Marketing Management and its Function

Planning, organizing, directing, encouraging, coordinating, and controlling a company's numerous tasks are all part of management. The methods used to fulfill consumers' requirements and wishes are known as marketing. Marketing management is the administration of various marketing initiatives.

guru of management "Marketing Management is the analysis, planning, implementation, and control of programs meant to bring about the desired exchanges with target audiences for the purpose of personal and mutual advantage," says Philip Kotler. It strongly depends on the product's acceptance, the pricing, the marketing, and the location for getting a response. In other words, marketing management is a business discipline that focuses on the administration of a company's marketing activities and resources as well as the actual application of marketing tactics. It concentrates on the psychological and physical aspects of marketing. According to the definition of the phrase, marketing managers are restricted from influencing the time, intensity, and makeup of consumer demand. The psychological variables focus on identifying the consumer's requirements and wants as well as changes in their purchasing habits and behavior. However, physical aspects aim to satisfy those needs and desires through improved product design, the channel of distribution, and other features. Marketing Management is the practice of marketing as a whole. Numerous marketing-related tasks, including planning, organizing, directing, motivating, coordinating, and controlling, are under the purview of marketing management. These functions all work toward achieving marketing objectives.

Tasks of Marketing Management

Many marketers prefer to use holistic marketing because of the changes that are occurring in markets, customers, and organizations. The marketing tasks are consequently related to the needs of a comprehensive marketing approach and are detailed below.

Environment Analysis (MIS and Market Research): Macroenvironment analysis and microenvironment analysis are the two ways in which the environment can be studied. Therefore, MIS (Marketing Information System) implementation is necessary for organizations to regularly and frequently obtain information on both macro and micro elements.

• Various elements such as social, cultural, political, economic, legal, technological, and demographic factors are included in the macro environment.
• Suppliers, internal business operations of the company, distributors, wholesalers, dealers, retailers, service organizations, clients, and rivals are all included in the microenvironment.

Furthermore, MIS for marketing management aids in environment analysis. Organizations use market research studies to learn about consumer demand in various market categories, strengths of current competitors and their market share, gaps in demand and supply, predicted market share, marketing activities, marketing budgets, etc. Marketers could also be interested in learning about the capabilities and strengths of their own company.

Formulation of Marketing Strategies: Short-, medium-, and long-term new product development and introduction strategies must be developed. Additionally, it ought to emphasize product mix, sales volumes, market shares, prices, revenue, and profit margins as well as market segmentation, positioning, and differentiation.

Marketing Planning and Implementation: The company currently plans its marketing efforts with the aid of marketing strategies, which are essentially a result of market mix instruments of McCarthy's four Ps of marketing. These four Ps are product, price, promotion and place.

• The product is associated with product categories, product mix, product models, and product features, such as service elements, packaging, brands, and warranties, among others.
• Price includes a variety of factors, including price range, credit conditions, discounts, and financing plans.
• Advertising, promotional activities, sales representatives, customer relations, and other factors all connect to promotion.
• Place is made up of places, channels, stocks, transportation, 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 become a significant task in marketing management. Understanding clients and their needs, giving them the best value through getting to know them better, and building lasting connections with them are key components.

Building Strong Brands: A name, term, design, logo, or other element that sets your goods and services apart from competing ones is referred to as a brand. It aids in forming favorable impressions of the goods in buyers' minds. Customers will be inspired to purchase that specific product thanks to this powerful brand image. The purpose of marketing is to create a positive and powerful image of the brand.

Communicating Value to Customers (Advertising, Product Promotion, Events etc): It has to do with how valuable the goods and services are that buyers desire and find satisfactory. Marketing managers should therefore explain the many value propositions they are providing to clients through their goods and services. This organization must adhere to an integrated marketing communication program for this objective. The marketing communication program will include Internet/email/interactive marketing, events, exhibitions, product promotion, mass and personal communication of advertising in various types of media. Once more due to this, the marketing department will need to collaborate with both internal resource workers and outside organizations.

Delivering Value for Money (VFM) to Customers: This marketing task is concerned with choosing and putting into practice the methods and means of providing the value of their goods and services to the clients, including channel management. The channels through which this value will be supplied by the business include its own internal logistics resource, wholesalers, dealers, and retailers, among others, as well as its external distributors.

Reference

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