Marketing Management

Marketing management involves selecting target markets that not only get new customers but also retain existing ones. It is a business subject based on research and study of practical applications of marketing techniques and management of marketing resources. Whoever excels in this field is known as a marketing manager. The marketing manager's job is to influence the timing and level of customer demand for sales assistance. It actually depends on the business size and environment in the companies industry. For example if he works in a large production company, he will be the general manager of a particular product category assigned to him and will be responsible for the profit and loss regarding the product. In small businesses, there is no marketing manager, as his job is taken over by the company's partners.

Creating and communicating the best customer values can increase the number of customers. The steps taken and resources used to maintain existing customers and acquire new ones fall under marketing management. The scope is very large because it is not just about developing the product but also maintaining it. The term marketing management has many definitions. It actually depends on the individual companies and how the marketing department works and the activities of other departments such as operations finance, pricing and sales.

Before deciding on a marketing strategy, a company must conduct an in-depth study about its business and the market. This is where marketing management combines with strategic planning. Marketing strategies are usually of three types, customer analysis, company analysis, and competitor analysis. Using customer analysis, the market is segmented into different types of customers. Marketing management is aware of the characteristics and other variables of each group. These are the geographical and demographic location, customer behavior pattern and needs. A group of people who may be less price sensitive can be identified, as purchases are more frequent and increasing. Such collections can be worked on with significant investments because they are worth the money and time. Not only can they retain these customers and gain new customers in this group, but they can go so far as to bring back customers who do not belong to this group. Understanding needs makes meeting customer expectations as per their satisfaction better than competitors, leading to higher sales and clear profits.

A company analysis highlights a company's cost structure, resources, and cost position when compared to competitors. It is used by accounting executives to identify the profit generated by a particular product. From time to time, audits are conducted to study the strengths of different brands of the company.

Marketers who use competitor analysis build detailed customer profiles. It gives a clear picture of the company's strengths and weaknesses, compared to the competitor. The competitor's cost structure, resources, competitive position, degree of vertical integration, product differentiation, and profits are studied in detail and compared to what the company is doing on these matters.

Marketing management conducts marketing analysis by conducting marketing research. The most common of these are qualitative marketing research, quantitative marketing research, experimental techniques, and observational techniques.

After conducting all the studies and research, it becomes easier for the marketing manager to make strategic decisions and he can then design a marketing strategy to increase his company's profits and revenues. Other goals could be long-term profit, market share, and revenue growth.