Marketing Management is the integration of marketing techniques so that it can be applied efficiently and effectively in the marketing operations of a firm. All the resources and activities of the firm which are marketing-related are also administered so that it is ensured that they are utilized in an efficient manner.
Nowadays, the marketing strategies of a firm are likely to include the internet because of the vast reach it could afford to more potential clients. That is why marketing management today also strategically involves the techniques to apply internet technology to increase the market share of many companies. It involves as well what are the internet-based activities that can be utilized for the benefit of a wider consumer reach. Modern marketing management also includes how a portion of the companies resources can be spent for internet based activities to let people get to know more and become engaged in their products.
Marketing management is a thinking activity. For instance, it seeks to understand their consumers. The large pie of customers is usually divided into smaller groups either according to demographics like age and sex or according to behaviour, in this case their buying behaviour. This line of study enables the company to offer more targeted products to its consumers. The firm is better able to deliver goods and services when they know the specific profile of the intended users.
Aside from studying the current and potential consumers, marketing management also analyzes the firm from within. It identifies for instance what are the things that the firm are good at so that it has a clear view of how it can compete. It also studies the existing resources of the firm so that it is able to gauge what it could mobilize in order to remain competitive in its industry. Even the products, services or the brand itself is looked into in order to know its strengths and improve on its weaknesses.
Marketing management also seeks to assess other stakeholders in the business such as its business partners, suppliers and distributors. Assessment in this regard is important to see if there is any inefficiency in the product or service delivery process. Thus, the supply chain too must be studied.
Aside from this, the external environment of the firm is also assessed. What are the opportunities and threats besetting the industry for instance when it comes to the political, economic, social and technological environment? The study of this is also an important component of marketing management.