What is Marketing Management?
Marketing management is a process of managing the marketing process of company products. Every company has a different strategy for the customer, for example, a company produces on a large scale that reduces the per-unit cost that will help in sales. and another company focus on the quality product which leads to sales of that product.
Marketing management is the analysis, planning, implementation and control of programmes designed to bring about desired exchanges with target markets for the purpose of achieving organizational objectives. It relies heavily on designing the organizations offering in terms of the target markets needs and desires and using effective pricing, communication, and distribution to inform, motivate and service the market.” — According to Philip Kotler,
Characteristics of Marketing Management
- Customer-Orientation, Marketing management is a customer orientation program. Because marketing management helps to target or reach out their products or services to the right people.
- Marketing Research, Marketing research helps to understand the preference of the consumers. When the manager sets the campaign, they do research which helps them to find out the latest update of the industry.
- Marketing Planning, The overall objectives of the firm should be the earning of profits through fulfilment of customers. Marketing management helps the organization to reach the goal.
- Customer Satisfaction, The most important part of every campaign is customer satisfaction. if the marketing management is good, then the customer will willing to buy the products or services and vice-versa.
Functions of Marketing Management
- Selling, selling is the main aim of marketing management. The marketing manager needs to come up with innovative and strategic ideas to attract new buyers.
- Transportation is one of the main source to a successful business. Transportation helps to provide raw material to the factory and finished goods to the retailers.
- Products need to be stored properly to supply in the market. Storage of products helps the company to supply the products whole over products and fulfil the of the customers.