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Marketing Management

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Marketing Management

The aim of marketing is to know and understand the customer so well the product or service fits him well and sells itself."

- Peter Drucker

What do you think was meant by this statement? How do you think a product sells itself? This is where marketing management comes into play. After reading this explanation on marketing management, you will understand why this function is vital for a brand and how it helps a brand achieve the goal of a product selling itself.

Definition of Marketing Management

Marketing, a very complex and core business function, needs proper management to ensure the business's desired goals are reached. Marketing management is the process that helps a business plan, organise, control, and implement marketing strategies.

Marketing management is the process that helps a business perform its various functions to achieve its goals successfully.

Businesses can achieve profitable customer relationships from satisfied customers through marketing management.

Marketing Management Processes

Marketing management is a 7-step process that starts with setting marketing objectives and ends with organising, implementing, and controlling the marketing efforts. The six steps are as follows:

  1. Set Marketing Objectives

  2. Analyse Marketing Opportunities

  3. Research and Select Marketing Targets

  4. Design Marketing Strategies

  5. Plan Marketing Programmes

  6. Implement Marketing Programs

  7. Control

Set Marketing Objectives

Setting objectives in place is the first step of marketing management. The set goals must align with the brand or organisation's mission. Setting objectives help the business understand how to conduct their research and in which market.

Analyse Marketing Opportunities

Once the objectives are set, the brand or business starts to analyse marketing opportunities to find the right target market. A SWOT analysis is performed to analyse the company's situation, which is essential for understanding the brand's limitations.

Research and Select Marketing Targets

Businesses should understand the market's attractiveness and know how it should be measured to select an effective market. Market segmentation and its evaluation are performed for a more straightforward market evaluation, after which product positioning strategies are used in each market.

Design Marketing Strategies

The marketing strategy describes how the organisation plans to achieve its goals. This is one of the essential steps of marketing management. The marketing strategies will state how the brand approaches the target market. Additionally, decisions related to the marketing mix, marketing expenditure and distribution are made in this step, along with decisions about the product, place, price and promotion (the 4Ps).

Plan Marketing Programmes

Marketing programmes and strategies are necessary to achieve the organisation's marketing goals. This stage involves making decisions about branding, product characteristics, packaging, sales, and distribution, among many others.

Implement Marketing Programs

Implementation is a crucial step, as this involves acting on the set marketing strategies and programmes. The first step would be deciding when, where and how to implement them. The business takes the first steps to advertise your products and their characteristics to attract potential customers through various methods such as sales promotions, public relations, etc.

Control

Controlling is the process of monitoring and evaluating marketing strategies. After implementing the marketing strategies, their results are tested to analyse their success in helping the brand achieve its goals. Businesses can measure success by analysing sales, customer feedback, satisfaction, etc. Controlling will also aid in future marketing strategies, as these results will help the company keep track of what does and does not work. In addition, it is also vital to evaluate how your competitors operate to understand what your company could or should do better to stay on top of the market. Companies use various tools such as sales force management systems to analyse their progress.

Importance of Marketing Management

Now that you understand the marketing management processes let's look at what these steps ultimately strive to achieve. The marketing management process has many objectives, as listed below.

Demand Creation

The main goal of marketing is to create demand for the product that the brand is promoting. Marketing management uncovers insights about consumer behaviour and needs, informs the potential customers about the products' features, and advertises the products to convince them that they would cater to their needs.

Customer Satisfaction

Marketing management majorly helps improve customer satisfaction, as it helps identify customer needs, allowing the brand to develop better and more valuable products. Customer satisfaction is likely to increase when a product's value is higher.

Brand Reputation

Improving the brand's reputation is also a crucial function of marketing management. Sales promotions, advertisements, etc., are tools that may improve a brand's reputation. Offering products at a reasonable price and an expected quality also helps strengthen the brand image.

Profit Generation

Profit generation is crucial for the business's survival - this can only be achieved through proper marketing management. Without good marketing management, the brand would not sell enough products or acquire enough customers to make a profit.

Market Share

Due to intense competition, businesses need to try and increase their market share. Through market and organisational analysis, marketing management helps develop strategies or plans that aid companies in improving their market share.

Product Marketing Management

You might have noticed by now that understanding customers, their buying patterns, and their needs are crucial for marketing. They help the brand align its products with customers' desires - precisely what product management aims to do. Product marketing is a type of marketing management that brings together the product, the market, customer success and sales. Product positioning is crucial in product marketing to generate more sales.

Product marketing focuses on the product and its users, making products valuable for the customers and sellable in the market.

A product marketer is responsible for launching products, introducing different features, understanding the market, assisting the sales team, positioning and messaging, and generating product awareness and demand.

Product marketing should not be confused with product management. While product management focuses on customers and understanding their problems to provide them with a solution, product marketing focuses on advertising the product and driving demand.

Airbnb has tapped into people's need to feel a sense of belonging while travelling, which is undoubtedly what they provided. They allow people to stay in a house, room, penthouse, or even villa, according to their needs during their stay. Airbnb's symbol plays a vital role in helping people feel welcome. Their 'Bélo symbol', as Airbnb puts it, "is an iconic mark for our windows, our doors, and our shared values. It's a symbol that, like us, can belong wherever it happens to be".1

Content Marketing Management

Businesses use content marketing to attract audiences and capture their attention. Companies practising content marketing use images, text, videos and other digital instruments to achieve their organisational goals. Businesses approach different audiences using various digital tools to engage them with a brand or product. It is an alternative to promoting products without bombarding customers with information, leading to advertising overload. Content marketing aims to convert target customers to loyal customers.

Content marketing is the technique of attracting and capturing audiences using digital instruments.

Content marketing focuses on the customer journey. This function convinces a customer about the product's value and aids the customer through their journey. Content marketing helps customers in their pre-purchase stage with product information and product instructions.

Some main content marketing tools include blogging, social media, visual content, e-books, etc.

Intrepid Travel is a travel agency that organises small-group travels around the world. They promote and share information about the trips on Facebook, including travel images and customer experiences. This is a form of social media content marketing.

Rolex uses visual content marketing to promote its products. The brand uses exceptional photography to inform its target market about the product's quality and timelessness.

Now, you might have understood how the marketing management function helps a product sell itself. So, to summarise, brands research and collect information about customers to provide them with products that will fill the product gap in the market and add value to customers' lives. This function makes sure to use the right marketing tools to reach the appropriate customers to inform them about the products and their features so well that they are convinced about their need for the product in their life and finally purchase it. Marketing management is, therefore, a complex process that ensures that products are marketed to the right target market using the appropriate marketing techniques.

Marketing Management - Key takeaways

  • Marketing management is the process that helps a business to perform its various functions to achieve its goals successfully.
  • The marketing management process includes setting marketing objectives, analysing marketing opportunities, researching and selecting marketing targets, designing marketing strategies, planning marketing programmes, implementing marketing programs, and controlling.
  • Demand creation, customer satisfaction, brand reputation, profit generation, and increasing market share are the objectives of marketing management.
  • Product marketing focuses on the product and its users, making products valuable for the customers and sellable in the market.
  • Content marketing is the technique of attracting and capturing audiences using digital instruments.
  • Content marketing focuses on the customer journey.

References

  1. Brian Chesky, Belong Anywhere, July 16, 2014, https://medium.com/@bchesky/belong-anywhere-ccf42702d010

Final Marketing Management Quiz

Question

Define marketing management

Show answer

Answer

Marketing management is the process that helps a business perform its various functions to achieve its goals successfully.


Show question

Question

Fill in the blanks:


The six steps of marketing management are as follows:


  1. Set Marketing Objectives
  2. ___________________
  3. ___________________
  4. Design Marketing Strategies
  5. ____________________
  6. ____________________
  7. Control


Show answer

Answer

  1. Set Marketing Objectives
  2. Analyse Marketing Opportunities
  3. Research and Select Marketing Targets
  4. Design Marketing Strategies
  5. Plan Marketing Programmes
  6. Implement Marketing Programs
  7. Control


Show question

Question

A SWOT analysis is performed in the __________ step of marketing management.


Show answer

Answer

 Analyse Marketing Opportunities

Show question

Question

__________ involves acting on the set marketing strategies and programs. 

Show answer

Answer

Implement Marketing Programs

Show question

Question

What is the role of controlling in marketing management?

Show answer

Answer

Controlling is the process of monitoring and evaluating marketing strategies.

Show question

Question

Name a few objectives of marketing management.

Show answer

Answer

Demand creation, customer satisfaction, brand reputation, profit generation, and increasing market share are the objectives of marketing management.

Show question

Question

How does marketing management help in satisfying customers?

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Answer

Marketing management identifies customer needs, which vastly helps in filling the product gap in the market for customers, thereby solving their problems and satisfying them.

Show question

Question

_________ focuses on the product and its users, making products valuable for the customers and sellable in the market.

Show answer

Answer

Product marketing

Show question

Question

A ___________ is responsible for launching products, introducing different features, understanding the market, assisting the sales team, product positioning, and messaging.

Show answer

Answer

product manager

Show question

Question

___________ focuses on customers and understanding their problems to provide them with a solution.

Show answer

Answer

Product management 

Show question

Question

Name a few digital tools used by content marketers.

Show answer

Answer

Images, text, videos, blogs, etc.

Show question

Question

Define content marketing.

Show answer

Answer

Content marketing is the technique of attracting and capturing audiences using digital instruments.

Show question

Question

Give an example of social media content marketing.

Show answer

Answer

Intrepid Travel is a travel agency that organises small-group travels around the world. They promote and share information about trips on Facebook, including travel images and travellers' experiences. 

Show question

Question

Rolex uses exceptional photography to inform the target market about the product's quality and timelessness. 


This is a form of content marketing.

Show answer

Answer

True

Show question

Question

Marketing management is a complex process that makes sure that products are marketed to the right customers, using appropriate marketing techniques.  


Show answer

Answer

True

Show question

Question

A  _________ is a plan of action to allocate organisational resources in a manner that addresses current and/or future customer wants and needs. 

Show answer

Answer

marketing strategy

Show question

Question

A significant element of marketing strategy involves figuring out a method of creating value and building long-standing profitable relationships with customers.

Show answer

Answer

True

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Question

Marketing strategy guides marketers in effectively integrating the _________. 


Show answer

Answer

marketing mix

Show question

Question

What are the components of a marketing strategy?

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Answer

  1. Establish mission and objectives
  2. External analysis
  3. Internal analysis
  4. Create marketing strategies

Show question

Question

Marketing strategies should be

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Answer

Competitive

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Question

What is strategic fit?

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Answer

Strategic fit is the extent to which the organisation is aligning its activities, resources, and capabilities with the opportunities presented by the market.

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Question

________ examines how the organisation is closing the gap presented by the external environment with its own capabilities.


Show answer

Answer

Strategic fit 

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Question

PESTLE examines the ________ environments.


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Answer

Political

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Question

How can marketers create a PESTLE table?

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Answer

To conduct a PESTLE analysis, marketers create a table that outlines:


  • A description of the event,

  • The implications of the events for the firm,

  • How likely it is for the event to happen,

  • How important the event is for the organisation.


Show question

Question

A SWOT analysis examines the _______ environment of the organisation.

Show answer

Answer

internal

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Question

The __________ shows how an organisation can use its strengths to benefit from certain opportunities, minimise threats, and overcome weaknesses.

Show answer

Answer

SWOT/TOWS Matrix 

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Question

SO strategies are strategies that take advantage of opportunities by using the organisation's capabilities.

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Answer

True

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WT strategies capitalise on strengths to overcome weaknesses.

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Answer

False

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Question

The resource audit model evaluates the company's _____, financial, _____, and human resources.

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Answer

Physical, financial, intangible, and human resources.

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Question

_________ evaluates a company's primary activities and support activities


Show answer

Answer

Porter's value chain

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Question

The value chain is used to examine how the different activities of a firm interact to ___________ .


Show answer

Answer

differentiate its value chain from competitors'.

Show question

Question

What are the steps of a customer value-driven marketing strategy?

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Answer

Segmentation, targeting, differentiation, and positioning.

Show question

Question

What is relationship marketing?

Show answer

Answer

Relationship marketing involves building long-term customer relationships by communicating often and effectively with them.

Show question

Question

Marketing return on investment (ROI) is a ____________ that measures the net return from an investment. 

Show answer

Answer

performance evaluation method

Show question

Question

What does marketing ROI measure?

Show answer

Answer

The net return from an investment. 

Show question

Question

ROI serves as a performance evaluation metric that assesses the success of a campaign, strategy, or tactic in terms of ________ generated.

Show answer

Answer

net revenue

Show question

Question

It is always easy to measure marketing ROI.

Show answer

Answer

False

Show question

Question

ROI is expressed as a percentage.

Show answer

Answer

True

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Question

Marketers can tailor the ROI formula to measure exactly what they are looking for.

Show answer

Answer

True

Show question

Question

________ measures and assesses a marketing strategy or campaign's success (or failure). 

Show answer

Answer

Marketing control

Show question

Question

There are ______ basic steps of marketing control.

Show answer

Answer

three

Show question

Question

What are the steps of marketing control?

Show answer

Answer

  1. Set marketing goals and objectives (performance standards),

  2. Measure performance and evaluate differences between expected and actual performance, 

  3. Take corrective action if required. 

Show question

Question

_______ evaluates the financials in terms of the marketing plan and takes corrective action where needed. 

Show answer

Answer

Financial (or expense) control

Show question

Question

_________ examines whether marketing performance is going according to plan or corrective action is needed. 

Show answer

Answer

Operating control

Show question

Question

_________ ensures that the company's strategies are in line with the opportunities presented by the market and overall business environment. 

Show answer

Answer

Strategic control

Show question

Question

A __________ is an overall assessment of the company's marketing activities. The marketing audit determines areas where the firm is thriving and areas where it needs improvement. 

Show answer

Answer

marketing audit 

Show question

Question

As marketing involves a wide range of strategies and campaigns, marketers should calculate a company's ROI benchmarks based on past performance figures and current or future objectives. 

Show answer

Answer

True

Show question

Question

The marketing department is a group of marketing specialists who are responsible for planning, creating, and monitoring _________ within a company. 

Show answer

Answer

marketing activities

Show question

Question

The primary goal of the marketing department is to help the company generate as many ______ as possible.

Show answer

Answer

sales

Show question

Question

Marketing activities such as _______ can help with development, pricing, and distribution. 

Show answer

Answer

market research

Show question

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