What Should You Know About Marketing Management?

INTRODUCTION 

Marketing is the business discipline that is synonymous with every organization. Marketing management is aimed at creating, building, managing, communicating, and delivering value to customers. Marketing management creates values in ways that align with organizational goals. 

Marketing managers research and analyze markets. They develop products, design communications, and promote strategies accordingly. Additionally, they draft sales presentations, decide pricing and distribution policy, and build brands.

All these tasks are relevant to marketing management. And, they satisfy customer needs and wants and the organization’s goals and objectives.

MARKETING MANAGERS 

Marketing managers play a decisive role that contributes to the success of a company. A marketing manager is responsible for developing the customer base of a company. Moreover, the role of a marketing manager plays a direct role in nurturing relationships with customers. 

A marketing manager’s role involves extensive travel and long hours. These contribute to the experience of being a marketing manager for a company.

When a person serves as a marketing manager for a company, he or she stands to gain a great salary and benefits package. The road to becoming a marketing manager is a long one. It typically takes years of experience in the field of marketing. 

To attract and retain new customers is the primary role of a marketing manager. As long as an employee has proven this ability, this is usually a reason that drives promotion. A marketing manager is likely to be promoted if he/she shows this ability.

MARKETING MANAGER SALARY 

Marketing managers stand to gain an adequate salary due to the crucial tasks placed upon them. According to the Bureau of Labor and Statistics, the average salary of a marketing manager is about $ 126,000 a year. 

The demand for marketing managers is always on the rise. It is projected that the demand will increase in the next ten years by at least 20 percent. 

In recent times, companies look for individuals who can adapt to social media methods of marketing. Companies want to find qualified individuals who can market their products or services exceeding the limited scale and attracting the international level.

EDUCATION REQUIREMTNS 

A marketing manager doesn’t require formal educational requirements. The common quality that all marketing managers seem to display is past experience. The previous experience indicates their success in this position. 

They may have worked as marketing agents for companies in the past. A company usually looks for a person who has shown three to five years of experience in a marketing position. 

If you already know that a marketing manager position will suit you, then you should pursue a bachelor’s degree in marketing or business administration. A marketing manager can holds a degree in public relations can also be helpful for this position.

SKILLS REQUIRED

Excellent communication skill is a must for a marketing manager. If you want to become a marketing manager, you should develop excellent communication skills. A marketing manager has to have the ability to communicate the benefits of a particular service or product. 

Your company could offer the benefits. 

You will be tasked with attracting the interest of potential customers. You may also need to deliver presentations to individuals. The individuals could be interested in investing in your company’s product or service. You will need to be someone who won’t be afraid to take initiative in promoting a new product.

RESPONSIBILITIES 

One of the major responsibilities of a marketing manager is that he or she needs to develop programs. These programs in turn develop the customer base for a product. This means that you may develop a new social media marketing initiative that increases the interest that young people have in your product. 

You are responsible for essentially creating the “buzz” about a product. You may need to oversee a group of marketing agents and ensure that they meet their goals for a given month. You play an important role in representing the brand of your company, especially when you are on the road.

Marketing is a branch of management. The subject tries to formulate strategies. These strategies will build relationships with target consumers. The relationships have to be mutually beneficial. But what philosophy should a company enforce when setting marketing strategies?

There are five alternative concepts according to which organizations design and perform their relevant marketing strategies.

5 MARKETING CONCEPTS 

1. Production Concept

2. Product Concept

3. Selling Concept

4. Marketing Concept

5. Societal Marketing Concept

DIFFERENCE BETWEEN SELLING CONCEPT AND MARKETING CONCEPT

NO.	Selling Concept	Marketing Concept
1	Undertakes a major selling and promotion effort.	Undertakes activities such as; market research.
2	The Selling Concept is favorable with unsought goods—those that buyers do not usually think of purchasing, such as insurance or blood donations.	The Marketing Concept is applied to almost any type of product and market.
3	The focus of the selling concept begins with the production level.	The marketing concept initially focuses on understanding the market.

SUMMARY 

The primary objective of every organization should be to create value. Now marketing management is an important branch of management that focuses on creating, delivering, and managing value to customers. 

References:

1. https://www.economicsdiscussion.net/marketing-management/what-is-marketing-management/31788
2. https://en.wikipedia.org/wiki/Marketing_management

Last Updated on January 24, 2022 by