what is marketing?
Here, we will talk about marketing management. But before it let us understand. What marketing is?
Marketing is the process by which good and services. Move from the concept to the consumers.
In other words, we can say that Marketing. Is the process of attracting customers. In the company’s products and services. And of course, this is not something which will happen overnight. Any company needs to take a series of actions. To keep the attention of your customers. This action includes a number of things. i.e., market analysis, market research, knowing the marketplace, knowing your products. As well as knowing your targeted clients.
Marketing Management is the process of making strategies and planning. To meet the needs of the customers. It also includes advertising, sales, promotions etc.
Constitution Of Marketing Management –
Marketing Management consists of many things. Marketers need to analyze each and everything. How the fellow competitors are doing their work etc. They need to analyze each and everything. In competitors point of view. Marketers need to have a sharp eye on their strengths and weaknesses. They need to research everything. Which includes the sources of profits, resources, understanding of the marketplace etc..
Marketing management does include marketing research of every kind.
Marketing Strategy –
We all know that without a proper marketing strategy. It is virtually not possible to gain the results we are seeking. A proper marketing strategy is absolutely necessary for any kind of business. There are many strategies used by every company. In order for any business to stay strong and tough in the marketplace. They need to have a powerful marketing strategy. Any marketing strategy for a business. Is their overall plan for turning clients into valuable customers. The marketing strategy opted for any business. It includes the company’s values, information, and other essential elements.
Execution Of The Strategy –
When a company has got a sufficient understanding of their customer base. As well the competition in their marketplace. Now, the marketers can make a plan of action. In order to get the maximum profit. There are many reasons why a company needs a marketing strategy. Every company needs a marketing strategy. In order to achieve the goals set for the company. For the fulfillment of long and short-term goals.
”The Marketing Strategy used by any company. Can be an entirely original plan. Or it might be a plan which is used by the company in past”
Note: There are a bunch of things. That is needed to be taken care of while planning a marketing strategy. A strategy has to be one’s own. The copied strategy of others is not always a good idea. You need to keep in mind your goal, budget, audiences and a couple of other things too so that you can be successful with your strategy. Always try to figure out the right marketing strategy for your business. Not everything will work for your company. But you need to search for the one which one works the best.
Marketing Management is the art of managing your marketing. In other words, if you don’t know. The art of managing your marketing strategy. Then you are lacking somewhere. It is the procedure of making strategies for your company. Marketing Management consists of a series of actions. Like sales, promotions, advertisements and other strategies in order to reach your target audiences.
Let me tell you something very essential thing here. Though Marketing Management is a very wide topic. It mainly consists of 4 important concepts.
Marketing Management Principles :
- Product – This is the basis of the principles. ”Product” now when I say the term product. It means you should be well aware of what your products and services are. Obviously, we don’t want to sell something. Which is not a trend nowadays. As the products are for the customers to use. If they are not interested in your products. Then it is surely worthless. One must keep in mind to sell something which the people ”need” in today’s time. Trying to sell something which is of no use to your target customers is something which is futile. Our product and services must meet the needs of different people’s desire, need, and purpose. One must find new ways to provide value in people’s lives. In the marketplace, each one should try to be one step ahead in the game. What I am trying to say here is. That any company should have unique selling ideas. Which will benefit them in a way? That they are ahead from their competitors. In other words, always try to build a long lasting relationship with the customer base.
- Selling/Price – The next step which comes here is the selling part. The price or any product is directly or indirectly connected to the value of the product. For example, people will not spend too much on something. Which they don’t need. Or which is not adding value in their life in a way or other. Nowadays, there are a number of metrics available. Some of them are social media tracking, web analytics. We must closely track the campaign performance. As well as customer behavior. So that we can find the right value between the cost and value. Analyzing these metrics allows us to know the customer’s demands properly. Then we will be able to lay the strategies. In a way that it brings more rewards.
- Advertising – Advertising it is about delivering. Your products and services to the customers. In the right time and in the right way. Keep in mind that completion of this comes in many ways. i.e. not everyone is available everywhere. What I mean here is you must know where your customers are on the web. Not everything will work for you. You must research it. You must know your customer’s behavior. Their mindset and thinking patterns. This is only the right way to make advertising effective.
- Building long-lasting relationship – Everyone must have the aim of meeting the needs of their customers. As well as building a long-lasting relationship which them. This will also help a company in a way. To meet the goals of the company. Customers satisfaction is a must. And one must always find ways to add value to a customer live in any way possible. As an individual anyone is very likely to tell others about their bad experiences with any company or brand. They are very likely to share it with their friends and family. In the same way, they will also share good experiences with you too. Suppose I went to eat dinner with my family. In a new restaurant with was inaugurated a few weeks ago only. And I find the food there heavenly. So the next time when I’ll go out with my friends. What I am going to tell them? About the delicious food. And I will convince all my friends. To try food from that specific restaurant. This is how you build a long-lasting relationship with customers. Also, it could harm your company in a way or the other.
Purpose Of Marketing Management –
- Creating New Customers
- Meeting The Demands Of The Customers
- Creating New Profits For The Business
- Adding Value To People’s Lives
Stairway To The Marketing Management Procedure –
- Setting Up The Marketing Goals
- Researching The Targeted Market Place
- Creating Marketing Strategies
- Implementing And Monitoring the marketing efforts
In today’s tough competitive world. Marketing Management is indeed very important. Marketing management does help to reduce the cost spent. As well as, helps in increasing the profits. Today this is very essential for the survival of any business in the market.
Marketing Management: What does a marketing manager do?
A marketing manager is someone who handles the marketing procedures of a company or enterprise. The marketing manager needs to be someone who is affable and has unforced nature. Someone who is open to creativity. Moreover, can dare to experiment with the marketing strategies. A marketing manager needs to be skilled in many things. Let me give you an example here when some marketing strategies backfire for a company or enterprise. It is the responsibility of a marketing manager to soothe the public. And to restore the faith in them for the company. Through attentive worded explanations. And marketing strategies the directors ease the public dread and shock. Guaranteeing that the organization’s fame lives through such setbacks.
Apart from all these responsibilities. When an enterprise launches any new product on the market. It is the duty of a marketing manager. To see that what are the best ways to launch the product in the market. i.e., The best marketing strategies to be used. Moreover, they also see that how many public are interested in their particular product. Which means they check that how well their product is going to survive in the market. How many people are really interested in their products etc. These are some of the duties of the marketing manager which they need to obey.
Marketing Management Process :
The management process includes values to be created for the customers. And then it aims to satisfy the needs of the customers. It does include a number of series and process. Which are to be taken for better customer experience. The management process includes a number of actions. Such diplomatic decisions are taken. Strategies are planned well and executed. Management does include the way to handle the issues of unfulfilled customers. As we know ”the unsatisfied customers are the biggest sources of learning”. This process does include the series of monitoring the action of own’s own. Which means to make yourself better and better. To look at your taken actions carefully. To monitor each step taken. Like to ask yourself ”Now, what I can make better next time”? What are the improvements that I am supposed to make the next time?
Marketing Management: Why is marketing management so important?
Marketing management is indeed very important. Why? To be able to survive in this tough market. You need to understand the mindset of your customers. Of course, for example. Visitors are visiting your website. But if you don’t know what they are doing. Or what are the actions they are taking on your website? Then it does not matter whether 2 or 200 visitors are visiting your website on a daily basis. It is useless. Marketing management has achieved its importance in recent time. As it is the only way to thrive in this tough competition. Marketing management requires research. And any enterprise can only survive in this time. If they are aware of their market conditions. And by monitoring the day to day activities. And making it better and better. It is also quite easy to forecast the future of any marketing campaign. Only with the right knowledge of everything around.
Functions of marketing management?
Marketing management focuses upon. The physiological and physical factors of marketing. Physiological factors revolve around the needs and desires of customers. Whereas, the physiological facts revolves around research. i.e., a study of customer mindset. As nothing remains the same. The marketplace is wide. And so the consumer behavior, purchasing patterns always changes. And so accordingly, the channels of distribution and other marketing strategies also keeps changing.
Now, let’s see the functions of marketing strategies :
Purpose: Marketing management is always linked with marketing purpose. The purpose can be short-term or it can be long term. This actually needs to be in accordance with the purpose of the organization.
Planning: After the purpose, comes planning. The purpose is nothing without planning. Planning includes the planning of everything, sales, strategies etc.
Coordination – This includes adjustments of strategies with the market. It all revolves around the execution. That which marketing strategy will work at which time. What are the needs of the market? And everything. Which strategy will work at which point of time? This includes everything.
Control: Control includes the measure in which a marketing strategy is executed. It includes measures in which the strategy can be made better next time.
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