Marketing Management – A Viable Option to Reach Your Marketing Goals?
Marketing Management is the academic field that focuses on the implementation of marketing theory, methodology and skills within organizations and enterprises and on the organization’s marketing communication and actions. The scope of Marketing Management is vast and it includes research, analytical, practice and design. There are many fields that are involved in Marketing Management like Advertising, Communications, Distribution, Finance, Group Service, consumer, promotional, merchandising, Publicity, Sales & Marketing. Marketing Management is a growing industry and there is a growing need to inculcate certain principles and norms into the everyday operations of the organizations.
Marketing Management is an important segment of marketing, which is all about creating, designing and maintaining a long term presence in the market. A Market Manager is responsible for the creation of marketing strategies and plans. He is also responsible for the execution of these plans and strategies through different marketing activities like advertising and promotional campaigns, business strategy formulation, research and development, market surveys and analysis, and social media management. A market manager is also responsible for the execution of the plans and strategies through various channels like direct mail, television, direct mail, Internet, and other media. Marketing managers must be tech savvy and have a sound knowledge of different computer softwares.
Marketers try to understand what consumers think about their brand or product and use this information to develop a strategy that will work for the brand, but also to make the consumer understand why the product exists. This way they can come up with innovative solutions for their competitors and be ahead of the curves. This is one of the most important aspects of marketing management. It involves the whole team in the development of a new strategy to promote the product or brand.
Marketers come up with many ideas to promote their products or brands and the main objective of these ideas is to get enough traction so that it becomes noticeable and a trend. Marketers use innovative ways to get consumers to notice them. These include i.e. creative advertisements and creative strategies. The Marketers then have to find ways of tracking the success of these strategies and advertising campaigns.
The marketing managers have to study the brand thoroughly to know its potential customers’ thoughts. They look into the consumer’s psyche to know what works for them and what doesn’t. This enables them to improve their strategy so that the brand is able to capture more potential customers and hence bring in more sales. Marketers come up with marketing mix techniques based on the consumer’s needs. For instance, if the brand is about creating a brand awareness around a particular illness and the target group is young children then marketing managers would use television advertisements and commercials with animated characters as well as slogans relating to the sickness. On the other hand, if the potential customers are parents then the message would be focused upon the care that the parents will take of their child and the care-giver relationship.
In addition, they create a competitive environment by identifying those products or services whose market position is declining and adopting a new marketing management technique which is to strengthen the brand. One such example is when a manufacturer launches a new product and sees that its competitors are offering similar goods with lower prices. Instead of launching another product which will give the same effect, it adopts a new marketing management technique of lowering the price of the competitor’s product. Hence, the company can attract more new customers and retain its competitive position in the market. This is a wise move as the company is able to increase its profit and achieve its ROI (Return on Investment).
Marketing managers also conduct market research in order to understand the changing consumer behavior and tastes. This enables them to introduce new offerings in the market to gain a competitive advantage. It also enables the marketing manager to make the product offering more attractive to the customer base.
Market research is therefore an important part of every Marketing Manager’s job. The above mentioned techniques are useful in helping the marketing managers to understand their customers and target them effectively for their respective target markets. Apart from this, Market Research tools can be used to know about the customer base and the trend in usage of the product. This helps the marketing managers to introduce new offerings in the market at competitive prices which enables them to gain a better share of the market. The above mentioned techniques help the Marketing Manager in gaining a competitive advantage and enable them to gain a better market share. Hence, one can say that Marketing Management is a vital element of the business that has to be utilized in the right manner in order to achieve the desired success.