Table of Contents Hide
- Marketing Management:
- Scope of Marketing Management:
- The Objective of Marketing Management:
- Marketing Management Functions:
- Features of Marketing Management:
- What are the 4 types of market?
- Is marketing a good career?
- Do marketing jobs pay well?
The major goals of every business enterprise are to provide reliable products that satisfy the desires of its customers and, thereby, generate high profits. However, you must understand the place of Marketing Management as a key managerial function in achieving these major organizational goals. In this article, I will walk you through the scope, objectives, features, and functions of Marketing Management. Knowing these, as a business owner, you’ll need to set up a Marketing Management department for your enterprise.
Marketing management is the process of decision making, planning, and controlling the marketing aspect of a business enterprise. The study of marketing management leads to a better evaluation of marketing activity in terms of its performance in meeting consumer needs. This process of marketing management takes place within the marketing system, which involves the manufacturing, wholesaling, and retailing sectors. That is, marketing management can be done in each of these sectors.
Furthermore, marketing management deals with organizing and implementing marketing programs, policies, strategies, and tactics to create and satisfy the demand for the company’s customers. By so doing, they generate growing profits in a competitive market as they attract customers consistently to their products.
Scope of Marketing Management:
Having understood the concept of marketing management, let’s consider the depth it covers.
#1. Marketing Research:
This has to do with discovering what your prospective customers want. MM analyses customers’ reactions to product quality, pricing, promotion, and channels of sales/distribution. Moreover, it considers the marketing strategies of other competitive businesses in the same economy while developing its own.
#2. Determination of Objectives:
This is another scope of Marketing Management that involves setting marketing goals and objectives. The objectives cover new product production, old product improvement, attracting and retaining customers, etc.
#3. Planning and Control of Marketing Activities:
This involves setting and following organized procedures to meet marketing objectives. Hence, marketing management takes care of planning for marketing strategies, product diversification, advertisement, promotional activities, etc. which are parts of marketing activities.
Also, Marketing Management monitors all marketing activities. This scope of marketing evaluates the success of marketing plans and execution.
#4. Product Planning and Development:
As the business progresses, there arises the need for new product manufacturing, as well as old product improvement and diversification, hence, the need for Marketing management. It also decides the product quantity to a target market at a given time. Pricing of Product:
The market value of products is an essential scope. The price is a function of the following: production cost, distribution of products, trending price in the market, customers’ perception of the products, and their willingness to make purchases.
Read Also: Penetration Pricing Policy
Marketing management controls the means of providing necessary information about products to the customers. Furthermore, it secures new customers and retains existing ones by informing them about product improvement and new product emergence. Marketing Management develops strategies, as well as employs good tools, for sales promotion.
Distribution means engaging reliable channels to make products available to the customers and at the right time. Marketing management chooses the channels for distributing products, which depend on the production cost and nature of products.
The Objective of Marketing Management:
#1. Creation of Demand:
Marketing managers find out the desires of the customers and provide them with the products to satisfy them. With these products available to the customers, their demand for the products increases.
#2. Customer Satisfaction:
The satisfaction of customers’ needs is more important to the marketing managers than selling the goods. Consequently, customer desires influence the products made available to them.
#3. Increase in Market Share:
The Market Share of a business firm is simply the ratio of its sales to the overall sales made in a specific market. All business owners want to increase the market share of their business. Due to this, Marketing managers bear the responsibility of maximizing the business’s market shares. To achieve this, they engage innovative ideas in the production, packaging, advertisement, promotion, and distribution of products.
#4. Generation of Profits:
A business enterprise loses its worth and essence when it doesn’t make profits from its sales. For this reason, the Marketing Management department plays a vital role in sales, so that the business can make high profits and maintain its growth.
#5. Creation of Good Repute:
The people’s perception of a business enterprise concerns the marketing managers. Hence, by providing want-satisfying products to the people, marketing managers positively influence their perception of the enterprise.
#6. Creating Customers:
Every thriving business has target customers, whom they satisfy with their products. Moreover, the business creates more customers by providing them with new products according to their tastes. For this reason, the marketing management department explores and discovers the needs of customers and ensures they get them.
Marketing Management Functions:
#1. Planning Marketing Activities:
Marketing management develops effective strategies that cover the processes of all marketing activities. It plans and coordinates the processes of product manufacturing/improvement, pricing, distribution, etc. of an enterprise.
#2. Market Assessment for Opportunities:
Market conditions change with time, and often present challenges and opportunities for growing businesses to identify and harness. Through its frequent market assessment, the department looks out for those opportunities and draws plans to leverage them.
#3. Organizing Personnel Involved in Marketing:
In line with the marketing goals of an organization, marketing management monitors the duties of people involved in marketing processes. It ensures that the right persons handle their respective duties.
#4. Directing and Motivating Employees:
The employees in an enterprise need directives from their superiors to accurately perform their duties. Hence, good leadership skill is a necessity for marketing goal achievements. Additionally, good leadership consistently motivates and encourages employees to commit more to better service for enterprises’ goodness. Good managers understand business ethics and, hence, treat their subordinates well.
#5. Evaluating and Controlling Marketing Efforts:
Marketing Management occasionally evaluates the performance/effectiveness of efforts put into sales/promotional processes. When it identifies problems. It solves it and implements better goal-achieving techniques.
Features of Marketing Management:
#1. Focus on customer needs:
Study and understand what the needs of the consumer are, this knowledge will influence other product-related activities, for instance, product designing, pricing, etc.
#2. Providing consumer satisfaction:
Design the appropriate product for consumer satisfaction. Organizations grow as they satisfy the need of customers.
#3. Integrated marketing management:
This involves joining all the managerial functions in an organization together, in other to provide customer satisfaction.
#4. Achieving Organizational Goals:
Organizational goals involve growth, increasing market share, high profit, or Return On Investment (ROI). Thus, by satisfying the needs of the consumers, they achieve these goals.
Innovation in marketing concepts has to do with exploring and engaging new and unusual methods in other to understand the consumers. It is also useful in designing appropriate products for the consumers’ needs.
What are the 4 types of market?
The four popular types of market structures include perfect competition, oligopoly market, monopoly market, and monopolistic competition.
Is marketing a good career?
Marketing is a good major because it’s extremely versatile and may lead to a variety of high-paying, in-demand careers, with great job satisfaction and opportunities for ongoing education. Marketing majors may pull in $50k to $208k a year. The Top 10% of earners pulled in over $208,000!
Do marketing jobs pay well?
In the United States, entry-level marketing jobs pay an average of $40,000 per year or $20.51 per hour. The lowest entry-level salaries start at $29,250 per year. However, even on an entry-level job, it’s still possible to earn up to $58,500 per year.