Marketing Management Concepts
Marketing Management Concepts
Marketing refers to the act by which an organization undertakes in order to engage its potential market, build strong relations with customers to make good value in return and so on. The importance of marketing is crucial for any business as it is the means by which customers find the products or services offered by a company. Without a doubt, marketing is a critical activity for all types of organizations. It is often said that marketing is the lifeblood of businesses. This is because marketing has the power to transform a company into a serious competitor and the core values of the organization could then be jeopardized.
Therefore, marketing management has evolved as a concept which encompasses all the different facets of marketing. The key functions include defining marketing objectives, identifying marketing resources, identifying target markets, developing marketing strategies, organizing marketing activities, and maintaining marketing communications. Other key aspects of marketing management are budgeting, tracking, analyzing, improving customer satisfaction, creating marketing campaigns, and creating and monitoring marketing plans. Marketing managers also play an important role by creating and monitoring strategic marketing alliances, implementing and executing marketing plans, managing brand and reputation, and funding marketing initiatives. Marketing strategies are also developed based on the financial needs of a company.
One of the key marketing concepts is social marketing management. Social marketing focuses on the marketing practices that involve interaction between people and communities. This includes consumer research, web marketing, and directory listings. It also includes various forms of internet advertising, television advertising, interactive marketing, real-world marketing, and the use of various media as sources of exposure.
Satisfying customers is another marketing management concept. As a general rule, satisfaction is achieved when buyers are fully satisfied with the product or service purchased. The concept of satisfying customers stems from the fact that no one wants to buy something that they are not completely satisfied with. In marketing management, satisfaction is considered as the ultimate objective. To ensure this objective, it is important to develop marketing programs that are designed to satisfy the needs and interests of buyers. For instance, marketing to seniors would require different approaches than marketing to mothers.
Another important concept is brand marketing. Brand marketing refers to any marketing practice aimed at establishing a distinctive image for a business so that consumers will want to be associated with it. A wide range of companies undertake brand marketing including manufacturers, retailers, and service providers.
Satisfying customers and developing a distinct image are two of the most significant concepts in marketing. Satisfying consumers involves meeting their need for quality products and services and building a positive reputation for a company. Developing a brand image involves various marketing research techniques designed to create this positive image. These techniques include advertising and marketing campaigns, promoting the company, marketing research, consumer surveys, and market analysis.