Marketing Management

Marketing management is an important aspect of business management. Through proper marketing management, companies can promote the products or services offered, determine the appropriate price, and determine the right sales strategy to reach the desired market.

However, marketing management is not as simple as palming. Companies must understand consumer needs and preferences and adapt appropriate marketing strategies to survive in an increasingly competitive marketplace.

Consider the following explanation of the meaning of marketing management and its functions and objectives to better understand your business needs.

What Is Marketing Management?

Do you know the meaning of marketing management?

  • Marketing management is a process that involves planning and executing the concept, price, promotion, and distribution of products or services to create a satisfactory exchange for consumers.
  • Marketing management includes various activities aimed at identifying consumer needs and wants and managing customer relationships to achieve business objectives.
  • Marketing management is needed in business because promoting brands is an important part of business activities. Therefore, every decision made must be well planned.

3 Marketing Management Functions

The following are some of the marketing management functions that can be understood.

1. Measuring Market Opportunities

Measuring market opportunities is one of the important functions of marketing management. Market opportunities are the potential of the company to sell products or services to customers.

Marketing management conducts research on consumer needs and preferences by collecting relevant information. In addition, marketing management also conducts research on competitors by identifying marketing strategies and target markets used by competitors.

This information is useful in determining marketing objectives and identifying available market opportunities, and the company can develop marketing strategies that meet the needs and preferences of target consumers.

2. Organize Marketing Activities

When planning marketing activities, companies can determine product or service prices, sales targets, target customers, advertising strategies, marketing media to be used, and others. With proper planning, marketing activities run more smoothly and are more focused.

3. Coordinate

To carry out effective coordination in marketing management, companies need a clear and integrated marketing plan that covers all marketing activities to be carried out.

In addition, companies must also have an effective communication system to ensure that all departments and people involved in the marketing process are connected and well coordinated.

3 Goals of Marketing Management

The goal of marketing management is to achieve the marketing objectives set by the company. But in general, marketing management objectives are divided into several parts, namely:

1. Demand Building

One of the objectives of marketing management is to promote the company’s products or services to consumers to increase the demand for these products.

To achieve this goal, companies can use different ways, such as conducting market research to find out consumer preferences, developing appropriate advertising strategies, and creating loyalty programs to increase customer loyalty.

2. Increasing Profits

Profits generated from sales are the main source of income for the company. If the company is not able to generate sufficient profits, the company will not be viable in the long run.

Therefore, the marketing team must continue to try to increase sales of the company’s products or services by satisfying consumer needs and generating sufficient profits for the company.

3. Make Customers Happy

Attracting new customers is an important goal for businesses, but it’s not enough to just attract new customers. Companies must also focus on satisfying existing customers by providing products or services that meet customer expectations.

If the customer is not satisfied with the product or service provided, the company will not be able to generate sufficient revenue to cover costs and provide an adequate return on investment.

In addition, satisfied customers are also valuable assets to the company, as they usually provide referrals to those closest to them and become a source of effective advertising for the company.

4 Marketing Management Concepts

According to Kottler (1997), there are several marketing management concepts, including:

1. Production Concept

The production concept is the principle that consumers or customers prefer products that are available at affordable prices, and management should strive to increase production and distribution efficiency.

2. Product Concept

This concept states that companies must focus on developing the best products that meet consumers’ needs and wants. This means that companies must continuously devote energy and resources to developing high-quality and innovative products.

3. Sales Concept

The concept states that enterprises must make great efforts in terms of advertising and sales to attract consumers’ attention and increase sales.

4. Marketing Concept

A concept that emphasizes the importance of knowing and understanding consumer needs and wants and providing products or services that meet those needs more effectively and efficiently than competitors.

4 Main Tasks of Marketing Management

The following are the main tasks of marketing management, see below.

1. Determine Marketing Objectives

The need to determine the target market to be addressed, namely the market segment to be served by the company.

2. Determine The Marketing Program

Determine the marketing program that will be used to reach the target market, including promotional activities and direct sales.

3. Monitor and Evaluate Marketing Results

Marketing management must monitor and evaluate marketing results to ensure that marketing objectives have been achieved effectively and efficiently.

4. Set a Marketing Budget

A marketing budget must be set immediately as it is needed to reach the target market and carry out marketing activities.

These are some explanations of the definition of marketing management concept.

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