The world of marketing extends far beyond promoting and selling services. It comprises detailed steps, thorough analysis, and in-depth assessment to dive into customer behaviour and market trends to create winning strategies. Marketing is an umbrella term encompassing various steps to promote a brand’s products/services in alignment with the long or short-term trends. Learning what is market management is the first step towards it!

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Reports claim that organised marketers have 674% more chances of success through their planned marketing practices than those blindly following trends. Marketing management focuses on controlling a company’s marketing operations, devising company goals, organising a stepwise plan to execute those goals, and implementing them to meet sales targets.

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Are you interested in learning what is market management and how it can influence businesses? Keep reading!

What is Marketing Management?

To answer the question of what is marketing management- it refers to the comprehensive process of promoting and selling a product. Naturally, it involves multiple steps. Essentially, marketing management involves observing market trends, analysing consumer behaviour, considering effective strategies, and advertising products through campaigns to attract the attention of the target audiences. 

Today, marketers use technological tools, and consumer data gathered from disparate sources to extract valuable insights into market and customer trends. They can use these insights to make critical marketing and sales decisions. 

Marketing professionals must have in-depth knowledge of different marketing instruments to bridge the gap between customer service and customer experience.

Let’s take a look at why marketing management is essential.

Importance of Marketing Management

The 360-degree marketing management process has the potential to drive your business’ growth and market outreach. Marketing management is concerned with all the elements involved in a product’s sales, right from the brand’s goals and creating marketing campaigns to monitoring and analysing customer behavior. Each aspect has an extensive role in a company’s product promotion and service improvement. 

In addition to assimilating customer feedback to products and improving services, marketing management works to cement brand reputation. Innovative marketing management strategies help a brand stand out among competitors and steer people toward their products.

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Types of Marketing Management

Marketing management comprises several features that combine and help create marketing strategies, learn what is brand management, and effectively drive your brand to success. 

• Marketing Strategy: Plans to compel potential customers to convert into loyal customers, including branding and promotion elements. 
• Business Development: Refer to initiatives such as mergers and acquisitions, business transformation, and entering new markets. 
• Product Marketing: Features put before customers to trigger more demand among customers. 
• International Marketing: Running operations to elevate business in the international market. 
• Brand Management: The question of what is brand management helps one asses steps to establish a brand and develop its value over time.
• Sales: Operations including lead generation, opportunities development, and sales closure. 
• Media Relations: Maintaining an image among media through positive engagement to spread the word about your brand. 
• Customer Marketing: Features working on customer satisfaction, from targetting faulty points to obtaining loyalty. 
• Marketing Operations: Management of marketing operations containing technologies and data. 
• Creative and Promotion: Aspects communicating brand features to customers such as advertising. 

Marketing Strategy and its Creation

A marketing strategy refers to fact-based planning to target prospective customers and attain business objectives by implementing smart marketing plans. Think of it as a blueprint for success – it is an A to Z plan, including product promotion, availability, pricing, brand positioning, and customer outreach. Even with limited resources, well-informed marketing strategies that perceive consumer behaviour and volatile market trends offer outstanding results. 

Marketing executives leverage various tools and planning approaches to design actionable marketing strategies to understand previous, current, and future market and customer trends. While theoretical marketing concepts are imperative in creating marketing strategies, practical results and data-based facts are instrumental while studying consumers’ responses. 

Implementation of Marketing Strategy

Marketing strategy implementation includes planned and organised strategies to materialise theoretical concepts in the real world. It demands advanced instruments to simplify the implementation process, from resource allocation to assigning a capable task force for brand marketing. The entire process is popularly known as the Marketing Mix. 

Marketing Mix

Marketing Mix refers to the set of activities and tools required to pursue marketing objectives in real-life. This mix includes marketing actions such as price, product, place, and promotion. These are several factors marketing strategies target to work on to create winning marketing management plans and implement them to obtain customer engagement. 

The implementation process uses fundamental guidelines essential to deliver a well-rounded strategy which includes operations like setting expected goals, building a reliable team, extending required resources, creating and following a task timeline, and progress analysis to track audience response. The process does not end here. 

After the implementation process, marketers must keep up with feedback and regulate a stable customer service line to maintain customer satisfaction, a reliable step towards building brand reputation.  

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Marketing Management Roles in Organisations

The marketing management team relies on the hard work of many skilled individuals participating in diverse roles to manage and maintain brand image and expand the customer base. 

Here are a few core marketing management roles in organizations:

Digital Marketing Manager

A digital marketing manager works closely with the marketing strategies of a business and its promotion through multiple online platforms. With the growing internet usage, online platforms play a significant role in targeting customers, and the digital marketing manager actively leads the planning sessions. They devise targeted marketing strategies to reach the right user base and market. 

Content Marketing Manager

A content marketing manager creates and manages consistent, engaging content to attract customers to the brand and company’s services. Content is a powerful medium to attract the audience to your service, and a content marketing manager excels in converting audiences to potential customers. 

Product Marketing Manager

Product marketing managers bridge the gap between customers and businesses by delivering their brand voice to audiences while reverting their requirements in the form of feedback to improve services. A product marketing manager is responsible for creating marketing strategies following the customer’s voice. 

Brand Marketing Manager

The brand marketing manager works on assimilating the brand’s image and vision into the created product. They take the necessary measures to maintain the brand name and market recognition through radical marketing practices. 

Excelling Marketing Management: Where to Find the Right Direction?

Do you wish to become a part of the marketing management clan? Navigate your way through a compelling start with upGrad’s Advanced Certificate in Digital Marketing and Communication course, extended by the leading business school Mudra Institute of Communications. 

The course covers fundamentals and specialisations in digital marketing, marketing analytics, and communication, enabling learners to establish themselves as well-rounded marketing specialists by completing this course. Besides a robust and industry-ready course curriculum, upGrad boosts careers through its learner-friendly platforms delivering services such as career guidance, academic counselling, live marketing campaigns, and mentorship by industry experts. All of this is available under one course. 

Check out upGrad to learn more!

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Conclusion

Marketing management is imperative for any brand extending services directly to consumers. In order to strengthen this organ of the company, organisations must learn all about its features and its requirements to establish brand recognition and, eventually, brand loyalty through consistent strategies. Since marketing management is customer-oriented, it relies heavily on data. 

Thus, beginning your marketing management journey with a digital marketing course.