Marketing management is the art of understanding the pricing, promotion, and distribution of goods, services, and ideas. All with the aim of providing satisfaction to the customers, suppliers, company, and distributors. So the task of a marketing manager is to balance the interests of all parties involved. And to manage demand and fulfill the goals.
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Definition
Philip Kotler, “Marketing Management is the art and science of choosing target markets and building a profitable relationship with them. Marketing management is a process involving analysis, planning, implementing and control and it covers goods, services, ideas, and the goal is to produce satisfaction to the parties involved”
The Institute of Marketing Management has defined “Marketing Management as the creative management function which promotes trade and employment by assessing consumer needs and initiating research and development to meet them. It coordinates the resources of production and distribution of goods and services, determines and directs the total efforts required to sell profitably to the ultimate user”.
5 Marketing Management Philosophy
Five distinct marketing management philosophies exist for a marketing manager to choose from:
- Production concept
- Product concept
- Selling concept
- Marketing concept
- Societal marketing concept
The marketing concept is possibly the most widely adopted. As it prioritizes satisfying the needs and wants of the target market, finally achieving success.
Marketing management is not limited to developed countries. As organizations in developing nations have adopted this method. That leads to an increase in interest in marketing methods and a reconsideration of philosophies, concepts, and tools.
Marketing Management Trends
Shifting Focus and Embracing Technological Advancements
Marketing management continues to grow, with trends that reflect the changes in consumer behavior and technology. Companies now place a greater focus on interdepartmental teamwork, putting the customer at the center of their efforts through the use of customer insights and data to drive personalized experiences.
Tasks and Challenges of Marketing Management
Marketing management plays a key role in the success of businesses. The following are the fundamental tasks and challenges of marketing management:
- Developing Marketing Strategies and Plans
- Capturing Marketing Insights
- Connecting with Customers
- Building Strong Brands
- Shaping Market Offerings
- Delivering Value
- Communicating Value
- Creating Long-Term Growth
Marketing Management in the Business Sector
Businesses recognize the importance of marketing management. But the timeline for adoption goes. Consumer packaged goods and consumer durable goods companies were among the first to adopt this practice, followed by service firms like airlines and banks, who heavily focus on customer service. Steel, chemical, and paper producers adopted marketing management later, while insurance and stock brokerage companies are now relying more on advertising, pricing, and distribution.
Marketing Management in the Non-Profit Sector
Non-profit organizations, whether private or public, can benefit from marketing principles, leading to their introduction in operations in the 1970s. Social causes, religious services, cultural organizations, and more have embraced marketing in their efforts.
With the rise of technology and digital tech, marketing management has undergone a powerful change. The trend toward automation, machine learning, and artificial intelligence has changed the way marketing. Companies are now able to reach a wider audience with targeted and personalized campaigns, leading to increased engagement and customer satisfaction.
Importance of Data Analytics in Marketing Management
We cannot magnify the importance of data and analytics in marketing management. Companies are now using big data and predictive analytics to understand customer behavior, predict customer needs, and their marketing efforts accordingly. With the help of machine learning algorithms, companies can now analyze large amounts of data to identify patterns and trends, making it easier for them to make informed decisions about their marketing strategies.
Despite the advancements in technology and traditional marketing techniques. As personal selling, trade shows, and advertising are still relevant and widely used by companies. The key is to use a mix of both traditional and digital marketing techniques to reach customers in a way that with them and drives results.
Conclusion
Marketing management plays a crucial role in the success of businesses and non-profit organizations. Whether it’s through the use of traditional or digital marketing techniques. Companies must focus on providing value to their customers and building strong relationships with them. With a focus on innovation, data, and technology, marketing management continues to grow and shape the way companies reach and interact with their customers.
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