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According to the guru of Marketing Management, Philip Kotler, this discipline can be defined as “the analysis, planning, implementation and control of programs designed to bring about desired exchanges with target markets for the purpose of achieving organizational objectives”. From this, it is understood that the study of Marketing Management is absolutely essential to the success of any organization or business.
It is also obvious that any plan or strategy to influence the target market to buy a certain product or service that is offered by the organization or business can only be successful if:
- It is done after a thorough analysis of the different variables and factors in the field.
- There is systematic planning of the action steps to be taken towards achieving the goals.
- The sincere implementation of those steps.
- A start-to-finish control of the plan so that there is no deviation from it.
In short, understanding Marketing Management is all about the practical applications of marketing and not just the theoretical aspects of it. Understanding this will go a long way towards successfully increasing business revenue and guiding the business to achieve its organizational goals as smoothly and effortlessly as possible.
Understanding Marketing Management is also entirely based on understanding the target market. When organizations understand the specific requirements and desires of the target market, they have a competitive edge over others. This is because they will be able to tailor their communication strategy in a way that is more appealing to the target audience, price their products or services more effectively over the competition, and distribute the goods or services through more effective distribution channels that are able to reach the market in the right way and at the right time.
A career in Marketing Management has great prospects in today’s changing global economy. With more companies looking to expand their networks beyond that of their country, international Marketing Management professionals are in high demand everywhere. A general marketing manager may be assigned for the entire spectrum of products or services offered by a company. In some other companies, each product or service may be under the care of an individual marketing manager. The Marketing Management professionals are responsible for designing and creating a Marketing Management strategy that is successful, cost effective, and relevant to the target audience. This requires a firm and deep understanding of Marketing Management and the business, the product, as well as the target group.
For any Marketing Management professional to understand the business and the target group and create an effective marketing strategy, they have to do meticulous research first. This is what is called market research, which involves specific techniques such as:
- Experimental techniques on test markets
- Observational techniques
- Quantitative research (involving surveys and statistics)
- Qualitative research (involving interviews, focus groups, etc.)
Understanding Marketing Managementalso involves understanding the various trends in the industry as well as keeping a close eye on the competition. It would also include brand auditing which helps to understand the effectiveness and analysis of a particular brand’s position within the industry as well as a comparison with other brands.
Marketing Management also helps to design a brand strategy in a more effective way. Whether it is a new brand being launched in the market or an older brand which needs to be refreshed, when a brand strategy is designed and implemented keeping in mind the principles of Marketing Management, it is more likely to hit a chord with the target audience and become a success.
Marketing Management also helps a business to understand and analyze its place in the market, its share of profits in the industry, the margin of profit, the trends in profits, the return on investments, as well as its economic value. It also analyzes the reputation and image of the business or the specific brand among the target audience. When businesses take the time to understand all these factors, and combine it with customer feedback, they are better able to utilize their resources to either revise their existing brand strategy or create a totally new one that is more aligned with their goals and objectives.
There are several reasons why Marketing Management will continue to be an important field in the growing business economy.
- There is a constant influx of new products into the market.
- The export market is becoming easier to penetrate.
- There is a steady rise in the per capita income and standard of living of people.
- There is an increased demand for different products and services.
Understanding Marketing Management is crucial to the success of any business and it will continue to remain so for years to come.
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