Maximize Your ROI: The Ultimate Marketing Management Guide 2023

May 15, 2024
marketing management

Table of Contents

Marketing management is a crucial aspect of running a successful business. As someone who wants to understand and excel in this field, it’s important to know that marketing management involves planning, organizing, implementing, and controlling marketing activities to meet the organization’s goals. You’ll be responsible for identifying target markets, analyzing competition, creating marketing strategies, and monitoring the effectiveness of marketing campaigns. Additionally, you’ll need to have a deep understanding of consumer behavior, branding, and product development. By mastering the skills of marketing management, you’ll be able to attract and retain customers, grow your business, and stay ahead of the competition.

International Marketing Management

International marketing management can be a complex and challenging field, but with the right strategies and approach, you can succeed in expanding your business globally. Here are some key considerations to keep in mind when developing your international marketing plan:

Research Your Target Market

 Before you start marketing your products or services in a new country, it’s essential to research the local culture, customs, and consumer behavior. What are the unique needs and preferences of your target audience, and how can you tailor your marketing message to resonate with them?

Understand the Regulatory Environment

Different countries have different regulations around marketing, advertising, and business practices. Be sure to research the legal and regulatory environment in your target market to ensure that your marketing efforts comply with local laws and regulations.

Develop a Global Brand Strategy

 Building a strong global brand is essential for success in international markets. Consider how you can create a consistent brand message across different cultures and languages, and develop a strategy for adapting your branding to local markets.

Determine Your Distribution Channels

The distribution channels you use will depend on the nature of your product or service and the local market. Will you sell directly to consumers, through distributors or retailers, or online? Consider the logistics and costs associated with each channel and determine which will be most effective for reaching your target audience.

Adapt Your Marketing Mix

 The marketing mix – product, price, place, and promotion – will need to be adapted to suit the local market. Consider factors such as local competition, consumer preferences, and economic conditions when developing your marketing strategy.

Marketing Management Concepts

The five central marketing concepts relating to customers include:

  • Production: A customer always tends to purchase goods and services that are cheap and easy to access. 
  • Product: A customer wants high-quality products at a reasonable price.
  • Selling: A Business needs to take part in promoting products for sales actively.
  • Marketing: Many companies are coming up with a particular niche. A customer has plenty of options to choose from. So, a company’s success depends on the ability to satisfy the customer needs better than its competitors. 
  • Societal Marketing: Customers are interested in a business that benefits society as a whole. 

Importance of Marketing Management

Marketing management acts as a very essential tool for achieving organizational objectives related to target markets. It helps in planning and executing marketing strategies, product formulation, pricing policies, and promotional activities of an organization.

However, the following points summarize the importance of marketing management:

  • It enables you to study consumer interactions and their buying pattern. Introducing a new product in the market becomes easier and more effective when the customer demand is known.
  • Marketing management helps in observing the market conditions and thereby helps in planning and formulating a successful marketing strategy. As a result, it boosts the sales of an organization.
  • It helps in executing effective marketing and gaining customer satisfaction, which in turn results in building a reputation for the firm or brand in the market.
  • Marketing management examines and analyzes the marketing environment, it yields the marketing behavior and competitor trends. It helps you operate in the competitive market.
  • Through effective marketing, excellent marketing teams are developed which helps in taking managerial and business decisions.

Types of Marketing Management

Types of Marketing Management refer to the different areas of focus within the field of marketing. These areas include creating marketing strategies, managing brands, developing products, and expanding businesses into international markets. Additionally, marketing management involves media relations, customer marketing, and managing marketing operations and sales. Understanding the various types of marketing management is essential to effectively promote a product or service and achieve business goals.

When it comes to marketing strategy, there are a number of different types that you can utilize to achieve your goals. Here are some of the most common types of marketing strategy that you might consider:

Business Development

This type of marketing strategy is all about finding new opportunities to grow your business. You might do this by exploring new markets or industries, partnering with other companies, or even launching new products or services.

Brand Management

Brand management is all about creating a strong and recognizable brand that customers trust and feel connected to. This might involve things like developing a brand identity, creating a brand voice and tone, and managing your brand reputation.

Product Development

Product development is all about creating new products or services that meet the needs of your target audience. This might involve conducting market research, identifying gaps in the market, and developing new products or services that fill those gaps.

International Marketing

 If you’re looking to expand your business internationally, you’ll need to develop a marketing strategy that considers cultural differences, language barriers, and other unique challenges that come with marketing to a global audience.

Media Relations

Media relations is all about building relationships with journalists and other members of the media. By getting your business in front of the right people, you can generate buzz and publicity that can help you reach new customers and grow your business.

Customer Marketing

 Customer marketing is all about creating a positive experience for your existing customers. This might involve things like offering personalized recommendations, providing excellent customer service, and offering special promotions or discounts.

Marketing Operations

Marketing operations is all about streamlining your marketing processes and making sure that everything runs smoothly. This might involve things like automating your email marketing campaigns, tracking your marketing analytics, and optimizing your website for search engines.

Sales

Finally, sales is all about closing deals and generating revenue for your business. This might involve developing a sales funnel, training your sales team, and creating targeted sales campaigns that speak directly to your ideal customers.

Also Read: Why Sales? The Most-asked Question in Sales Interviews

Creation of Marketing Strategy

Creating a marketing strategy can seem like a daunting task, but with the right approach, you can develop a plan that will help you achieve your goals and grow your business. Here’s how you can create a marketing strategy:

Define Your Goals

 The first step in creating a marketing strategy is to define your goals. This might include things like increasing sales, building brand awareness, or generating leads. Whatever your goals may be, it’s important to make them specific, measurable, achievable, relevant, and time-bound (SMART).

Conduct Market Research

 Once you’ve defined your goals, it’s important to conduct market research to understand your target audience and the competitive landscape. This might involve things like conducting surveys, analysing industry trends, and studying your competitors.

Develop Your Unique Value Proposition

 Based on your market research, you can develop a unique value proposition that sets your business apart from the competition. This should be a clear and compelling statement that communicates what your business does, who it serves, and why it’s better than the competition.

Develop a Marketing Mix

 The marketing mix is a set of tools and tactics that you’ll use to achieve your marketing goals. This might include things like product development, pricing strategy, promotion (advertising, PR, social media), distribution strategy (place) and marketing communications.

Develop Your Marketing Plan

 Based on your marketing mix, you can develop a detailed marketing plan that outlines the specific tactics you’ll use to achieve your goals. This should include things like timelines, budgets, and metrics for measuring success.

Implement Your Marketing Plan

 Once your marketing plan is in place, it’s time to put it into action. This might involve things like creating content, launching campaigns, and engaging with customers on social media.

Monitor and Adjust Your Strategy

Finally, it’s important to monitor your marketing performance regularly and adjust your strategy as needed. This might involve things like tweaking your messaging, adjusting your tactics, or reallocating your budget based on what’s working and what’s not.

Implementation of Marketing Strategy

When it comes to implementing a marketing strategy, it’s essential to focus on the four Ps of marketing: product, price, place, and promotion. Here’s how you can incorporate each of these elements into your marketing plan:

marketing management

Product

 Start by identifying the unique features and benefits of your product or service. What sets it apart from the competition? Once you have a clear understanding of your product, you can begin to develop messaging that highlights its strengths and appeals to your target audience.

Price

Consider your pricing strategy carefully. Are you targeting a premium market or a budget-conscious one? Do you want to offer discounts or promotions to drive sales? Take the time to research your competitors’ pricing and determine how you can position yourself in the market.

Place

The place element of the marketing mix refers to the channels you’ll use to distribute your product or service. Will you sell online, in retail stores, or both? Determine where your target audience is most likely to shop and focus your efforts on those channels.

Promotion

Finally, it’s time to develop a promotional strategy that will help you reach your target audience. This could include advertising, public relations, social media marketing, or a combination of tactics. Think carefully about the message you want to convey and the channels th

In addition to the traditional 4Ps of marketing mix (Product, Price, Place, Promotion), the extended marketing mix includes People, Process, and Packaging.

  • People refers to the people who are involved in the buying process, such as salespeople or customer service representatives.
  • Process refers to the processes that are involved in delivering the product or service to the customer.
  • Packaging refers to the way the product is presented and packaged, including things like the design and labeling of the product.

Courses in Marketing Management

CourseEligibilitySyllabusTop Colleges
MBA in Marketing ManagementBachelor’s Degree or equivalent in any discipline, GMAT/GRE scores valid for five years1. International Marketing
2. Retail Management
3. Marketing Strategy
4. Behavioural Science
5. Marketing Research
6. Financial Accounting and Analysis
1. IIM Ahmedabad
2. Symbiosis Institute of Business Management
3. SVKM’s Narsee Monjee Institute of Management Studies
4. Amrita Vishwa Vidyapeetham, Coimbatore
PG Diploma in Marketing ManagementGraduation in any discipline from a recognized University1. Foundations of Business Analytics
2. Research Methodology
3. Financial Market and Services 4. Accounting for Managers
5. Organization Behaviour
6. Fundamentals of Marketing
7. Sales Management
8. Distribution Channel Management
1. Xavier School of Management, Jamshedpur
2. S. P. Jain Institute of Management & Research, Mumbai
3. Jaipuria Institute of Management, Noida
Diploma in Marketing ManagementBachelor’s Degree in any discipline from a recognized University or H.S.C passed with 2 years of work experience1. Management Theory and Practice
2. Business Economics
3. Financial Accounting & Analysis
4. Information Systems for Managers
5. Digital Marketing
6. Consumer Behaviour
1. ISBM, Pune
2. NMIMS, Mumbai
3. LIBA, Chennai

Related Article: Top Free Online Courses in India 

List of Jobs in Marketing Management

Marketing managers are in demand not only in India but across the globe. According to the Bureau of Labor Statistics, the job prospects of marketing managers are expected to increase by 10% in the coming ten years. And there will also be more than 30,000 job openings in the coming year.

The scope of marketing managers is vast. With an increasing number of consumers, the need for the product or service is also increasing, requiring various marketing activities to satisfy consumers’ needs. And all the planning and control are conducted by these managers.

Also, a wide range of jobs in marketing management is available for individuals. Hence, if you want to make a career in the management field, then you must go with it.

Here is how you can start your career in marketing. These are the most in-demand jobs in marketing management that you can do after completing your studies:

Brand Manager 

A brand manager plays a vital role in the company’s growth by using customer reviews and taking steps to improve and uplift the brand’s reputation. It is important to differentiate a product from its competitors. Typically, this is done through advertising, design and events.

Job Responsibilities:

  • Identify and execute research studies and projects
  • Stay alert about current market practices of target customers
  • Development and elevation of the reputation of the brand

Skills:

You must have strong leadership qualities and excellent communication skills. In addition, a good brand manager must have innovative ideas to help the company stand out.

Average Salary:

The average salary of a brand manager is INR 12 LPA.

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Marketing Research Analyst 

Market research analysts study market conditions and identify the needs of customers. They collect data using various methods such as public polls, customer reviews and surveys.

Furthermore, they evaluate the data using software and statistical techniques to interpret the needs and interests of the consumers. MBA graduates in the marketing field start earning well after completing their degrees in marketing.

Job Responsibilities:

  • Gather and analyze statistical data using a marketing mix
  • Interpret data and make recommendations
  • Perform market research analysis to identify potential customers
  • Formulate a strategy by studying the trends and data

Skills:

If you want to become a marketing research analyst, then you must also possess outstanding communication skills and time management skills 

Average Salary:

The average salary of a marketing research analyst is INR 3.5 LPA.

Customer Service Representative 

They are representatives who interact with the customers to handle complaints, process orders, and answer questions. Usually, a customer service representative interacts with the customers through phone calls. However, some may also interact through email, live chat, and sometimes face-to-face. 

Job Responsibilities:

  • Should listen to the customer’s queries and address them accordingly
  • Provide relevant information about products to the target audience
  • Handle returns and complaints
  • Should handle customers with patience and respect

Skills:

A customer service representative must have communication and problem-solving skills. They should also know how to deal with difficult situations with patience and calmness.

Average Salary:

The average salary of a customer service representative is INR 2.2 LPA.

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Best Marketing Management Software

If you’re looking for the best marketing management software to help you streamline your marketing efforts, there are several great options to consider. Here are some of the top marketing management software programs available:

HubSpot

HubSpot is an all-in-one marketing, sales, and customer service platform that offers a wide range of tools for managing your marketing campaigns. With HubSpot, you can create landing pages, track leads, and automate your email marketing campaigns, among other features.

Marketo

Marketo is another popular marketing management software that offers a variety of tools for managing your marketing campaigns. With Marketo, you can create landing pages, track leads, and automate your email marketing campaigns, among other features.

Pardot

Pardot is a marketing automation platform that is designed specifically for B2B marketers. With Pardot, you can create landing pages, track leads, and automate your email marketing campaigns, as well as manage your social media accounts and track your marketing analytics.

Salesforce Marketing Cloud

Salesforce Marketing Cloud is a marketing automation platform that is designed to help businesses of all sizes manage their marketing campaigns. With Salesforce Marketing Cloud, you can create landing pages, track leads, and automate your email marketing campaigns, among other features.

ActiveCampaign

ActiveCampaign is a marketing automation platform that is designed to help businesses of all sizes manage their marketing campaigns. With ActiveCampaign, you can create landing pages, track leads, and automate your email marketing campaigns, as well as manage your social media accounts and track your marketing analytics.

Marketing Management in India: Key Takeaways

By now, you should have a solid understanding of the key principles and strategies that are involved in successful marketing management. Whether you’re a marketing professional looking to take your career to the next level or a business owner looking to grow your business, the information in this guide can help you achieve your goals.

By following these steps and leveraging the best marketing management software tools available, you can streamline your marketing efforts, improve your ROI, and achieve greater success. We hope that this guide has been helpful to you, and we wish you all the best in your marketing management journey!

Similar Read: MBA after Engineering

Frequently Asked Questions

What jobs are in marketing management?

There are lot of marketing management career opportunities. Whether you have done an MBA, PGDM, or Diploma course, you will find opportunities in top MNCs, government sectors, banks, educational institutions etc.
After graduation, you can apply to some of the job positions such as:
1. Brand Manager
2. Rural Marketing Manager
3. Public Relations Manager
4. Social Media Manager
5. Digital Marketer

Why is marketing management a good career?

Marketing Management is a good career as there are immense opportunities for the students. It is a domain that never gets old and with the advent of online media, the scope of marketing has shifted to a whole new lot.
Marketing is a field whose scope is in India and globally. With a national degree, you can easily find a job abroad. The salary prospects of marketing graduates are also good.

Does marketing management pay well?

Marketing graduates can find jobs not only in India but all over the world. Since the scope of marketing students is wide, they can find jobs in various industries, be it entertainment or education. The average salary of marketing managers can earn around INR 7.4 LPA, while the lowest salary is INR 2.4 LPA. As you gain experience in the field, you can earn more than INR 23 LPA.

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