marketing management

Marketing management is the practical application of marketing techniques. It is the analysis, planning, implementation, and control of programs designed to create, build, and maintain mutually beneficial exchanges with target markets. The marketing manager has the task of influencing the level, timing, and composition of demand in way that will achieve organizational objectives.

Marketing management involves:

Understanding the economic structure of your industry
Identify segments within your market
Identify the Marketing strategy which best fits your company
Identifying your target market
Do marketing research to develop profiles (demographic, psychographic, and behavoural) of your core customers
Understand your competitors and their products
Develop new products
Establish environmental scanning mechanisms to detect opportunities and threats
Understand your company's strengths and weaknesses
Audit your customers' experience of your brand in full
Develop marketing strategies for each of your products using the marketing mix variables of price, product, distribution, and promotion
Create a sustainable competitive advantage
Understand where you want your brands to be in the future, and write marketing plans on a regular basis to help you get there
Setup feedback systems (management information system) to help you monitor and adjust the process

Recent changes and future trends in Marketing Management

was using tactics

now focussing on Marketing strategies

was build sales through advertising..................

now build brands through a coordinated integrated marketing strategy that involves all points of contact between the company and the public

was short term focus on profitable transactions.................

now look at Customer's lifetime value

was company was the unit of analysis..............

now the whole value chain is the unit of analysis, meeting the end customers' needs

was organized by product units..............

now organized by customer segment

was segmented on geographic or demographic variables.................

now segmented in depth using all relevant variables, especially behavioural variables like usage rate, loyalty, or benefit

was focus on capturing new customers..................

now emphasis on keeping existing customers

was performance measured by financial metrics...........

now performance measured by financial, strategic, and marketing metrics

was satisfy shareholders........................

now satisfy all stakeholders

was marketing department does the marketing..............

now everyone in the company does some marketing

was individual and hierarchical work structures............

now cross functional teams

was developing and implementing a marketing plan took years..........

now it takes months (or weeks)

Marketing Management

Marketing management involves:

Recent changes and future trends in Marketing Management

see also