Marketing management involves selecting target markets that not only attract new customers but also retain existing customers. It is a business discipline based on research and study of practical applications of marketing techniques and marketing resource management. A person who excels in this area is known as a Marketing Manager. The marketing manager's job is to influence the timing and level of customer demand for sales support. It really depends on the size of the company and the environment in the corporate industry. Like if you work for a large manufacturing company, you are the general manager of a specific product category that is assigned to you and you are responsible for the profits and losses related to the product. In small companies, there is no head of marketing, as his work is done by the company's partners.
Creating and communicating the best customer values can lead to more customers. Marketing management includes the steps and resources used to retain existing customers and win new customers. The scope is so big because it's not just about building a product, it's about maintaining it. The term marketing management has many definitions. It really depends on the individual company, how the marketing department operates, and the activities of other departments such as operations, finance, pricing, and sales.
Before deciding on a marketing strategy, a company must study its business and the market thoroughly. This is where marketing management meets strategic planning. In general, there are three types of marketing strategies: customer analysis, company analysis, and competitor analysis. By customer analysis, the market is segmented into different types of customers. Marketing management is aware of the characteristics and other variables of each group. These are the geographic location, demographics, customer behavior patterns and needs. Just as a group of less price sensitive people are recognized, buy more frequently and grow. These collections can be released with a large investment because they are well worth the money and time. Not only can they retain such customers and attract new customers in that group, but they can also go to extremes and drive away customers who do not belong to that group. By understanding needs, customer expectations are better met than the competition, resulting in increased sales and clear profits.
A company analysis illuminates the cost structure as well as the resource and cost location of the company in comparison to competitors. Accountants use it to find out the profits made on a particular product. Audits are conducted from time to time to examine the strengths of various corporate brands.
Marketers use competitive analysis to create detailed customer profiles. It gives a clear picture of the strengths and weaknesses of the company compared to the competitor. The competitor's cost structure, resources, competitive position, degree of vertical integration, product differentiation, and profit are examined in detail and compared with what the company does in these areas.
Marketing department conducts marketing analytics, conducts market research. The most common of these investigations are qualitative market research, quantitative market research, experimental techniques, and observational techniques.
After all the study and research, it is easier for the marketing manager to make strategic decisions and then he can develop a marketing strategy to increase his company's profits and sales. Other goals could be long-term profit, market share, and revenue growth.
