Key Notes on Marketing Management

Marketing management is the process of finding out beneficial opportunities and creating them to please customers. Marketing is a social process and a system of interacting with business activities. Marketing management focuses on the applications and techniques of marketing. It refers to the tools used for making the business profitable. It involves targeting markets and building relationships with customers. Marketing is a helpful process for businesses as it allows them to deliver products to their customers. As it allows individuals to obtain their goods and services, marketing is also considered an economic function.

Types of Marketing Management

• • Content marketing: It is a marketing strategy to attract people by sharing videos or articles.

• Product marketing: It is the marketing strategy to bring a product to market.

• • Brand management: It is a technique to increase the price of a product.

• Word of mouth marketing: It is the marketing strategy in which the people’s interest is depicted in the dialogue of the company’s product.

• • Search engine marketing: It promotes the website by increasing traffic.
  • Account-based marketing: It concentrates on target accounts in the market.
  • Advertising management: It employs various media for selling products.
  • Marketing communications: Messages are used by marketers to communicate with the target market.

• Customer relationship management: It is a technology used to manage all relations of a company with customers.

• • Product management: It guides the life cycle of a product.

• Guerrilla marketing: It is an advertisement strategy in which a company uses unconventional methods.

• Diversity marketing: It is a type of marketing which connects with different people.

Role of Marketing Management
The role of marketing is to communicate with customers about products. The major roles are:

• Identify customer: Understand the customer needs and identify the target and how to reach them.
• Satisfy customers: Make the right product at the right time for the right customer.
• Retain customers: Give a reason to the customer to come back and find new ways to win their business.

Importance of Marketing Management

Marketing management aims at development and improvement.

• Introduces new product: It helps you understand the needs of the customers. On that basis, you can introduce or launch new products.
• Boost sales: It helps plan a successful marketing strategy and then find customers to increase your sales.
• Building reputation: Good marketing management can help in identifying opportunities, allowing companies to build a reputation.
• Aid in the business decision: An excellent marketing team ensures proper marketing management, helping companies make better decisions.
• Competing with big companies: A small business can level up with smart marketing strategies. Thus, it can survive in a competitive industry.

Steps in Marketing Management

1. Identify the needs of the customer: Collecting the market-related information to identify the needs of the customer.
2. Segmentation: The marketing manager segments the market to identify a homogeneous customer who positively responds to planned marketing programs.
3. Targeting: Identify and select target segments and help to develop a new product.
4. Developing marketing strategies: After developing a new product, deciding on the brand name and setting the price help in developing marketing strategies.
5. Implementing the marketing program: In marketing implementation, it is necessary to execute a planned strategy and allocate scarce resources.
6. Controlling the total marketing efforts: Marketing control is the process of specifying the expended resource and effort for setting the goal.

Digitalisation in Marketing

Digital marketing is the marketing which uses digital channels for the products and services to reach the customers. It uses digital channels such as social media, websites, search engines, mobile phones and other channels. 

For example, social media marketing gathers people, and the end goal is to increase brand awareness.

Types of Digital Marketing:

• Content marketing: Content marketing is marketing interested in creating, publishing, and distributing content to a targeted group. It shares informative content that is relatable, relevant, interesting and useful.

• Search engine optimisation (SEO): Search engine optimisation is the process of improving the traffic on a website. It focuses on unpaid traffic rather than paid traffic.

The types of SEO are as follows:

• Black hat SEO 
• White hat SEO

• Search engine marketing: Search engine marketing is a type of marketing using the internet in which the websites are promoted by increasing their visibility on the internet.

• Search media marketing: Search media marketing is the newest among them. It is on-page SEO because of linking pages. It drives quality traffic to the website. 

Conclusion

It is essential to understand marketing management because it helps in business-related applications. It helps companies understand the needs of their customers and design the product accordingly. 

Marketing allows businesses to develop communication with their customers. By understanding the nature of marketing management and its roles, companies can maximise their potential and profits.