Marketing is the art of influencing customers and increasing sales and marketing management is the actual process, the practical way in which the techniques of this art is used. Thus marketing management includes everything i.e. any tact, activity which is used to increase the scope of sales is well included in marketing management. Marketing management is not restricted only to a group of professional marketing managers, but everybody in the industry is a part of this. Marketing management thus involves sales, finance also along with strategies, customer satisfying activities etc.
Analysis in marketing management:
Many strategies and plans are made in the process of marketing but the real skill is to apply these plans efficiently and marketing managers compile a research about the quality of their products, the nature of their business, the market’s present and future demand etc.
The analysis is presented as:
1. Customer analysis- in this, the marketing managers divide their customers into different categories and concentrate on the needs and benefits of each.
2. Company analysis- Here, the marketing managers analyze their own business, position, their funds, brands and their status with respect to their competitors.
3. Competitor analysis- The marketing managers in competitor analysis, prepare detailed reports of each of their competitors including their highs and lows, history etc. so as to be ready with the expected market response to their own product.
This is known as the 3C analysis, which is further extended to 5C analysis involving Collaborator analysis and Industry Context analysis, wherein the activities of the partners including suppliers are taken into consideration.
After such kind of analysis, comes the strategic planning and implementation so as to achieve specific goals and targets. The implementation is concentrated on certain customer categories so that high profit is gained; more and more customers are attracted and retained. The target is fixed, required goals are set and the brand, positions are kept into focus.
Next the 4Ps of marketing mix i.e. price, place, product and promotion are brought into use. Later the marketing managers channel their public relations and campaign for their products via advertisements, exhibitions etc. Along with this, many process management techniques are also deployed to further increase sales.
And for all this one requires a good marketing management committee in the company, one which possesses qualities of interacting with every other department in their hold so as to innovate new marketing techniques. Executives have to work on their branding and marketing concept to raise the bar of their enterprise. To determine the consumer reaction to their products, marketing executives check its feasibility amongst their own group of co-workers.
After such implementation, again marketing management has to look into the company’s performance due to the strategies. They have to note their Return on Investment (ROI) and their brand value along with the position of their shares in the market.