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 a process of identifying the needs that a group or population has and satisfying them in order to achieve some desired goal. Marketing management begins with research and planning in order 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.
So in other words, what is needed from the company is a thorough research to plan. The activities that need to be carried out in order to create something that can be later promoted; As well as distributed in a way that generates the biggest profit possible.
This process needs creativity, idea generation, the ability to develop these ideas and apply them in practice.
Pre-planning activity that no marketer can skip is a specific type of market research. Which basically helps in selecting the group of people you are going to target. Once you know what they want, you can adjust your product or a service idea accordingly. It also helps you figure out the most effective promotional approach.
Furthermore, through research and analysis, you learn customer behavior, that determines the outlines of your branding strategy for new products or services. Additionally, reaching out to your target market is done much faster. Through a clever customer analysis you not only get the new ones, but you also maintain an already existing base of your loyal customers.
What all of that does is: A. Make your company increase its authority among the competitors. B. Decrease the budget needed to execute production at every level. C. Predict the future of the market and the product so that you can avoid potential threats. D. Takes your business to the top; especially if you’re a beginner
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 can be defined as a process that enables organizations to connect with their customers and take advantage of opportunistic marketing opportunities. Marketing processes include organizational goals, a customer orientation, marketing strategy formulation, tactical planning, and evaluation. Becoming more customer oriented as opposed to just focusing on production provides an organization with sustainable competitive advantage.
Benefits from Marketing Audiences
Target market research is one of the most important steps in the marketing management process. This can be done through creating relevant data by using online or in person interviews, questionnaires and analyzing them. You can combine old and new information to compare what your company has done that may come in handy in the new campaign. As well as what needs to be fixed or developed.
It is important to reach out to the relevant demographic because they are more likely to be interested in what you have to offer. Marketing audiences also give you feedback and opinions on your product, which in turn can shape how the final product will be marketed. If a person from an unfamiliar background buys your product then you need to examine your marketing strategy for that specific demographic and see where it went wrong.
How Technology Influences the Marketing Management Process
Technology has had a big impact on marketing in recent years. The first to be widely adopted was online marketing. This has been followed by social media marketing, analytics, push notifications and PPC campaigns are starting to see adoption as well.
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.
One more thing, oversee if you can do situational marketing.
Post-production process should definitely include analyzing how well your product is doing and whether your strategy has worked. It can be done by evaluating profits, losses, comparing how your product is doing alongside competitors and customer response through the feedback and reviews. See if you have met the goals you set in the beginning. If you have exceeded them, that’s how you know everything has worked as it should have.
The marketing management process is broken down into six phases: defining, data analysis, establishing objectives and a plan, strategy development, implementing the strategy, and the evaluation.
It’s important to be realistic about your plans. After analyzing the data about potential customers and their behavior you have to create the main goals that your business can achieve in the least budget consuming and most effective way. Don’t forget to cover everything from clever budget distribution to different departments and aspects of product creation, to what your profit should be, outlines for advertising and promotion campaigns etc.