Marketing management

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Marketing Metrics Continuum

Marketing Management is the organizational discipline focused on the practical application of marketing techniques and the management of a firm's marketing resources and activities. Marketing management facilitates the activities and functions which are involved in the distribution of goods and services. According to Philip Kotler, considered one of the fathers of modern marketing, marketing management is the analysis, planning, implementation, and control of programmes designed to create, build, and maintain beneficial exchanges with target buyers for the purpose of achieving organizational objectives.

Overview

Marketing management involves the identification of the needs of the customer and the development of a plan that uses the resources of the organization to meet these needs in a profitable manner. The scope of a business' marketing management depends on the size of the business and the industry in which the business operates. Effective marketing management will use a company's resources to increase its customer base, improve customer opinions of the company's products and services, and increase the company's perceived value.

Functions

The primary functions of marketing management include:

• Market research: Identifying and analyzing the needs of the market.
• Marketing strategy: Developing a plan to meet the market's needs.
• Product management: Designing, developing, and managing products and services.
• Promotion: Communicating offers to potential customers.
• Sales: Selling the products or services.
• Distribution: Ensuring the products or services are available to the customer.
• Customer service: Providing support to customers before, during, and after a purchase.

Strategies

Marketing management employs a variety of strategies to meet the objectives of the organization. These can include:

• Market segmentation: Dividing a market into distinct groups of buyers with different needs, characteristics, or behaviors.
• Target marketing: Selecting one or more segments to enter.
• Positioning: Creating a distinct image of the product in the mind of the consumer.
• Marketing mix: The set of tactical marketing tools – product, price, place, and promotion – that the firm blends to produce the response it wants in the target market.

Challenges

Marketing management faces several challenges in the modern business environment:

• Rapid technological advancements.
• Increased globalization.
• Ethical and social responsibility concerns.
• Changing consumer preferences.
• Intense competition.

Education and Training

Individuals interested in pursuing a career in marketing management typically obtain a bachelor's degree in marketing or a related field. Advanced positions may require a master's degree in business administration (MBA) with a specialization in marketing.

See Also

• Brand management
• Customer relationship management
• Digital marketing
• Market segmentation
• Marketing strategy
• Product management

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