Marketing Management not only involves choosing the right target markets to get new customers, but also retain existing ones. This is usually a business subject, which is based on the company's research and study of practical applications of marketing techniques and management of the resources. Usually the one that excels in this field is known as the marketing manager.
Their job is to influence the timing and level of the customer demand and also to help with the sales. It does actually depend on the size of the business and environment in the corporate industry. Take for example: if the marketing manager is working in a large production company, they will be the general manager of a certain product or category assigned to them and will be responsible for profit and loss with respect to the product they are selling. Now in a small business, there usually is no marketing manager because it is taken over by the partners of the company.
Creativity and communication through the best customer values can actually increase the number of your customers. The steps taken and also the resources utilized to maintain your existing customers to get new ones, fall under marketing management. The scope is quite large most of the time because it consists of developing a product and also retaining it. Marketing management has multiple definitions and it actually depends on individual firms and how the marketing company functions and activities of other departments such as operations finance, pricing and sales.
Before your business decides on a marketing strategy, you or the marketing firm should do an in-depth study about your business and the current market. This is where marketing management will merge with strategic planning. The marketing strategies are of three types: Customer Analysis, Company Analysis and Competitor Analysis. With using the customer analysis, the market will break down into four types of different customers. When using marketing management, it will realize the characteristics and other variables of each individual group. Such as: Geographical Location, Demographic, Customer Behaviour Pattern and the Need. A group of people can be recognized which can be less-price sensitive, purchases often and are always growing. The groups can be worked on by heavy investments because they are of course worth the money and time. You cannot retain those customers and make new ones in this group, but you can go to the extent of turning back customers who do not necessarily belong in that group. Understanding your customer's needs makes their expectation to be met by their satisfaction, which than are better than the competitors which will eventually lead to higher sales and profit.
Your company analysis should highlight the cost structure and resources of the company and cost position when compared to your competitors. The account executives will then use this to learn about the profit earns by the particular product. Once in a while, audits are conducted to study the strengths of various brands of your company.
A marketing company that uses competitor analysis will build detailed customer profiles. This will give clear pictures about the strengths and weaknesses of the company, when compared to the competitor. The competitor's cost structure, resources, competitive positioning, degree of vertical integration, product differentiation and profits will be studied in detail and will be compared to what the company is doing in those certain regards.
The marketing management will do the marketing analysis which is carried out of the marketing research. The most common researches are qualitative marketing research, quantitative, experimental techniques and observational.
Once each study and researches are conducted, it will be easier for the marketing manager to make the strategic decisions and then can design the marketing strategy to increase profits and revenues within the company. The goals can be profit over the long run, market share, revenue growth.
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