Marketing management is a series of procedures and actions that focus on promoting a product, product or service through the analysis, planning, execution and monitoring of various strategies.
Thanks to marketing management, it is possible to create strategies and workflows to achieve increasingly better results that will be reflected in the company’s growth.
It should be noted that marketing management is not limited to directly seeking to increase the sales of an organization but also to improving brand recognition .
In this way, good marketing management helps identify profitable opportunities, seeking total customer satisfaction. Thus, this concept can be related to advertising, public relations, customer service, and sales.
Marketing management is the set of activities that aim to promote a business, its products and services, identifying growth opportunities and taking advantage of them to boost a company.
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Why is Marketing Management Important for your Business?
Marketing management is essential for a company because it allows the development of the right strategies to improve profits, increase profitability and improve its visibility in the market, among other factors.
“The process of setting marketing objectives for an organization (taking into account internal resources and market opportunities), planning and executing activities to meet these objectives, and measuring progress toward achieving these objectives.
In a nutshell, it’s about managing everything it takes to drive marketing and sales in the business. These resources create, execute and measure a plan for the company to reach, communicate with and convert its target market.
What are the Objectives of Marketing Management?
The two primary goals of marketing management are to maximize the company’s market share within the overall industry and customer satisfaction of the consumer base within its already captured market share.
Increase Market Share
Market share is a benchmark measure of how much your company has managed to capture in your industry or product category.
Since of this, it can be used as an indicator of your marketing and sales compared to your competitors (although profits and other financial indicators make market share an insufficient benchmark for the overall success of competitors).
Increasing market share is an important goal because it shows what the market thinks about your brand. An increasing market share may suggest the following:
You have successfully reached and won a large portion of your leads.
Existing customers return to buy enough products for new customers to create positive net customer development.
Your brand or product has a confident and growing reputation within the industry.
And, of course, these can all be signs of revenue growth and other important goals for the business as a whole.
Increase customer satisfaction
Another vital goal of marketing management is to have current customers happy. As stated in the last point.
Your business cannot grow if you lose the same number of customers you gain in a month.
Without meeting customer needs and wants, your company becomes a revolving door.
For a company, satisfied and loyal customers mean the following:
Recurring customers that increase customer lifetime value and overall revenue, Customers praise you before their friends, lowering the cost of acquiring new customers, Trusted customers who can be convinced of future purchases more easily.
Smoother customer service experiences and lower volumes of complaints.
A company’s best opportunities lie in its existing client base.
They know your product well sufficient to give you informed feedback, but not enough to be too close to it, like employees can be.
And since the marketing team has the best understanding of brand messaging and reputation, and relationships with target audiences, management is key to measuring and improving customer satisfaction.
For example, sometimes, the direct marketing team is the first to see new reviews on review sites, social media discussions, etc.
This gives marketing almost of the most informed stances on what customers need.
These are the main types of goals for marketing managers, but what work does it entail?
Marketing Management Functions
Conduct Market Research on your Industry:
Increasing market share requires a deep and comprehensive understanding of it.
To fill out the rest of this list.
Your business needs to know what consumers want and need, their lives, budgets, and buying habits, among other factors.
Conduct a Competitive Analysis of your Industry:
In addition to fully understanding the consumers in the market, marketing management must also understand who the other key players are.
It requires knowing the main competitors in the industry.
What makes customers choose them, and what their strengths and weaknesses are.
Identify a Unique Positioning for the Brand and Products:
To increase your market share, your marketing needs to effectively convey, “Why to choose this product over the other options?”. Once management knows why customers choose your business, they can communicate that to potential customers.
Develop a promotional plan to launch into the market; ultimately, once management understands who makes up the market.
What they need and how your company offers that differently from the competition, they can devise a strategy to communicate this and promote products.
Characteristics of Marketing Management
To achieve these specific goals, marketing managers spend their days working on various tasks, from those focused on communication to those involving big data. After all, modern marketing is as much an art as science. It’s technology-driven mainly, filled with all the data you can imagine. But creativity is still required to build the strategy and products that produce the results the data illustrates.
This Work Includes the Following:
Communication with the public, customers, shareholders, partners, etc.
Planning of promotional calendars and campaigns.
Analysis of market trends and campaign performance.
Collection and analysis of customer perceptions.
Forecast trends and projections relevant to the above.
Collaboration with other teams within the organization.
Management of units within your department, such as public relations or advertising.
Supervise the relationships and the work of any external marketing providers, such as payment agencies.
With the current focus of the digital marketing landscape.
Technology is also becoming an increasingly prominent feature among all the above responsibilities.
Importance of Marketing Management
Today, many industries are experiencing challenging times forcing executives to simplify, downsize, and ensure the organization is as efficient as possible.
So why should marketing management remain a priority, even as the economy heads toward a possible recession?
As the Harvard Business Review put it during the previous recession:
“During recessions, it is more important than ever to remember that loyal customers are the primary and ongoing cash flow and organic growth source.
Therefore, marketing is not optional: it is a “positive cost,” essential to generating revenue from these key customers and others.”
With successful marketing management, the rest of the business benefits through the following:
Marketing produces income that helps finance the rest of the business. It is fuel or an accelerator for the rest of the machinery.
Marketing often oversees PR and has the most influence and control over your brand reputation, which is increasingly important, especially in saturated markets.