The Ultimate Marketing Management Guide

Marketing management involves analysing, planning, implementing and controlling marketing programs to achieve organizational goals. It revolves around various strategies for marketing practices; it manages the various practices and techniques to deal with the customer’s demand. 

It includes the process of planning and executing the conceptualization, pricing and promotion and distribution of specified goods, services and ideas for the target market and to meet customer and organizational demands and goals.

Besides, it helps businesses find a suitable niche so that they can work effectively on a small scale and expand with time.

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.

Marketing Management Process

Marketing managers use certain processes for optimizing marketing efforts from all aspects of the business model. The main processes involved in marketing management are as follows:

• Market Analysis: At this stage, the market environment is observed and analyzed to identify the business needs, the organization’s position, market share, and consumer behavior.

• Setting Marketing Objectives: The next process involves establishing marketing objectives that are to be fulfilled during the business cycle. No organization can flourish without setting any target or objectives.

• Formulating Marketing Strategy: After setting objectives, effective marketing strategies are developed for achieving the set targets.

• Product Development: Marketing managers are aware of the market needs and trends hence, at this stage they help in crafting the desired products that can fulfill customer satisfaction.

• Implementation of Marketing Program: The most crucial stage of the entire marketing management process is executing the designed marketing program. The designed plans are meticulously followed and implemented.

• Monitor: The next stage involves evaluating the results of the executed plans and strategies. It analyzes the marketing program’s success and how future events will be operated.

Functions of Marketing Management

Marketing management revolves around various functions which help in assisting an organization to operate. Furthermore, these functions regulate all the activities of the organization and stimulate its working.

Here are some of the major functions of marketing management:

• Selling: Selling can be considered the prime objective of marketing. It refers to stimulating prospective buyers to actually purchase their product. Selling involves transfer of ownership of the product.

• Buying & Assembling: Buying refers to the purchases of an organization. It involves dealing with what to buy, what cost, and of what quality. And assembling refers to fitting the different parts of a product to prepare the finished product.

• Storage & Warehousing: This function refers to storing the goods or products at a suitable place to instigate further transportation of the products. A Warehouse is such a location where goods can be stored to prevent from any kind of damage like spoilage, pilferage, etc.

• Transportation: Transportation refers to the physical means of moving products from the place of production to consumption. The products are moved from the seller to the buyer. It creates place utility.

• Market Information: This function revolves around analyzing market conditions and providing genuine and relevant marketing information. The information provided helps in taking marketing decisions.

Courses in Marketing Management

Source: National Institutional Ranking Framework

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.

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.

Marketing Management in India: Key Takeaways

There are immense possibilities in a marketing career. Students can find many job opportunities in multinational companies, banks, government sectors, educational institutions, etc.

The demand for undergraduate and postgraduate courses in marketing is at an all-time high. Its curriculum also helps students in acquiring executive and leadership qualities.

Marketing Management has immense importance in today’s world. It mainly focuses on current market dynamics, marketing plans and financially maximizing profit and productivity. Marketing graduates decide the growth and development of the company.

India is rapidly growing as a corporate hub. So, you can easily apply for jobs in marketing management like Brand Manager, Marketing Manager, Market Research Analyst, and Sales Manager in different companies. Also, you can set up your own business and start your entrepreneurial journey after completing the course.

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