Why Marketing Management is the Anchor of New Age Businesses
Guiding the marketing activities This marketing management function involves the manager giving the necessary input and guidance to the employees working in the marketing department. The marketing manager is expected to motivate, inspire, guide and supervise his subordinates and provide them with good leadership skills. This will help the other members of the team to […]READ MORE >>
Guiding the marketing activities
This marketing management function involves the manager giving the necessary input and guidance to the employees working in the marketing department. The marketing manager is expected to motivate, inspire, guide and supervise his subordinates and provide them with good leadership skills. This will help the other members of the team to work effectively and smoothly for the organization.
Controlling the marketing activities
This function ensures that the company’s performance does not deviate from the standards that have been set. Here, the marketing manager establishes the standards of performance, compares the actual performance against the standards, and takes the necessary corrective actions in case any deviations are identified.
Scope of marketing management
Setting Marketing Goals
The key task of a marketing manager is to set the marketing goals and objectives. If the objectives are clearly and precisely defined, it can help them to direct the marketing efforts effectively. The goals and objective must be correctly communicated with the employee concerned. As far as possible, it must be ensured that the objectives are expressed in the quantifiable terms.
Selecting Target Market
Segmenting the total market and selecting the target market is one of the key functions of marketing management. Marketing in modern companies is based on the target market, and not on the total market. Organizations might face difficulty in satisfying the needs and wants of the entire market. So, the efforts must be concentrated only on well-defined specific groups of customers, also known as the target market. All the marketing functions are directed towards meeting the needs and wants of the target market. The target market should be selected based on the company’s overall capacity.
Formulating Suitable Marketing Organization
A well-defined organization structure is essential to successfully implement a marketing plan. On the basis of the type of products, geographical concentration of the market, and many other relevant factors, an appropriate organization must be designed. Companies can choose from a variety of options including – geographic organization, functional organization, and matrix organization. The appropriate structure should be prepared and modified based on the company’s requirements.
Marketing Research Activities
Marketing research an essential function of modern marketing. Marketing research involves the collection, analysis, and interpretation of data on any problem that concerns marketing. It provides managers with essential information on which marketing decisions are ideal. Marketing research is essential to adequately know about the consumers and market conditions. Most of the marketing efforts are based on the information from marketing research sources.