Over the years, the concept of marketing management has gained increasing importance due to the rising market competition, the need for improved methods of distribution, cost reduction, and the increased profit rates. It is one of the most important functions in a commercial and business enterprise. The key importance of marketing management is that it helps businesses to guide their marketing efforts and identify and fulfill the needs of its customers, benefiting both the customer and the company. Marketing management processes are driven by clear objectives including cost efficiency, product quality, and customer’s need fulfillment.
Marketing techniques form the heart of any business success. The most perspective of your business largely depends on successful marketing. As famously quoted by Philip Kotler, marketing management functions involve the analysis, planning, implementation, and control of programs designed to bring about desired exchanges with target markets, aimed at achieving organizational objectives.
Importance of marketing management
The importance of marketing management is gradually being recognized by several modern businesses as it contributes greatly to the success of the organization. The following are some of the key factors that will help you understand why marketing management is important in today’s highly competitive marketplace:
Improves goodwill of the company
Goodwill refers to the established reputation of a business. A company’s growth often rests largely on the solid reputation that they manage to build for themselves. In short, the company’s image in front of the outside world is the soul of the business. And only having the right marketing strategies can help any company to build a strong reputation. Goodwill can be built by identifying the best opportunities worth pursuing as well as the threats to be avoided.
For new products/ services are introduced by companies they need to be made known to potential buyers. For businesses that are struggling to get acquainted with their potential customers and build long-lasting relationships with the customers, the right marketing management functions play a vital role in creating brand awareness. The importance of marketing management lies in the fact that it helps to understand the customer needs, improve the product and/or service, provide the right tools at the right time, and more importantly saves more money for the business.