Marketing Management and its Function

Marketing Management

Management is the task which involves planning, organizing, directing ,motivating coordinating and controlling of various activities of a company. Marketing is simply the techniques of satisfying the needs and wants of the consumers. Management of various marketing activities is Marketing Management.

Management Guru Philip Kotler defines marketing as “Marketing Management is the analysis, planning, implementation and control of programs designed to bring about the desired exchanges with target audiences for the purpose of personal and mutual gain. It depends heavily on adoption of the product, price, promotion and place for achieving response”: In other words, a business discipline, which is focused on the practical function of marketing techniques and the management of a firm’s marketing activities and resources is Marketing Management. It focuses on the both physical and psychological factors of Marketing. The Marketing managers are bounded for influencing the timing, level, and composition of customer demand accepted the definition of the term. The psychological factors target upon discovering the wants and needs of the consumer and the changing way of buying behavior, habit etc.But the physical factors targets upon fulfilling those demands and needs by better product design, the channel of distribution and other functions. As a whole, marketing in action is Marketing Management. Marketing Management has the responsibility to operate many functions in the field of marketing such as planning, organizing, directing, motivating, coordinating and controlling. All of these function aim to achieve the marketing goals.

Tasks of Marketing Management

If we consider the changes that take place in markets customers and organizations, a huge number of marketers like to implement the holistic marketing.

The tasks of marketing are explained below, therefore, relate to the requirements of holistic marketing approach.

Environment Analysis (MIS and Market Research)

There are two aspects in which the environment can be analyzed: macro environment analysis and microenvironment analysis. So, Organization must implement MIS (Marketing Information System) in order to get information on both macro and micro factors regularly and frequently.

• The macro environment includes various factors like social, cultural, political, economic, legal, technological and demographic factors.
• Microenvironment includes factors like suppliers, company's internal functions, distributors, wholesalers, dealers, retailers, service organizations, customers and competitors.

In addition, MIS on marketing management helps to facilitate environment analysis. Organizations take help from market research studies to know the market demand in various market segments, existing competitors: strengths and their share of business, demand- supply gaps, expected share of business, marketing activities, marketing budgets etc. Marketers may also want to know about their own organization's strengths and capabilities.

Formulation of Marketing Strategies

Strategies must be formulated which should aim short, medium and long-term new product development and introductions. It should also focus on market segmentation, positioning, differentiation, product mixes, volumes of sales, market shares, prices, revenue and profit earnings.

Marketing Planning and Implementation

Within the help of marketing strategies, the organization now plans about its marketing activities that are basically an outcome of market mix tools of McCarthy's four Ps of marketing.

These four Ps are product, price, promotion and place.

• The product is related to product types, product mix, product models, product features including service aspects, packaging, brands, warranty etc.
• Price involves price range, credit terms, discounts, finance arrangements etc.
• Promotion is related with advertising, promotional campaigns, sales staff, customer relations etc.
• Place consist of locations, channels, inventories, transport, etc

With detailed plans of such activities, proper implementation of them is very important. Marketers need to be organized according to the plan and its implementation requirements.

Strengthening Customer Relationships

It has emerged as an important marketing management task. It is about, understanding customers and their requirements, providing them the best value by getting closer to them and establishing long-term relationships with them.

Building Strong Brands

A name, term, design, logo/symbol or any other feature that distinguishes your products and services from others is considered as the brand. It helps to create positive images of the product in the minds of the customers. With this strong image of the product, the customers will be motivated to buy that particular product. The function of marketing is to generate such favorable and strong image associated with the brand.

Communicating Value to Customers (Advertising, Product Promotion, Events etc)

It is related to the value of the products and services that customers want and feel satisfied with. Therefore, marketing management should communicate kinds of value proposition they are offering to the customers via their products and services. For this purpose, this organization must follow an integrated marketing communication program. The marketing communication program will be mass as well as personal communication of advertising in various types of media, product promotion, events, exhibitions,Internet/emails, interactive marketing. Again, for this reason, the marketing function will have to partner their internal resource personnel and outside agencies.

Delivering Value for Money (VFM) to Customers

This marketing task focuses on deciding and implementing the ways and means of delivering the value of their products and services to the customers which include channels management. The agencies through which this value will be delivered include organizations external distributors and its own internal logistics resource, wholesalers, dealers, retailers etc.

Reference:

Kotler, P., & Armstrong, G. (2013). Principles of Marketing. Chennai: Pearson India Education Services Pvt Ltd