An Introduction to Marketing Management: A Beginner’s Guide
Marketing management is the science and art of selecting target markets to get and grow customers. A marketing manager is a person who formulates marketing plans to help the business sustain itself in a highly competitive market. So, the failure or success of a business depends immensely on the effectiveness of the marketing functions.
It is only natural to dream of a career in marketing management, given that it’s an inseparable part of the business world. In this marketing management guide, we will discuss everything you need to know about Marketing Management.
What is Marketing Management?
In simple words, Marketing Management is studying market opportunities and implementing strategies to inform your existing and target customers about your services/ products. Product, price, place, and promotion are the 4 Ps of Marketing that play a crucial role in devising an impactful marketing strategy.
Significance of Marketing Management
Here are a few pointers on the essentiality of marketing management:
- Builds the company’s brand identity
- Enhances sales (revenue)
- Provides a platform/ opportunity to launch novel products
- It is an excellent way of engaging the audience
- Offers actionable insights for the company
Processes Involved in Professional Marketing Management
- Conduct market analysis and research- Knowing your competitors and customers is the first step in marketing management. This can be done by collecting data, completing surveys, and studying industry trends. Your aim should be to understand the pain points and needs of your customers to offer a service/ product that fulfills their demands.
- Set objectives and mission statement- It is important to set short-term and long-term goals as they give direction to your marketing venture. Sales goals, branding parameters, and budgets are thus vital for monitoring and measuring outcomes.
- Chalk out Marketing Strategies- A robust marketing strategy comprises the following five elements:
- Segmentation- Divide the market to narrow down potential customers.
- Positioning-Position your brand image in terms of price and quality.
- Targeting- Try sub-dividing the segments and focusing on a particular target.
- Marketing mix- This means being mindful of the 4Ps – price, place, product, and promotion.
- Financials- Here, you focus on the financial management of your service/ product.
- Develop a Doable Marketing Plan- When you sit down to curate a marketing plan, make sure it is actionable. This will serve as the go-to plan for the entire team to keep records of the progress.
- Implement the Marketing Plan- Having a great marketing plan would mean nothing if you don’t put it into action. Spread awareness about your products/ services on social media to kick-start the implementation.
- Measure, Monitor, Evolve and Modify- The final stage involves monitoring, analyzing, and tracking the overall progress. Here you need to look at multiple parameters like revenue, brand positioning, customer feedback and social media engagement. You can use digital analytical tools to simplify this process and maintain accuracy.
Marketing Management Philosophies
There are several marketing management philosophies, also known as marketing management concepts that you can implement to achieve business goals:
- Product Concept- Product concept deals with the performance and quality of your products.
- Marketing Concept- It means having a “customer-first” approach and targeting the right customers for your services/ products.
- Selling Concept- It focuses on customer relationships and sales.
- Societal Marketing Concept- It revolves around the societal impact of sustainable, environmentally, and socially responsible marketing, that meets business and customer needs.
Job Roles in Marketing Management
There are several interesting job opportunities for marketing professionals, and here are the most common ones:
- Product Marketing Manager
- Digital Marketing Manager
- Content Marketing Manager
- Social Media Marketing Manager
- Brand Marketing Manager
- Growth Marketing Manager
What courses can you take up to pursue a career in Marketing Management?
There is a wide range of courses/ programs designed for marketing management aspirants like you. Here are a few:
- Digital Marketing Framework
- Advanced Certificate in Strategic Digital Marketing
- PG Program in Strategic Digital Marketing
- Customer-Centric Marketing Strategy
We may conclude by saying that marketing management job roles vary based on the company’s size and products. But the above-mentioned tips are the basics relevant in all marketing scenarios. Marketing management courses are also worth considering, as they will give you the knowledge, skills and confidence to thrive as a marketing manager.