According to Philip Kotler, “Marketing management is the analysis, planning, implementation and control of programmes designed to bring about desired exchanges with target markets for the purpose of achieving organisational objectives. Marketing management employs tools from economics and competitive strategy to analyze the industry context in which the firm operates. Management Notes. An effective supervisor or a management team should always thrive for effective communication and create useful strategies to leverage the updated social media and digital platforms like Facebook, YouTube, Twitter, Instagram and TikTok. Strategic management benefits all business ventures, including small business, for-profit, nonprofit and Fortune 500 companies. 5) It helps in differentiation Simply put, marketing management is a process through which a product or service is launched on the market and promoted to different customers to achieve the company’s objectives. Magalie D. is a Diploma holder in Public Administration & Management from McGill University of Canada. Marketing is one of the single most important reasons for any organisation’s success. According to the American Marketing Association’s definition : Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. eval(ez_write_tag([[468,60],'mgtblog_com-box-3','ezslot_6',110,'0','0']));Marketing management has obtained importance to meet thriving competition and the need for developed strategies of distribution to reduce cost and to increase profits. If your team is like most, there is room for improvement in your ability to score and route leads—and attribute success. These days, instead of just relying on word of mouth, it is advisable to utilize these different methods of marketing to promote your business. In the technological arena, marketing management plays a crucial role in a commercial and business enterprise. Plagiarism Prevention 4. (ii) Increasing the production of existing products. What Are The Best Books On Business Case Studies. The Management of major brands and business companies from all over the world use the Marketing Orientation as the basis or core of their marketing campaigns. (vi) Rise in per capita income and demand for more goods by the consumers. Strategic management is important because it allows an organization to initiate activities, influence activities and be proactive rather than reactive in its strategy so that it has full control over its own destiny. Management is the process of getting things done in an organised and efficient manner. To sum up, marketing management may be defined as the process of management of marketingprogrammes for accomplishing organisational goals and objectives. Disclaimer 9. Let us know your feedback. It gets the message out to potential clients and entices them to give your business a … The company’s image is very important! (iii) Reducing cost of sales and distribution. Some people make the mistake of confusing marketing with selling. The success of a business lies in its popularity among potential customers. Marketing as a document of measurement gives scope for understanding this new demand pattern and improves the effectiveness of the Marketing message to customers and partners. Marketing management aims at efficient operation of marketing activities. Marketing is one of the most important things a business can do. Required fields are marked *, The Importance of Marketing Management in Business. Analysis. The importance of strategic marketing management is based on setting clear outcomes for the organization. Marketing Management: Meaning and Importance of Marketing Management – Explained! Marketing is very beneficial for the transfer, exchange, and movement of goods. Report a Violation. Marketing management today is the most important function in a commercial and business enterprise. Marketing and sales teams are only as good as their customer data. It explores customer perceptions and journeys as primary sources of profit. On a broader scale, marketing skills transcend the business world and are used in many careers. As a professional discipline, marketing is a vital function of any business’ operation. Start studying Why is Marketing Management Important?. Learn vocabulary, terms, and more with flashcards, games, and other study tools. Marketing is the kingpin that sets the economy revolving. Marketing management has obtained importance to meet thriving competition and the need for developed strategies of distribution to reduce cost and to increase profits. Marketing is very beneficial for the transfer, exchange, and movement of goods. There are 5 main marketing manageent orientations. Marketing management today is the most important function in a commercial and business enterprise. What Are Some Examples Of Wholesale Business? Your email address will not be published. Marketing management has gained importance to meet increasing competition and the need for improved methods of distribution to reduce cost and to increase profits. And only marketing strategies can help any company to build a strong reputation by identifying the best opportunities worth pursuing as well as the threats to be avoided. Marketing informs. Hence, marketing mix is an excellent guide if someone wants to improve their business and is doing gap analysis. It can be stated that reputation management is important for … The major marketing activities are buying, selling, financing, transport, warehousing, risk bearing, and build company reputation. Ask the potential customers, provide relevant information about your product or brand or services, and create contents about your better products so that the potential customers/clients can move ahead making informed decisions. These are –. The following are the other factors showing importance of the marketing management: (i) Introduction of new products in the market. Strategy helps in developing goods and services with best profit making potential. It is the soul of the business. The Importance Of A Marketing Strategy For Business. Marketing management today is the most important function in a commercial and business enterprise. Marketing plays an important role in the success of a business enterprise. Because, a manager of marketing team always wants to meet the customer’s need (for utmost satisfaction), avoid strategic mistakes by applying trendy technologies and adopt newly available business/marketing opportunities. 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