Marketing Management

What is marketing management?

Marketing management is an involved process that helps companies advertise more effectively to their target audience or market.

With the help of a marketing manager or marketing team, companies can determine advertising assets, create company goals, attract new customers, retain existing clients, and boost profitability. In short, marketing management helps a company increase market presence, stay present and relevant, and earn more money.

Marketing management is an involved process that helps companies advertise more effectively to their target audience or market.

With the help of a marketing manager or marketing team, companies can determine advertising assets, create company goals, attract new customers, retain existing clients, and boost profitability. In short, marketing management helps a company increase market presence, stay present and relevant, and earn more money.

Marketing management objectives

Companies can’t focus on marketing management if there aren’t clear reasons for how it will help their business. Here are the common marketing management objectives every marketing strategy aims to achieve.

Reach new consumers

The goal of any business is to continually bring in new customers and increase revenue. A marketing manager evaluates existing market strategies and customer analytics to determine which strategies are most effective at attracting new customers.

A marketing manager may suggest promoting products and services through the following marketing strategies.

• Social media advertising

• Television ads

• Mailers

• Pamphlets

• Website ads

• Live product demonstrations

• Promotional videos

If there are unique marketing plans that speak to your specific customer base, a marketing manager finds that information and oversees the process of adding it to your marketing management strategy.

Meet current customers’ demands

In reaching new customers, a company should also focus on satisfying the needs of its existing customers. Marketing strategies such as ongoing promotions, current customer sales, and seasonal discounts are a great way to keep long-term customers happy. A company should also maintain high-quality customer service, which is one of the best ways to make customers happy and keep them coming back again and again.

Be profitable

For a business to be successful and continue to grow, it needs to be profitable. Marketing plans and strategies should cater to new and existing customers to increase revenue while boosting the customer base. Strategic marketing management helps companies track high-performing marketing tactics to find which ones are profitable and which ones need to go.

Gain market share

Market share is the percentage of total sales by one company in a specific industry. As an example, Amazon is the largest e-commerce retailer with a market share of 40%. A business can utilize marketing management to increase brand awareness and profitability, which also boosts its market share status.

Develop a good reputation

In today’s ever-changing market, companies can’t rely on the strength of their goods and services alone. Brand management and reputation strategies aren’t just for crises, either. If companies have positive online engagement, a strong media presence across the web, and excellent customer reviews, they are developing and strengthening their reputation in their industry.

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Why is marketing management important?

Once a business knows what marketing management is, it may still wonder why marketing management is important. The reason is that it gives companies concrete business strategies for reaching and engaging new customers and target markets while developing marketing plans that retain existing customers. Here are some other reasons marketing management is a vital tool for companies everywhere.

Maintain company reputation

If a company already has a good reputation in their industry, effective market management strategies can help maintain it. A business can boost its reputation in the following ways:

• Being trustworthy

• Offering value

• Providing an excellent customer experience

• Serving the community

When a company has an excellent reputation, it will automatically see more growth and profitability as new and current customers continue to work with the company.

Boosts profits

One of the main goals of marketing management is to help a company make sales and increase profitability in its industry. Effective marketing plans are vital in getting products and services out into the market, ensuring that customers are familiar with what a company offers and are enticed to do business with the company.

Promotes new ideas

Marketing management is a great way for companies to get new ideas for promoting themselves. If a popular shoe company partners with celebrities to highlight their shoes, another shoe company needs to find creative ways to top that marketing plan. New ideas keep companies relevant, fresh, and exciting to new customers, which highlights the importance of marketing management for businesses everywhere.

Functions of marketing management

The purpose of marketing management is to use effective and innovative strategies to attract customers and benefit companies. Here are some smart ways to use marketing strategies.

Assess opportunities

Marketing management helps companies identify untapped marketing strategies and new opportunities to advertise their products and services. Since advertising markets are constantly evolving, a good marketing manager can pivot marketing tactics to keep a business relevant and important as new marketing opportunities arise.

Coordination

Marketing strategies often consist of multiple working parts. Marketing management coordinates between all these parts, ensuring plans run smoothly and strategies are implemented properly.

Plan/organize marketing activities

Marketing managers need to constantly evaluate, plan, and control their clients’ strategies. This means planning effectively around a company’s goals and objectives while ensuring they are completed and distributed.

Features of marketing management

When considering the importance of marketing management, it is crucial to understand marketing management benefits and how they help your business. Here are common marketing management features.

• Evaluating wants and needs: Understanding what customers are looking for and creating a marketing plan to address those needs.

• Developing a market offering: This is highlighting the benefits and functionality of a product or service to attract potential or current customers.

• Highlighting customer value: Once a customer knows about the product or service, they need to know how it will add value to their life before they commit to it.

• Ensuring an exchange mechanism: This is how customers can access the product or service. There must be a way to exchange the product (shipping, in-store buying, etc.) for profit.

The marketing management process

When creating a marketing management strategy or plan, a marketing team should follow this basic process.

Market analysis

For a marketing strategy to be successful, it needs to attract a company’s target audience. The marketing team needs to analyze customer statistics, product offerings, and how you stack up against competitors. You and your marketing manager can create a product marketing plan to determine which products to advertise.

Set marketing goals

Outside of gaining new customers and increasing company profitability, additional goals can measure your marketing plan's success. You could set goals for a variety of metrics, including the amount of customer engagement, increased brand awareness, and conversion rates. Without clear goals, it can be hard to determine the success of your marketing management strategies.

Plan development

Now that you have your marketing goals, work with a marketing manager or team to map out your marketing plan. This is where you choose what to promote each quarter and how to advertise it. Consider any new product development in your marketing plan.

Implementation

After plans and assets are created, your marketing team can implement the plan according to your agreed-upon timeline. Plans can always change as the market varies or new products and services come up, but the strategies you have will be put into action in the implementation phase.

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Marketing management strategy examples

Marketing management can be carried out in a variety of different ways, depending on how a company wants to target and engage with its target audience. Here are some examples of common marketing management strategies.

Paid advertising

Paid advertising involves buying ads that target specific audiences. This can include native website advertising, paid search advertising, and social media advertising..

The advertisement can be on a specific platform, like Facebook, then further narrowed down to target audiences based on location, age, interests, search terms, and other demographics.

Cause marketing

Cause marketing is when companies share joint marketing for a good cause. Typically, the partnership is between a for-profit business and a nonprofit organization where they highlight a social or charitable cause.

This marketing strategy shows that a business cares about other issues and helps boost its reputation while improving community relationships. An example of cause marketing is a car dealership partnering with a local animal shelter where adoptable pets are highlighted on both parties' social channels and the dealership hosts regular adoption events.

Relationship marketing

Relationship marketing focuses on building quality relationships with existing customers. This marketing strategy promotes customer satisfaction, customer retention, and the value of lifetime customers.

Companies can use relationship marketing by creating loyalty programs, offering customer-only discounts, and providing excellent customer service in every interaction. Customers that have a positive relationship with a company are more likely to tell their friends and family and generate return business for the company.

Undercover

When companies utilize undercover marketing, consumers often don’t know they are being advertised to. Customers are introduced to products in a casual, non-marketing way that feels more organic than other marketing strategies.

Some examples of undercover marketing could include:

• Celebrities or social media influencers posting a non-relevant photo with the product displayed

• Paid engagement on websites

• Paying for product reviews

This marketing strategy is often subtle and many don’t know they are being marketed to.

Word of mouth

As it sounds, word-of-mouth marketing happens when customers are organically sharing their satisfaction with a company’s products or services. This is a free marketing strategy for businesses as they don’t have to pay happy customers to talk about them.

However, while this strategy is free because a company doesn’t have to pay its customers for reviews, the company needs to ensure it is offering quality products, providing superb customer service, and going beyond what customers expect.

Digital marketing

Aside from word-of-mouth marketing, all other marketing strategies can funnel into digital marketing. This type of marketing strategy promotes a company’s products or services through online means. Digital marketing is also known as online or internet marketing.

A marketing manager could use paid, cause, relationship, and undercover marketing on digital channels to highlight a company, connect with potential and current customers, and boost company sales.

International marketing management

International marketing management follows all the same principles and practices as traditional marketing management. The only difference is that every marketing plan or strategy needs to be accessible across borders so that every customer can be reached.

What does a marketing manager do?

A marketing manager’s job is to oversee marketing plans for a client. They build brand awareness, research current market trends, and promote a client’s products or services. Marketing managers use strategic marketing management tactics to help clients put out profitable ads.

Marketing managers also handle a variety of other tasks, including:

• Creating long-term content development calendars for each client

• Maintaining project timelines, pricing, and budgets

• Dispensing creative work to copy and design teams

• Building collaborative relationships with each client

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Understanding marketing manager roles

The most effective marketing management plans are made by a team of qualified marketing professionals. While a marketing manager can typically handle management marketing on their own, having other marketing experts involved makes the process easier and more efficient. Here are the marketing manager roles you should consider for your team.

Marketing Manager

Marketing managers work closely with each of their clients to create effective, profitable marketing plans. They handle market research and pricing when it comes to building productive strategies and stay abreast of ever-changing marketing trends.

Director of Marketing

A marketing or social media manager handles day-to-day marketing tasks for clients. A director of marketing oversees other roles and runs a company’s entire marketing department. A marketing director focuses on long-term marketing plans and marketing strategies as a whole, ensuring the marketing manager is doing their best to help every client.

Social Media Manager

Social media continues to be an extremely popular way to cater to new and existing clients. A social media manager should have extensive experience and knowledge in social media marketing and platforms as well as content creation and advertising across those platforms.

A social media manager may run a company’s Facebook, Instagram, X, formerly Twitter, TikTok, and other social accounts. They are also responsible for customer engagement and maintaining a consistent brand voice across all these platforms.

Marketing management frequently asked questions

Without being part of existing marketing management strategies, many people still have questions about the process. Here are some frequently asked questions about marketing management.

What is the marketing mix?

The marketing mix is the general term for the four parts of a marketing plan. A marketing mix covers the 4 Ps of marketing: product, price, placement, and promotion.

The 4 Ps help companies identify what customers want or need, how a company addresses those wants and needs, the popularity of products or services, and how a company rates against its direct competitors.

What are the principles of marketing?

The principles of marketing is another name for the marketing mix. The principles cover the same parts of the marketing plan — product, price, placement, and promotion. Outside of the 4 Ps, strategic marketing management also focuses on three additional points: people, process, and physical evidence.

When all points are considered together, it is known as the 7 Ps of marketing.

Are there any issues with marketing management?

While marketing management is extremely important and effective for all businesses, there are still challenges with the process. Some marketing challenges include:

• Understanding what competitors are doing

• Lacking enough marketing resources or bandwidth

• Getting messages out in the most effective way

These issues exist throughout the marketing management industry. However, an excellent marketing manager can help companies better navigate these challenges.

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