Marketing management is the application, tracking and review of a company's marketing resources and activities. The scope of a business' marketing management depends on the size of the business and the industry in which the business operates. Effective marketing management will use a company's resources to increase its customer base, improve customer opinions of the company's products and services, and increase the company's perceived value.
Marketing management has gained importance to meet increasing competition and the need for improved methods of distribution to reduce cost and to increase profits. Marketing management today is the most important function in a commercial and business enterprise.
Role of marketing management
Creating Value
This involved analysis of the complete chain of processes which were necessary to give the final product. And finally, through tweaks here and there, the marketing manager could give a product which had a higher value in the eyes of the consumer. Till date, this is the main role of marketing management which is to create value so that the customer buys the product.
Developing strategies and plans
If you have to market the product, then you need to establish the right strategies and plans. All such strategies and plans are a part of marketing management. It is marketing which is involved in demand and sales forecast, and it is marketing which has to decide which territory to expand to, what sales promotions to use, when to use, what discount can be given, and how good margins we can make.
Building a brand
Brand building is a tedious and patient process which takes years and does not fall under the domain of a single marketing manager. Many marketing managers might change before a brand takes its full form. A brand also uses strong marketing communications which builds the brand equity.
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