Marketing Management focuses on the process of products being handled between the owner and seller. It covers the planning and execution of marketing activities that are involved in the process. It’s such a field that includes the techniques and practical execution of marketing strategies.
Marketing management discovers the marketing opportunities and comes up with ways on how to make use of these opportunities in the market in a profitable way. Understanding marketing management will help you understand the way marketing can control as well as affect the economic development of the company.
Peter Ducker, a famous American-Austrian management consultant said that “the two most important functions of a business are Innovation and Marketing.” The aim of marketing is to make that selling more innovative and efficient.
The use of marketing management in companies is growing exponentially. The field has grown by leaps and bounds. It is rightly said that marketing management is both science and as well as art as the development has taken place with the combination of commerce and science together.
The Concept of Marketing Management
Marketing Management works for hand in hand with 5 concepts, Therefore here is a list of Marketing concepts :
- THE PRODUCTION CONCEPT
- THE PRODUCT CONCEPT
- THE SELLING CONCEPT
- THE MARKETING CONCEPT
- THE SOCIETAL MARKETING CONCEPT
The production concept focuses on high production, low costs, and mass distribution of the product. It is assumed by the manager in this process that the customer will prefer this low cost and high availability product that is being used by the masses.
The Product concept is based on the fact that the manager is oriented towards the idea that a high-quality product would sell itself. A consumer will automatically choose the product that has innovation and new features, quality included.
The Selling Concept purely believes in the idea of selling a product that is being produced. They don’t focus on creating a product that the market wanted rather they focus on selling the product that the company is producing.
The Marketing Concept is based on the orientation of customer-based relationships. It believes that one can automatically sell the product if there is interactive communication, a better delivery concept for the customer.
The Societal Marketing Concept focuses not only on consumer’s needs or company’s needs but also on the long term society needs and interests. It’s based on welfare for the society and hence the name Societal Marketing Concept.
Why is marketing management important?
Market Management is working in various aspects of the Industry today, Below are some of the areas that are directly influenced by Marketing Management.
You will also understand the various marketing management concept importance by going through these points:
- Marketing Management in Business
Marketing management is important for any business to compete with the ever-growing competition in the market. It is important to keep updated with the marketing strategies so that one can have an easy flow of goods and services. Some key feature to focus on why Marketing Management is important in Business:
- Boost in Sales
- Branding of Company
- New Strategies Orientation
- The flow of Ideas Implementation
- Launch of New Products and Services
2. Marketing Management can work in Banks
It is not wrong to say that Banks are the backbone of any economy. Therefore, they require complex and large Marketing Management for them to function properly.
The key feature process that they work on are:
- Needs, Wants, and demands of the customer
- Marketing offers
- Value and satisfaction
- Transaction relationship with the customer
3. Marketing Management can control environmental forces
The external forces involved or not involved can sometimes be influenced by marketing management. The Following Environmental forces present can be controlled to a large extent by Market Management.
- Economic Environment
- Political Environment
- Technological Environment
- Social and Cultural Environment
- Competitive Environment
Scope of Marketing Management
There is ample scope for Marketing Management in today’s competitive industry. Here are some of the areas where Marketing Management is required to the fullest:
- Planning out Objectives
- Distribution of Products and Services
- Strategizing Marketing activities
- Evaluating product pricing
- Managing and Analysis of Marketing
- Advertising and Publicity
Marketing manager: Career, Job opportunities and salaries
Here’s a list for Marketing managers and job opportunities and career paths closely related to them as well
- MARKETING MANAGER
The marketing manager is responsible for all the marketing strategies that are being performed about marketing, promotions, and public relations for the product or services.
All the campaigns, strategies, and other implementations for the market need to be supervised by the Marketing manager.
- DIGITAL MARKETING MANAGER
All the digital media marketing that comes under social media platforms is headed by the digital marketing manager. All the digital space and the online traffic that comes within the digital media marketing is also headed by them.
- PUBLIC RELATION MANAGER
The public relations manager is the person who’ll be responsible for the collaborations being done with the media out there. All the press releases for the product, person, or services will be handled under the public relations manager. The content that needs to be sent out for customers through the press releases will be passed through this channel only.
- BRAND MANAGER
The brand manager will have the duties to handle the brand image. The brand that’ll be created through marketing in the market will have certain responsibilities attached to it. They need to ensure that the brand image always remains positive and the sentiment is always intact. They need to look for strategies to incubate the brand overall.
- ADVERTISING MANAGER
As the name suggests, the role of the advertising manager is also to manage all the advertising being done for the products. All the budgets, concepts, media outlets coordination, and strategies come under the responsibilities of the advertising manager.
Average Salary Chart
|PUBLIC RELATION MANAGER||$55,000|
|MARKET RESEARCH ANALYST||$63,900|
This was the overview of what Marketing Management is. If you are interested in it and want to become a marketing manager, you might want to check out the courses being offered by Verzeo.
Through these internship and certification programs, you will get hands-on experience in the field of marketing and This could be your shot towards your career path.