Marketing management is a process of controlling the marketing aspects setting the goals of a company organizing the plans step by step taking decisions for the company and executing them to get the maximum turnover by meeting the consumer’s demands a marketing manager must do a deep to have an idea of marketing management. And how to make it better in your company’s favor.
Marketing management is based on product, place, Price and promotion to attract consumers. These four Ps are decided by the management of the company according to the needs of the customers. With suitable market prices and easy to find either in stores or online.
Read More about 4pshttps://www.aamwork.com/4-ps-of-marketing-types-of-marketing
Objectives of Marketing Management:
The basic and important objectives of marketing management are as follows.
- Attracting new customers
- Fulfilling customers demands
- Earn profit
- Maximizing the market share
- Creating a good public reputation
1. Attracting new customers:
Different strategies are set to make sure that maximum customers get attracted to the company’s products like displaying ads on TV channels or social media brochures and arranging a sales team that demonstrates the products.
2. Fulfilling customers demands:
Happy customers equal maximum returns.
Marketing management helps to understand how you can keep your customers happy and satisfied. And it works especially for those customers who are associated with the company’s product for a longer period. Therefore the company’s focus should be providing quality products and good services.
3. Earn Profit:
It is necessary to Earn Profit for growing diversifying a business and it’s maintenance as well in order to achieve that your company must know marketing management it will guide you to achieve your market targets, track customer and sales attaining more customers to generate maximum revenue and profits.
4. Maximizing the market share:
Another objective of marketing management is to maximizing the market share. Sometimes companies offer discounts to attract customers. Sometimes they do attractive and unique packaging and offer promotions.
5. Creating a good public reputation:
No company could survive longer if they have a bag image or reputation signifies higher chances of expansion and growth in addition an excellent reputation leads to gaining the trust and loyalty of customers as well.
Marketing Management process:
- Market and customer analysis
- Development of strategy, goals and objectives
- Product development
- Marketing program implementation
- Keep evaluating, modifying, & repeating the strategies
1. Market and customer analysis:
A company needs to know what its position in the market for its survival and growth.
For this purpose, the company has to analyze its rank and sustainability after each short period of time. Also analyze consumer behavior towards your products or services.
2. Development of strategy, goals and objectives:
Where does a business want to go? How does it plan to get there?
After market and customer analysis the strategy will map the way forward the goals has a company has to set should be unique aspiring based on reality and for specific time.
3. Product development:
Marketing managers work on product development by considering raw resources, technology and good ideas so that they receive positive feedback and gain public appeal. When it comes to expressing the benefits of a product marketing professional help craft poignant on brand messaging.
4. Marketing program implementation:
Once promising programs and campaigns have been identified it’s time to deploy the right resources to launch the marketing campaign.
5. Keep evaluating, modifying, & repeating the strategies:
After that when you have expected the plan to get fruitful results, it is time to evaluate your company’s outcomes and modify them if there is a requirement. But if they are going well and result oriented they are repeated.