what is marketing management in simple words
Marketing management is the planning, organization and control of a marketing function. It includes the creation of products and services to meet customer needs. Marketing managers coordinate activities across departments and levels within an organization to achieve marketing objectives.
Marketing managers focus on the long-term health of their business by measuring customer satisfaction through surveys, focus groups and other research methods. They develop marketing plans that help them identify which customers will buy, how much they will spend, how often they will buy from your company, and why they will continue to do so in the future.
Marketing managers create advertising campaigns that promote products or services, including television commercials and print advertisements. They work with sales representatives to develop sales strategies based on customers’ needs and wants.
Marketing Management Concepts
Marketing management is the practice of coordinating a company’s marketing activities and making sure that they support the firm’s overall business strategy.
The marketing management concept is made up of several interrelated disciplines, including:
-Customer relationship management (CRM), which includes all activities related to understanding, satisfying, and retaining customers;
-Marketing communications, which includes all activities relating to communicating with potential or existing customers; and
-Market research, which includes all activities related to collecting information about the competitive landscape and consumer needs.
FUNCTIONS OF MARKETING MANAGEMENT
Marketing management is a set of processes and activities that help companies to create and maintain customer relationships. These activities include planning, organizing, initiating and controlling marketing programs.
Marketing management covers all aspects of the marketing function from planning and developing products, services or ideas to communicating the value of these offerings.
The basic ingredients of a marketing plan include:
– Marketing objectives – The purpose of the product or service being marketed is clearly defined.
– Target market – Who will buy this product? What do they want? How much are they willing to pay for it?
– Product features – What features does this product have which make it unique and desirable?
– Price point – How much will consumers pay for this offering? How will you know if you are pricing it too high? Too low?
– Promotion mix – Promotional strategies such as advertising, public relations, sales promotions, personal selling etc., used to reach the target market.
The marketing objective is a statement or goal that describes how the firm plans to achieve its mission or vision in order for it to be successful in doing so. It is usually expressed as a single term such as “earn more profits”, “grow market share”, “increase customer satisfaction”. The marketing objective should be clearly stated in advance so that everyone involved knows what they are working towards; however if it is not then it can be difficult to measure progress against this target.