it has more opportunities to grow and diversify, but if it has a negative reputation, it will not survive. A company’s reputation can be improved and made trustworthy for consumers through marketing.
Why is marketing management important?
Marketing management is of importance as it helps to stand competent in highly thriving competition in the market. This also helps to develop strategies to improve profits and reduce the cost of products. Marketing management has become the major source of exchange and transfer of goods.
It helps to maintain the company’s reputation
A good company is recognized by its reputation in the market. The marketing includes selling, buying, exchanging, transporting goods which build its reputation. If a company falls well on these parameters, it stands firm and gains a clear and good reputation among the public which is the sole of a business and cannot be denied.
If a good reputation is built, it will be beneficial for the company for its growth and promotion. When it comes to reputation, good and reputable companies do not compromise for this at all and try. Companies with a good reputation get more opportunities to grow and get more tenders to make them market competent and economically strong.
It helps to boost the economy of the company
Marketing management decides the ways to beat the market competition and make good sales. They develop plans to advertise their products in an affected way and when the products are advertised, they are on the radar to be viewed and known by the public.
Advertisements help to spread the product description to a great level through friends and family. Suppose when a girl came to know about the flat 50 percent sale on the clothing brands she will tell her friends and family, spreading the advertisement of that brand’s products lively.
It promotes the new ideas
The marketing management helps to promote new ideas which are depending upon the benefits and offers for the public to be grabbed quickly. These ideas keep nourishing and diversifying the companies by keeping them distinctive from other companies’ presence in the market.
These ideas are useful for the company to know the demand of today’s market and do not let it lead in the wrong direction.
It is a source of advertising the new products
Newly launched products by a company with which the public is not familiar, need to be advertised. Marketing management allows the product advertisement in a better and effective way that could grab a great crowd of public towards the new product.
Marketing management makes the public realize either they are choosing a good product or not.