Marketing Management plays a very important role in the development of a business. Marketing management helps a business introduce new products to the customers and increase brand awareness among the customers. Moreover, it also helps a business brainstorm new business ideas and boosts sales.
- The marketing management process includes advertising, public relations, promotions, brand recognition, etc.
- Businesses use marketing management strategies to reduce the cost and increase the profit of a business
- When a business plans to introduce new products to the market, it uses various marketing management strategies
- Marketing management helps a business increase its brand awareness and company reputation
What Is Marketing Management?
Marketing management simplifies the activities and functions which are involved in the distribution of goods and services. According to Philip Kotler: “Marketing management is the analysis, planning, implementation and control of programs designed to bring about desired exchanges with target markets for the purpose of achieving organizational objectives.”
In short words, marketing management is a process by which a product or service is introduced and promoted to potential customers. The process covers advertising, public relations, promotions, and sales. It represents the “road map” to accomplish greater results, such as sales growth, brand recognition, higher market percolation, and much more.
The Importance of Marketing Management in Business
Marketing management has obtained importance to meet thriving competition and the need for developed strategies of distribution to reduce cost and increase profits. Marketing is very beneficial for the transfer, exchange, and movement of goods. Marketing management today is the most important function in a commercial and business enterprise.
The following factors will help you to understand why marketing management is important in this competitive world:
1. Introduce new products
For a business to succeed, the product or service it provides must be known to potential buyers. If your business is unknown to the potential customers and you don’t have any kind of relationship with your customers then marketing techniques can help you to create brand awareness for your service or product.
In simpler terms, Marketing Management is important for any business, because: Understanding the customer needs to improve the product and/or service to satisfy customer needs expands the technique to reach potential customers providing the right tools at the right time saves a company time and money by focusing the resources
2. Boost your Sale
Adam Smith has remarked that “nothing happens in our country until somebody sells something”. Marketing is the kingpin that sets the economy revolving. The marketing concept is about matching a company’s capabilities with customer wants. Once your product, service, or company gets to the place that you expected, it increases your chances that consumers will make a sale. And more important is that marketing strategies also help to reduce the cost of sales and distribution.
3. Increase Company Reputation
The major marketing activities are buying, selling, financing, transport, warehousing, risk-bearing, and building company reputation. The success of a company often rests on a solid reputation. The company’s image is very important! It is the soul of the business. And only marketing strategies can help any company to build a strong reputation by identifying the best opportunities worth pursuing as well as the threats to be avoided.
4. Source of New Ideas
The concept of marketing is a dynamic concept. Marketing differentiates a company from the competition by recognizing the distinctive benefits and the supporting elements. Marketing also nourishes an environment in the marketplace for healthy completion. Marketing as a document of measurement gives scope for understanding this new demand pattern and improves the effectiveness of the marketing message to customers and partners.
5. Source of New Marketing Channels
The most important role of Marketing Management and the managers who take care of the marketing department of a company or business is to find new channels to market their product or services. And Marketing Management is responsible to develop a smart strategy about how to market their brand or products following trendy paths like Digital, especially using social media. Ask the potential customers, provide relevant information about your product brand or services, and create content about your better products so that the potential customers/clients can move ahead making informed decisions.
Days have gone, by when the brands or companies only relied on TV and Print media. An effective supervisor or a management team should always thrive for effective communication and create useful strategies to leverage the updated social media and digital platforms like Facebook, YouTube, Twitter, Instagram, and TikTok.
Marketing Management Orientation
The Management of major brands and business companies from all over the world use Marketing Orientation as the basis or core of their marketing campaigns. Because, a manager of the marketing team always wants to meet the customer’s need (for utmost satisfaction), avoid strategic mistakes by applying trendy technologies, and adopt newly available business/marketing opportunities.
There are 5 main marketing management orientations. These are –
1. The production concept.
2. The marketing concept.
3. The selling concept.
4. The product (Quality Products) concept.
5. The societal marketing concept.
In short words, marketing management works for translating the company vision, mission, and objectives, into effective Marketing initiatives. What do you think about the importance of Marketing Management in business? Do you want to add something more? Let us know your feedback.
Last Updated on October 26, 2022 by Magalie D.
Magalie D. is a Diploma holder in Public Administration & Management from McGill University of Canada. She shares management tips here in MGTBlog when she has nothing to do and gets some free time after working in a multinational company at Toronto.