Marketing management is the process of managing a firm’s marketing efforts, establishing goals, organizing strategies, making decisions for the company, and executing them to achieve the greatest turnover by satisfying consumer demands.
A marketing manager is someone who has a strong understanding of what marketing management is and how to improve it for the company’s benefit. Product, place, price, and promotion are all important aspects of marketing management.
The four Ps are determined by the management of a firm in response to consumer demand for what they want to buy, with market rates that are suitable and readily available. Marketing management must handle and create an inflow of these elements to ensure the company’s long-term viability.
Marketing Management’s Main Goals
The objectives of each firm are predetermined, which is guided by marketing management’s goals. The following are the most fundamental and crucial aims of marketing management:
Attracting New Customers
The goal of marketing management is to bring new consumers into the firm’s product line. Various techniques are employed to guarantee that as many consumers as possible become familiar with the company’s goods, such as advertising on television networks or social media, pamphlets, and establishing a sales staff who demonstrates the items.
Satisfying the Demands of Clients
Another key aim of marketing management is to keep the customer happy for a long time. To achieve this, quality is crucial, but so is good service, such as on-time delivery and product delivery without damage.
Profitability
A firm may not survive for long if it does not earn a profit. A company’s backbone is its ability to generate revenue. It is critical for a business to make profits in order to expand, diversify, and maintain itself. To do so, businesses must first understand what market management is and how to accomplish these market objectives. The marketing of a firm is kept on track by its management team by entertaining old and loyal customers while also attracting new consumers to generate the greatest possible profit for the greatest possible growth.
Increasing Market Share
Another goal of marketing management is to achieve the greatest possible market share. To do so, firms employ a variety of techniques to increase their sales relative to those of a free market economy. Companies offer discounts on a regular basis in order to attract consumers. They may also use interesting and unusual packaging as well as provide incentives.
Establishing a Positive Public Image
Reputation is a key component in the development of a firm. When the organization has been recognized as a respectable public figure, it has more potential to develop and diversify, but when it is associated with a bad reputation, it will most likely fail. A company’s reputation may be improved by marketing.