Marketing Management process is an important aspect of business management. Marketing has 3 major functions: branding, sales promotion, and public relations.
- Branded products are often known to be “status symbols”. They can imply the prosperity of a company when they’re in use.
- Sales promotions are promotional materials that affect the purchase decision through discounts, rebates and customer incentives. Like points to buy more later or referral bonuses, which may include time-sensitive awards.
- Public relations include publicizing through press releases and any other media such as social media posts and product reviews.
What is Marketing Management?
Marketing management is the process of meeting a group’s needs to achieve a goal. It starts with research and planning to understand the marketing environment.
It includes taking into account economic changes, demographics, social and technological changes,. As well as tailoring offerings as appropriate to populations along with advertising and distributing stories to prospective customers.
Through marketing management any organization can meet their goals. For instance, by increasing market share, picking up new buyers or generating profits.
We need comprehensive research and planning from the company for a profitable product that can be promoted and distributed effectively.
This process needs creativity, idea generation, the ability to develop these ideas and apply them in practice.
Market research is an essential pre-planning activity for marketers. It helps select the target audience and adjust products/services accordingly. It also determines the most effective promotional approach.
Research and analysis help determine customer behavior, shaping branding strategy for new products. It also enables faster connection with the target market and retains existing loyal customers.
These benefits include: A. Increased company authority. B. Reduced production costs. C. Future market and product predictions to avoid threats. D. Advancement for beginner businesses.
Key steps of Marketing Management Process
The Marketing process is a measure of the amount of time, effort and money a company spends to sell its products.
Marketing Scope: Includes everything from products or services that a company offers, to promotional campaigns that could cover various activities, people that execute and oversee every step, customers, brand creation and promotion, market analysis and more.
Marketer: The person or team that manages all aspects of marketing, including analyzing potential customers, best practices for communication and any new developments in the field
Market research: Understanding your customer needs by asking them questions or conducting focus groups
Measurement: Comparing the benefits of your product to the drawbacks offered by competitors.
Benefits of Marketing Process
Marketing connects organizations with customers and capitalizes on opportunities. It involves goals, customer focus, strategy, planning, and evaluation. Being customer-oriented gives a competitive edge.
Benefits from Marketing Audiences
Market research is crucial in any process. It involves gathering data through interviews, questionnaires, and analysis. Comparing old and new information helps identify what needs to be fixed or developed for the new campaign.
Reaching the right demographic is crucial as they are more interested in your offerings. Their feedback shapes the final marketing strategy, so analyzing any issues with unfamiliar customers is essential.
How Technology Influences the Process
Technology has greatly impacted marketing. Online marketing was widely adopted first, followed by social media marketing, analytics, push notifications, and PPC campaigns gaining traction.
Marketing Management Process Strategy
What you need is a strong strategy. Meaning, whys, whens and hows of the development process that everyone should follow in time.
- Identification and division – Helps you with finding the target market and adjusting your plans according to their behavior.
- Customization – Based on the customer behavior analysis adjusting your products to satisfy specific demands.
- Product Creation – Set the time for a launch. Have an initial promotion campaign ready. Assign people to tasks and monitor how well they are doing their part. Don’t forget to communicate in case of any prospects or difficulties that may come in the way.
- Presentation – After the development you put your products out there for the target market to discover, compare it to the competitors based on the quality and affordability and make a purchasing decision.
- The Four Ps – Further perfecting products or services by fixing the pricing, discovering better distribution channels and planning branding campaigns.
Post-production should include analyzing product performance, strategy effectiveness, profits, losses, competitor comparison, customer feedback. Check if goals were met or exceeded to confirm success.
The marketing process has six phases: defining, data analysis, setting objectives and a plan, strategy development, strategy implementation, and evaluation.
When planning, analyze customer data and set achievable goals for your business within a limited budget. Consider budget distribution, product creation, desired profit, and advertising campaigns.