What is Marketing Management?
Marketing management is the process of developing strategies and planning for the business such as the advertisement, promotions, sales and etc. Marketing management is also an art and sciences. it helps in choosing the right target markets and audiences.
Functions of Marketing Management
Combination of Marketing and Management
Marketing management is a combination of management and marketing. Because marketing helps to acquire new customers and management helps to retain old customers in the business.
Marketing management is a business process. Marketing management decisions are knowledge-based decisions. Because when the manager takes this decision it affects sales of the products directly. So, the manager needs logical terms to take decisions.
Marketing is the combination of activities designed to produce profit through ascertaining, creating, stimulating, and satisfying the needs of a selected market.
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Importance of Marketing Management
- Analysing Market Opportunities, marketing management helps to Analysing Market, it collects the data from the market which helps it to Analyse new Market Opportunities.
- Creation of Customer, Marketing management helps in creation of new customers. When the company supplies its customers interested products it helps to create new customers.
- It helps to Increase the production of existing products and Reduce the cost of sales and distribution.
- It helps to increase per capita income and creates more demand of goods by the consumers.
Scope of Marketing Management
- Marketing management helps to analyze the market. Marketing research helps to identify the needs, wants and preferences of the targeted customer.
- Marketing management helps to achieve the marketing objectives of the company. It helps to achieve the predetermined goals. Marketing management main aim is to maximise the customer’s satisfaction.
- Pricing is one of the complex function of marketing management. Pricing determines whether the customer will buy the product or not. So, the company needs to decide the suitable price for its products and services.
- After setting up pricing and distributions network, the Evaluation work starts. It helps to identify the effectiveness of marketing plans and actions.