Marketing Management

Marketing Management
Marketing management involves choosing target markets that not only get new customers but also retain the​ existing ones .​
It is​ a​ business subject,​ which is​ based on​ research and study of​ practical applications of​ marketing techniques and management of​ the​ marketing resources .​
The one who excels in​ this field is​ known as​ marketing manager .​
The job of​ the​ marketing manager is​ to​ influence the​ timing and level of​ customer demand so as​ to​ help the​ sales .​
It actually depends on​ the​ size of​ the​ business and environment in​ the​ corporate industry .​
Like if​ he is​ working in​ a​ huge production company,​ he will be the​ general manager of​ a​ particular product category assigned to​ him and he will be responsible for profit and loss with respect to​ the​ product .​
And in​ small business there is​ no marketing manager as​ his job is​ taken over by the​ partners of​ the​ company.
Creating and communicating best customer values can increase the​ number of​ customers .​
The steps taken and resources utilized to​ maintain existing customers and get new customers fall under marketing management .​
The scope is​ quite large because it​ not only consists of​ developing a​ product,​ but also retaining it .​
The term marketing management has many definitions .​
It actually depends on​ individual firms and how the​ marketing department functions and activities of​ other departments like operations finance,​ pricing and sales .​

Before deciding about a​ marketing strategy,​ the​ company must do an​ in-depth study about their business,​ and the​ market .​
This is​ where marketing management merges with strategic planning .​
Usually the​ marketing strategies are of​ three types,​ customer analysis,​ company analysis and competitor analysis .​
Using the​ customer analysis,​ the​ market is​ broken down into different types of​ customers .​
The marketing management realizes the​ characteristics and other variables of​ each group .​
They are geographical location,​ demographic,​ customer behavior pattern and need .​
Like a​ group of​ people can be recognized who can be less price sensitive,​ purchases often and are growing .​
Such groups can be worked on​ by heavy investments as​ they are worth the​ money and time .​
They cannot only retain such customers and make new customers in​ this group but they can go to​ the​ very extent of​ turning back customers who don’t belong to​ this group .​
Understanding the​ needs makes customer’s expectations to​ be met per their satisfaction,​ better than the​ competitors,​ which will lead to​ higher sales and obvious profit .​
Company analysis highlights the​ cost structure and resources of​ the​ company and cost position when compared to​ competitors .​
The accounting executives use it​ to​ learn about the​ profit earned by a​ particular product .​
From time to​ time,​ audits are conducted to​ study about the​ strengths of​ various brands of​ the​ company .​
Marketers using competitor analysis build detail customer profiles .​
It gives a​ clear picture about the​ strengths and weaknesses of​ the​ firm,​ when compared to​ a​ competitor .​
The competitor’s cost structure,​ resources,​ competitive positioning,​ degree of​ vertical integration,​ product differentiation,​ and profits are studied in​ detail and are compared to​ what company is​ doing in​ those regards.
The marketing management to​ do marketing analysis carries out marketing research .​
The most common of​ such researches are qualitative marketing research,​ quantitative marketing research,​ experimental techniques and observational techniques .​
After all the​ studies and researches are conducted,​ its easier for the​ marketing manager to​ make strategic decisions and they then can design a​ marketing strategy to​ increase the​ profits and revenues of​ their company .​
The other goals can be profit over the​ long run,​ market share,​ and revenue growth.

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