Marketing Management

Importance of Marketing Management

Marketing management is the application of marketing techniques in an efficient and practical manner. It is also the administration of the firm’s marketing activities and resources so that they can be used efficiently. Because of the popularity of the internet, firms are forced to market outside their countries which makes international marketing significant in a firm’s marketing strategy. Because of the wider reach that is afforded to companies through internet, the importance of managing marketing resources can’t be overemphasized.

Marketing management often involves analysis. Customer analysis is often done to break down the huge market into smaller and manageable groups so that the firm can better understand the needs and wants of this smaller group or niche. In customer analysis, detailed profiling is usually done. The huge market may be divided into smaller segments through demographic, behavioral, geographic, psychographic, needs benefit or any other segments that may seem fitted to the situation.

Marketers in a firm also focus on company analysis in order to understand the firm’s core competencies and other direct company resources that can compete with its competitors in a cost-efficient manner. The strengths and weaknesses of the company brands are periodically assessed through brand audits in order to find out sources of brand equity.

Marketing management also do collaborator analysis. Joint venture partners, channel or distributor partners, and suppliers are profiled in order to find a more cost-effective way to deliver the firm’s products and services to its intended target market.

The industry context to which the firm runs is also analyzed through the use of different tools of competitive strategy and economics so the firm will understand its position in the chosen industry. It is important for the firm to find out its industry position so that it can map out ways to improve such position and gain a greater share of the market.

Competitor analysis is also important in marketing. Detailed profiling of each of the firm’s competitor is often implemented through the use of the SWOT (strengths, weaknesses, opportunities, threats) analysis. The analysis is usually done meticulously to include the competitor’s competencies, resources, source of profits, cost structure, product differentiation, competitive positioning, historical responses to industry developments, and degree of vertical integration. By studying the firm’s competitors, the company can map out plans to get ahead of them and acquire a greater portion of the target market.

It is important for the marketing department of the firm to do extensive research that is necessary to do market analysis. Market research is often done with the use of different techniques such as qualitative market research which is often done through interviews; quantitative market research which is through statistical surveys; observational techniques; and experimental techniques through test markets. Other techniques such as competitive intelligence processes and environmental scanning are also implemented so that trends are identified that help the marketing department in its analysis.

Marketing management is very important in a firm, especially with firms gearing towards international marketing, because of the different types of analysis that it does for the company.

One Response to “Marketing Management”

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