Marketing Management Dr.

Pushpalata Trimukhe

PROGRAM: B.COM.

COURSE: MARKETING MANAGEMENT

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UNIT : MARKETING MANAGEMENT

1.1 Marketing Management: Meaning and Definition & its nature

1.2 Functions of Marketing Management

1.3 Significance of Marketing Management

1.4 Marketing Management Task

1.5 Role of Marketing Manager

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1.1 MARKETING MANAGEMENT: MEANING AND DEFINITION & ITS NATURE

In short, marketing management is the process of planning, executing, and tracking

the marketing strategy of an organization. This includes the marketing plan, campaigns and
tactics used to create and meet the demand of target customers to drive profitability.
Marketing Management is the practical application of resources, operations, programs,
campaigns, projects, work, and assets that align all marketing activities and experiences with
strategic business objectives.

Marketing management encompasses various marketing disciplines, from defining

your company’s goals to organizing every plan, to the final execution of your strategy.

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Management is the process of getting things done in an organized and efficient

manner. The goal of marketing management is the efficient operation of marketing activities.
Marketing management reduces the process of exchanging ownership of goods and services
from seller to buyer. Marketing management, like other areas of management, includes the
effectiveness of planning, organization, management coordination, and control.

DEFINITIONS OF MARKETING MANAGEMENT

1.Philip Kotler and Keven Lane Keller

“Marketing Management is the development, design, and implementation of

marketing programs, processes, and activities that recognize the breadth and
interdependencies of the business environment.”

2. American Marketing Association

“Marketing is the process of planning and executing conception, pricing, promotion,

and distribution of ideas, goods, and services to create exchanges that satisfy individual and
organizational objectives.”

3. “Marketing Management is the art and science of choosing target markets and getting,
keeping, and growing customers through creating, delivering, and communicating superior
customer value.”

4. “Marketing Management is the analysis, planning, implementation and control of

programs designed to bring about desired exchanges with target markets for the purpose of
achieving organizational objectives”.

1.2 FUNCTIONS OF MARKETING MANAGEMENT

Marketing is a very broad term and cannot be explained in a few words. Marketing is
an essential business function that helps in making the customers aware of the products or
services that are offered by a business. Functions of marketing are those aspects that define
the practice of marketing and are being discussed in detail in this article.

The following are the functions of marketing:

1. Market Research/ Identify needs of the consumer:

The first steps in marketing function is to identify the needs and wants of the
consumer that are present in the market. Companies or businesses must therefore gather
information on the customer and perform analysis on the collected information. By doing
this they can present the product or service that matches closely with the customer needs
and wants.
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2. Planning:

The next step in marketing function is planning. It is considered very important for a
business to have a plan. The management should be very clear about the company objectives
and what it wishes to achieve from the created plan. The company should then chalk out a
timeline that is essential for achieving the objectives.

3. Product Development:

After the details are received from the consumer research, the product is developed
for use by the consumers. There are many factors that are essential for a product to be
accepted by the customer, a few factors among the many are product design, durability and
cost.

4. Standardization and Grading:

Standardization refers to the process of ensuring uniformity in the product which

means that a product developed by a business shall be standard for every consumer with the
same quality and design and this is one of the key aspects that needs to be maintained by the
business.

Grading is referred to as the process of classifying products that are similar in quality
and characteristics. Grading helps in making the customer know about the quality of the
product offered. It helps in making customers understand that the products conform to
highest quality standards.

5. Packing and Labelling:

The first impressions of a product are its packaging and the label attached to it.
Therefore, packaging and labelling should be looked after very well. It is a well-known fact
that a great packaging and labelling goes a long way in ensuring product success.

6. Branding:

Branding is referred to as the process of identifying the name of the producer with
the product. Certain brands are there in the market which have a lot of goodwill and any
product coming from the same brand will be accepted more warmly by the consumers.
Although, having a separate identity for the product can be helpful.

7. Customer Service:

A company has to set-up various kinds of customer service based on their product. It
can be pre-sales, technical support, customer support, maintenance services, etc.

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8. Pricing:

It can be regarded as one of the most important parts of marketing function. It is the
price of a product that determines whether it will be successful or a failure. Some other
factors are market demand, competition, price of competitors.

The company or business should understand clearly that bringing about frequent
changes in the price of a product can lead to confusion in the minds of consumers.

9. Promotion:

Promotion is the process of making the customers aware of the product by presenting
it to customers across various channels of promotion and entice them to buy the product.
The major channels of promotion are: advertising, media, personal selling and promotion
(publicity). An ideal promotion mix will be a combination of all or some methods.

10. Distribution:

Distribution refers to the movement of consumer goods to the point of consumption.

A company must ensure that the correct channel of distribution is selected for the product.
The mode of distribution is dependent on the factors such as shelf life, market concentration
and capital requirements. Proper management of inventory is also essential.

11. Transportation:

Transportation is defined as the physical movement of goods from one place to

another. In other words, it is the movement of goods from the place of production to the
place of consumption. Also, the correct mode of transportation can be selected based on the
geographical boundaries of the market.

12. Warehousing:

Warehousing of products creates time utility. It is often seen that there is a gap
between the time a product is produced and the time when it is consumed. Companies like
to maintain the smooth flow of goods even when the products are of seasonal nature.
Warehousing and storing provides the opportunity to provide goods during off season also.

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1.3 SIGNIFICANCE/ IMPORTANCE OF MARKETING MANAGEMENT

Marketing management is a critical function within any organization, whether it's a

small business or a large multinational corporation. It plays a central role in the success and
growth of a company. Here are some key reasons highlighting the importance of marketing
management:

1. Customer Understanding:

Marketing management involves extensive market research and analysis to

understand customer needs, preferences, and behavior. This knowledge is essential for
developing products and services that meet customer demands.

2. Product Development:

Marketing managers help in the development of products or services by identifying

gaps in the market, assessing competitive offerings, and determining what features or
attributes will make their offerings more appealing to customers.

3. Market Segmentation:

Marketing management involves segmenting the market into distinct groups of

customers with similar characteristics and needs. This allows companies to target their
marketing efforts more effectively and tailor their products or services to specific customer
segments.

4. Brand Building:

Effective marketing management helps build and maintain a strong brand identity. A
strong brand can command higher prices, foster customer loyalty, and differentiate a
company from its competitors.

5. Promotion and Communication:

Marketing managers are responsible for creating and executing promotional

strategies. This includes advertising, public relations, social media, and other
communication channels to reach the target audience and convey the value of the product
or service.

6. Revenue Generation:

Marketing management directly contributes to revenue generation by attracting new

customers and retaining existing ones. A well-executed marketing strategy can lead to
increased sales and profits.

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7. Competitive Advantage:

In a competitive business environment, marketing management can provide a

significant competitive advantage. It allows companies to differentiate themselves, highlight
their unique selling points, and stay ahead of competitors.

8. Market Expansion:

Marketing management can help businesses identify new markets and opportunities
for growth. Whether it's entering international markets or expanding into new customer
segments, marketing plays a vital role in expansion strategies.

9.Customer Relationship Management (CRM):

Maintaining strong relationships with customers is crucial for long-term success.

Marketing management includes CRM strategies to nurture and retain loyal customers,
leading to repeat business and referrals.

10. Data-Driven Decision-Making:

In today's data-rich environment, marketing management relies heavily on data

analysis. This data-driven approach helps in making informed decisions, optimizing
marketing campaigns, and measuring the return on investment (ROI).

11. Adaptation to Market Changes:

Markets are dynamic, and customer preferences can change rapidly. Marketing
management helps companies stay agile and adapt to changing market conditions, ensuring
continued relevance and competitiveness.

12. Resource Allocation:

Effective marketing management helps allocate resources efficiently. Companies can

allocate budgets and resources to marketing initiatives that yield the highest ROI, optimizing
their investment.

Thus, Marketing management is essential for businesses to understand their customers,

develop products, build strong brands, communicate effectively, generate revenue, and
remain competitive in a constantly evolving marketplace. It is a strategic function that
contributes significantly to a company's growth and success.

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1.3 MARKETING MANAGEMENT TASK

Marketing management has to do a set of tasks necessary for success in marketing.

With holistic marketing as a backup, we can identify a specific set of tasks that make up
successful marketing leadership. Some of the essential tasks are being:

1. Develop marketing strategies and plans

The first and foremost tasks of marketing are to develop marketing strategies and
plans. They consist of following tasks:

Determining the strategies consist of identifying the marketing objectives or goals of

the organization, their determination, and modification as well as determination of specific
resources to achieve objectives or goals set. They are concerned with product, price, channel,
promotion, competitors, etc.

Marketing plans involve mangers by which the marketing goals can be achieved. They
involve deciding policy, strategy, tactics, procedures, rules and regulations and marketing
programs, budgets and schedules to achieve the long-term as well as short-term goals.
Marketing strategies and plans allocate economic, physical and managerial resources of the
organization for future. They assess and analyze strength and weakness, opportunities and
challenges (SWOC).
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2. Creating marketing information system

It is concerned with understanding what is happening inside and outside the

company. Simply there are four components of marketing information. They are Internal
Record System, Marketing Intelligence System, Marketing Research and Decision Support
System.

3. Build customer relationship

Marketing needs to build customer relationship. Building customer relationship is a

very effective way to increase satisfaction and sustain in market. The relationships can be
built by using the emerging concepts such as relationship marketing and customer
relationship management.

4. Build strong brands

Marketing needs to build strong brand. It is also a major task of marketing. Strong
brand helps in promotion, value creating, image development, product positioning, brand
loyalty and expansion of product lines.

5. Determine marketing mix

Marketing needs to create and determine and effective marketing mix to satisfy needs
of target markets. It is the combination of four inputs such as the product, the price, the place
and the promotional activities. Different marketing mix is essential for different groups of
customers.

6. Deliver value

Marketing needs to deliver value to the target customers. Value is the ratio between
what the customers pay and what they receive. Marketing must determine how to properly
deliver the value embodied by the products and services to the target market. Customers’
product choice is guided by value. So, marketing should add maximum value to the
customers.

7. Communicate value

Marketing needs to communicate value to target markets. It has to develop an

integrated marketing communication program that maximizes the individual and collective
contribution of all communication activities by which firm attempts to inform, persuade,
remain and reassure consumers about the brands. For this, marketing has to set up mass
communication programs consisting of advertising, personal selling, sales promotion, public
relations and publicity.

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8. Create long-term growth

Marketing must take a long-term view of its products and brands and how its profits
should be grown. Based on its positioning, it must initiate new-product development, testing
and launching.

9. Implementation and control

Marketing must organize its marketing resources and implement and control the
marketing plans. It must build a marketing organization that is capable of implementing
marketing plans and strategies. Similarly, it must find out any deviations between achieved
performances against planned or budgeted performance using predetermined standards. It
provides feedback about marketing planning and strategies.

1.4 ROLE OF MARKETING MANAGER

A marketing manager is a businessperson who oversees the marketing efforts of a

business, product or service. They implement marketing strategies to increase revenue and
drive customer interest. There are several strategies a marketing manager may use to drive
sales, including product launches, email campaigns, advertising, social media, and events.
These activities allow marketing managers to foster a connection between a brand or
product and consumers. Each marketing campaign has specific metrics, goals and budgets
that marketing managers need to take into consideration.

Marketing managers are like captains of promotion, guiding businesses and products
into the spotlight. They spin captivating stories and launch smart campaigns to introduce
new customers. For this mid-level role, having wide-ranging marketing experience is a plus.

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Marketing managers lead diverse tasks like launches, ads, emails, events, and social media.
They devise marketing plans, collaborate with other teams, and measure how well
marketing is doing.

Understanding the market and who’d like the product is key. Crucially, grasp how
your offering benefits customers. Dig into market research and create buyer personas for
insights. In different companies, tasks change. Small ones might need a general touch; big
ones could focus on digital, product, or content marketing. Adapt to fit the business’s needs.

The Marketing Manager has many tasks, which include getting customers interested,
finding potential customers, and helping the organization grow. Here are some key roles and
responsibilities for a Marketing Manager:

1. Strategic Planning:

A marketing strategy is a business plan that outlines how they reach prospective
customers when launching their next product or service. Marketing managers typically put
these strategies in place and they are always in accordance with the company's overall goals
and values. A marketing strategy contains information on buyer persona demographics,
outlines primary marketing objectives, and identifies any SWOCs (strengths, weaknesses,
opportunities, or challenges) pertaining to the strategy.
To find opportunities for growth, experts need to analyze market trends, competition, and
consumer behavior to develop comprehensive marketing strategies

2. Campaign Management:

Designing, coordinating, and supervising marketing campaigns are some of the

responsibilities that are required to be followed across various channels, such as digital
media, print, television, radio, and more. This includes setting campaign goals, creating
content, managing budgets, and measuring results. Each marketing campaign has specific
metrics, goals and budgets that marketing managers need to take into consideration.

3. Market Research:

In marketing research, marketing managers find out where a target audience finds
their products and services and how they move through the sales. Marketing managers also
use research to stay up to date on current industry trends and keep track of top-performing
competitors. From this research, they may decide to inform executives of new products in
the market to serve as their next project. Conducting thorough market research is imperative
to understanding target audiences, their preferences, needs, and buying behaviors. This data
informs the development of effective marketing strategies and messages.

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4. Product Positioning:

Working with product development teams to find the special qualities and features
of products or services in order to create plans to position the offerings effectively. A
marketing manager monitors the progress of the strategy, commonly changing and adapting
it when problems occur. It's important that, as a marketing manager, you oversee all aspects
of the plan and ensure they coincide with one another and run smoothly.

5. Brand Management:

To make sure the brand’s image and identity are consistent in all marketing materials
and touchpoints. marketing manager's work is highly collaborative. They work alongside
several other professionals to guarantee the success of a brand in market strategy, including
copywriters, SEO (Search Engine Optimization) specialists, account executives, designers,
marketing analysts, brand managers, digital creators, social media specialists,
communications teams.

6. Budget Management:

Develop and manage the marketing budget, and also allocate resources effectively
across different campaigns and initiatives. This will maximize our return on investment
(ROI). Senior executives usually set a budget for each marketing campaign before it gets
underway. As a marketing manager, you need to account for all marketing costs and allocate
funds appropriately, ensuring you remain within budget. Some factors to account for when
dividing your budget include software, advertising costs, freelancer costs, content creation,
new personnel

7. Digital Marketing:

Digital marketing promotes products and services through channels such as websites,
mobile devices, and social media platforms. Digital marketers have a number of tools to
measure the effectiveness of their campaigns. One of the biggest challenges digital marketers
face is how to set themselves apart in a world that is oversaturated with digital ads and other
distractions.

Manage online marketing, like social media, email campaigns, content creation, SEO,
PPC advertising, and more. Today, social media interaction plays an important part in a
business' success. A good social media presence shows you're a reputable business and
trusted by consumers. It allows you to market products through engaging content and
through various formats to reach a larger audience, such as through pictures, infographics,
stories, or videos.

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8. Customer Relationship Management (CRM):

With CRM systems, professionals organize customer data, categorize audiences, and
create personalized marketing campaigns for specific customer segments. Marketing
managers maintain strong communications with customers, media outlets, vendors,
advertising agencies, and business partners to transport the company's message. These
relationships help build awareness and increase sales opportunities. Communicating with
customers allows them to better understand the consumer mindset and facilitates new
ways to enhance interactions. This may include investing in a social media response team
to respond to direct messages in a prompt fashion.

9. Public Relations:
Manage public relations, such as the media, customers, and other stakeholders to
maintain positive relationships. Also, addressing any potential PR crisis effectively is
equally important. marketing manager is a businessperson who oversees the marketing
efforts of a business, product or service. They implement marketing strategies to increase
revenue and drive customer interest. There are several strategies a marketing manager
may use to drive sales, including product launches, email campaigns, advertising, social
media, and events. These activities allow marketing managers to foster a connection
between a brand or product and consumers.

10. Monitoring and Reporting:

Marketing managers report their findings in a way that allows executives to make
actionable decisions to increase the success of their business going forward. They relay what
office operations are currently underway to sustain marketing strategies and propose areas
of improvement, whether it be negotiating a higher budget or proposing new product ideas.
Marketing manager is responsible for researching new marketing opportunities for the
company they represent.

Marketing campaigns using different metrics and key performance indicators.

Adjusting strategies based on data insights to optimize results. This involves using primary
and secondary research tactics to determine target audience behaviours, such as their
interests, dislikes, and personality and considering how they could affect the company's
marketing strategy.

11. Event Planning:

We organize and promote events, shows, conferences, and other activities to engage
customers and showcase products or services. Months after a marketing campaign gets
underway, marketing managers register long-range sales activities. This involves
readjusting sales policies, such as discounting previous products to account for upgrades,
and deciding how to adapt marketing techniques. Previous sales help determine future
sales, expenses and revenues.

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12. Competitor Analysis:

Competitive analysis involves identifying your direct and indirect competitors using
research to reveal their strengths and weaknesses in relation to your own. Direct
competitors market the same product to the same audience as you, while indirect
competitors market the same product to a different audience. To find ways to stand out and
get better, we need to monitor what our competitors are doing.

13. Updated with Current Market Conditions

To remain competitive, the organization stays updated on industry trends, new

technologies, and changes in consumer behavior. Marketing managers contribute to a
company's overall success by maintaining its image and increasing its profits. This requires
them to have ample skills, including written and verbal communication skills, analytical
skills, critical thinking skills, marketing skills, mathematical skills, business management
skills, customer service skills, computer skills.

14. Team Leadership:

Supervising and guiding the marketing team, including copywriters, designers, social
media specialists, and more, are also included in this role. This involves setting clear
objectives, providing direction, and fostering a collaborative environment.

15. Partnerships and Collaborations:

Finding partnerships, collaborations, and sponsorships that match the brand’s
values and goals.

A Marketing Manager is important for a company’s growth. They promote products

and build a strong brand. The roles and responsibilities may differ depending on the
company’s size, industry, and goals.

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