Marketing Management is a marketing function that facilitates the distribution of goods and services between manufacturers and consumers. Marketing Management is an important marketing process that involves the implementation and control of sales programs designed to attract more customers and select the required target markets to meet the organization’s goals and objectives.
Marketing Management often relies on designing for an organization what it offers in terms of the needs and desires of the target markets and also uses distribution, pricing and communication to motivate and service the target market. This process will enable an organization to eliminate redundant marketing strategies and create a definite marketing program that will be used for forecasting marketing situations in the long run.
An effective sales plan will also broaden a marketing management objective by providing the requirements needed for a specific consumer market. To succeed in this, a firm will have to establish the right prices, sales promotion techniques and advertising strategies to motivate its customer base through the provision of efficient service delivery. This will help organizations retain existing customers and attract new customers to purchase goods and services from the business leading to improved operational efficiency. Businesses should apply marketing management techniques due to the following reasons;
- Engage customers
- Build a company’s reputation
- Improve relationships with customers
- Provide effective communication channels
- Create revenue options
- Boost sales
Basics of Marketing Management
Before venturing into marketing management, it is important to learn about the basics of marketing management which makes up the whole marketing concept more factual. The factors to consider in marketing management are known as the 7 P’s of marketing and they include the following;
- Product – This refers to the type and nature of product that is on high demand in the consumer target market. The product features often include product style, quality, color, design, size, shape, and weight. Product Research and Development is an effective way of designing business products.
- Price – This is the amount of money that a customer is willing to pay on a product. Some products have a price discount while others have a single price. An effective pricing strategy is usually flexible and efficient in pricing products.
- Place – This is where the products and services are made, sold and distributed to customers. The location should be accessible to customers in a given area or location.
- People – These are the staff and salespeople working for your company in its daily operations.
- Process – This is referred to as the supply chain process that is used in ensuring the products and services move efficiently from the warehouse or business to the end customer.
- Physical evidence – This is usually everything that the customers see while visiting your business. They include;
- Physical Environments
- Product branding
- Product packaging’s
- Interior design
Types of Marketing Management
There are several types of marketing management strategies that companies use to boost their sales revenue and establish long term relationships with successful organizations. They include the following marketing management approach in businesses;
- Advertising – This is the process of ensuring that customers are aware of a new or existing product. It includes advertising methods such as billboards, newspapers, television, radio and product branding
- Sales Promotion – This is an activity often carried out by the sales personnel in a business where they carry out product promotion through both indoor and outdoor selling such as cold calling
- Digital marketing – This is marketing that is carried out through online platforms such as Instagram, Facebook or WhatsApp business
- Personal Selling – This is a marketing activity that involves one on one meeting between a sales personnel and a customer to discuss a business transaction or a new business product
- Direct Marketing – This is a type of marketing that involves selling of products and services directly to the public through communication channels such as telemarketing
- Public Relations – This is the professional maintenance of the public image of business through positive business exposure to the public through using general topics of public interest such as current stock exchange prices.
Features of Marketing Management
Every organization has a unique marketing strategy to ensure a customer is pleased with a service or product. The features of marketing management that are needed in this marketing strategy include the following;
- Customer Orientation – This is a marketing management program that enables an organization to advertise their products with the right target market
- Customer Satisfaction – This is the provision of efficient customer service in marketing management to ensure customers come back to your business to purchase more products and services.
- Marketing Planning – This is the development of a marketing plan by organizations to show them the best ways of achieving their long term marketing goals and objectives.
- Marketing Research – This is a study conducted by marketers to establish the tastes and preferences of customers and also to find out the latest trends and business updates in an industry.
Pricing in Marketing Management
The four types of pricing strategies used in marketing management include;
- Premium Pricing – This is pricing given for a given market segment and industry by an organization that has a higher competitive advantage than other firms.
- Penetration Pricing – This is a price that is usually set low to gain a huge market share at a quicker rate especially upon the introduction of a new product.
- Economy Pricing – This price targets the mass market and high market shares. The margins for the prices are minimal and its overhead expenses are low
- Skimming Pricing – This is a price that is charged for a product but will fluctuate in the future upon entry of competitors where the prices will be reduced immediately
Pros and Cons of Marketing Management
Marketing Management has several pros and cons that affect its long term success and it is upon the marketing managers to device marketing strategies that will benefit the organizations. The pros and cons of marketing management include the following;
- Brand Recognition – Marketing Management enables customers to know where to buy the products they need, who to buy from and which organization has the best products available and on offer. A brand is defined by many factors such as name, symbol, slogan, and reputation.
- Increased Sales – Through effective marketing strategy, an organization can increase its sales rapidly and generate more revenue
- New product ideas – Through marketing management, organizations can come up with new ideas that will improve their products and increase their target market
- Cost saving – Marketing efforts which include brand awareness and marketing campaigns lead to cost saving due to an increase in company revenue and a reduction in the marketing expenses in the long run.
- Customer Benefits – Through proper marketing management plans and procedures, organizations can produce well-designed products thus creating place, time and information utility. This helps the consumer in choosing the products they need with convenience at the right time, place and location.
- Ignoring existing customers – Marketing Management often focuses on obtaining new customers for their new products and they may end up in forgetting about the existing customers. This will lead the existing customers to move to other companies leading to a decline in the company’s revenue
- High Costs – When organizations strive to improve their marketing strategies, the marketing expenses also increase leading to high costs obtained that will increase the overall marketing budget.
- Product Devaluation – When special prices and promotional strategies are overused in a marketing campaign, they may lead to the reduction of the value of a product leading to low sales volume for the company as well as the products.
- Oversaturation – If a marketing promotional strategy relies on company advertising, it may run the risk of oversaturation. This is because the products for the company receive a lot of advertising and promotion and the targeted customers will get turned off by the mention of the product
These are some of the tips that will assist you in developing productive marketing management techniques for your company;
- Conduct continuous marketing research and development
- Familiarize yourself with your company inside and out. Be familiar with the company’s mission, the company’s sales cycle as well as the company history
- Interact with the new and existing customers to establish their needs and wants
- Ensure that you are familiar with your competitors to learn new marketing strategies to implement for your company
- Motivate your marketing team regularly to motivate them to bring in more sales
- Set your long term marketing goals and objectives
- Read new marketing articles constantly and purchase the latest marketing magazines to stay up to date with marketing trends