Marketing Management refers to a process of coming up with strategies and various plans for services or products, advertising promotional activities and sales to get to the intended customer segment. Marketing management involves analysis of the industry where the company operates by employing various tools from competitive strategy and economics. Marketers always conduct a SWOT analysis in coming up with the profile of every competitor which is detailed. This paper, therefore, focuses on how marketing management is critical to the success of any company and how companies analyze the market before making an informed decision on how to reach the desired segment.
Marketing Management has numerous objectives among them being the creation and acquisition of new customers, improving the organization's profitability and satisfying the various customer needs. It also helps in determining the ideal marketing mix and aid in the improvement of living standards of people (McDonald, 2016).
The various steps involved in the marketing management process include the following:
- Setting and coming up with the marketing objectives of the organization.
- Analysis of the various marketing opportunities.
- Selecting carefully the target markets after research and due diligence.
- Designing and coming up with marketing strategies
- Planning the various marketing programs.
- Organizing, implementing and coming up with controls for various marketing efforts.
Marketing management involved the use of tools from the competitive strategy and economics in analyzing the industry. Competitors analysis consists in building the profiles of every competitor in the same market which in turn help the company to focus on their strength and weaknesses through SWOT analysis. The marketing managers always look at the cost structures of the competitors, sources of their profit, competencies and resources for them to position well and carry out product differentiation adequately (Cherney, 2018).
Marketers always use various techniques in conducting marketing research, and the most common ones include but not limited to qualitative methods of marketing research such as different types of interviews and the focus groups. Another technique widely employed is the quantitative analysis which involved a statistical survey. Other techniques such as experimental and observations are also used in conducting marketing research before coming up with the appropriate marketing mix.
McDONALD, M., 2016. Strategic marketing planning: theory and practice. The marketing book (pp. 108-142). Routledge.
Chernev, A., 2018. Strategic marketing management. Cerebellum Press. Retrieved on 10th February 2019
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