Concept of Marketing Management

Question: Discuss the concept of marketing management. Answer: Introduction This study is based on concepts of marketing management. Marketing is lifeblood for any origination it deals with so many integral parts of a product and allows it to be marketed with most possible brand image and profitability. Discussion Marketing Management is analyzing, planning, Implementing and controlling programs strategies to bring out the desired goals and objectives. It is the name of the process which involves the following; Marketing Objectives i.e. Top management determines the objectives that may be Short term or long term objectives. These objectives have to be in coherence with the Companys Goals and objectives. Planning: This part answers that, how to implement the objectives? This includes sales forecasting and Marketing strategies. Organizing: It is involved of collecting and coordination of the require means to implement a plan to achieve pre-determined objectives. Coordination: Various department s should have coordination to achieve objectives. Like ware house, transportation and sales staff. Direction: It deals with development of new market, new marketing plan, leadership and motivation of employees. Controlling: It determines standards of actual performances and adoptive of corrective measures. Staffing: Right, accurate and up to mark employees should be selected to run successful market operations. Analysis and Evaluation: To do regular analysis regarding the process evaluating each steps to gain objectives (Hollensen, 2015). Marketing Management means good knowledge about consumer demand. Product, allocation demands exact location. Placement, by understanding the need of the market and buying power of consumers. Pricing adequately by keeping all important aspect of the product into account promotion of the product for making it renowned in the market. This process is also known as marketing 4Ps (Zineldin and Philipson, 2007). Under the current circumstances, marketing is heavily based on the Research factor. Following techniques are being used in the Global world of Marketing for research, Qualitative Research i.e. interviewing from various groups/Consumers. Quantitative Research i.e.statistical numbers of companys product. Demand and supply of products. Experimental Techniques such as Test marketing. Observational Techniques i.e. observing statistics of test marketing (Malhotra, 2008). Firstly, identification of Products segmentation (i.e. High/ low Price, Quality / Quantity of Product), secondly, Resources and capabilities of company should be exactly known. It is very important to know about companys resources and capabilities in order to balance Demand and supply of companys product. In case of misbalance, worst result may occur. After designing successful strategies and planning, proper implementation of theselected strategy and planning is required. By implementing the strategy marketing managers will, be able to aim for better result and maximum profit generation for the company.Marketing managers works broadly to design the core marketing process such as Product development, price management, and Marketing management. Managers look for vendors and suppliers for effective supply chain process. Conclusion Marketing Managers works to ensure that the goals and objectives are successfully executed according with the strategy selected. They also analyze either the selected strategy is cost effective. Marketing managers often make use of various organizational control systems. Such as sales forecast, sales force management system and customer relation management. TheImportance of Marketingfor the Success of a Business. The heart of your business success lies in itsmarketing. Most aspects of your business depend on successfulmarketing. The overallmarketingumbrella covers advertising, public relations, promotions. Bibliography Crearemarketing, (2012). Tag Archives: 4Ps. Sales Marketing: Whats the Difference?. Hollensen, S., 2015.Marketing management: A relationship approach. Pearson Education. Malhotra, N.K., 2008.Marketing research: An applied orientation, 5/e. Pearson Education India. Zineldin, M. and Philipson, S., 2007. Kotler and Borden are not dead: myth of relationship marketing and truth of the 4Ps.Journal of consumer marketing,24(4), pp.229-241.