An Introduction to Marketing Management

An Introduction to Marketing Management

Nick   |    20 Feb 2023   |    5 Mins Read

What, then, is the function of marketing management in a broader business context, and how does it assist organizations in future planning, customer understanding, process improvement, and developing valuable goods and services? Our marketing management guide has more information on all of this.

What is marketing management?

The main goals of marketing management are to develop, plan, and implement strategies that will aid in achieving more general business goals. These corporate goals may include expanding into new markets, generating earnings, or raising brand recognition. It's essential to look to marketing experts Philip Kotler and Kevin Lane Keller when we start thinking about marketing management. Their book "Marketing Management" defines marketing management as "the development, design, and implementation of marketing programs, processes, and activities that recognize the breadth and interdependencies of the business environment."

These professionals must thoroughly understand the techniques and approaches that keep and delight customers, conduct in-depth research on them, and actively participate in performance evaluation and process improvement.

Why is marketing management critical?

Reaching and interacting with potential customers is essential to a business plan, which is why marketing management is significant. Without marketing management, you could spend years getting a product ready to launch but still encounter several obstacles.

Marketing management ensures you know what your customers want right away regarding color schemes and packaging. You might discover that customers are only drawn to your product with it.

The proper marketing management procedures make sure your product or service reaches the ideal target market via the appropriate channels at the appropriate moment after you have spent a lot of time preparing it for distribution. Effective marketing management can transform your company from mediocre to profitable. This can be accomplished when a marketing management team can examine customer profiles and market share in advance and then carefully examine campaign results, team performance, ROI, and costs after completing the project.

What are the processes of marketing management?

Managers can use these procedures to maximize marketing efforts from every possible angle. Typical marketing management procedures include the following:

1- Market and customer analysis

Understanding your company's present market position and examining consumer behavior are the two main focuses of this marketing management method.

2- Development of strategy, goals, and objectives

How far does a company want to go? How does it intend to arrive? The future will be mapped out by strategy following market and customer study.

3- Product development

Marketing directors are essential in the creation of new products. These experts aid in the creation of meaningful, on-brand marketing when it comes to outlining the advantages of a product.

4- Marketing program implementation

Once successful programs and campaigns have been found, it is time to launch them with the appropriate resources.

5- Monitoring and Control

A critical process is evaluating the efficacy of marketing initiatives and campaigns. It provides guidance about how future tasks will be organized and carried out.

What is the best marketing management software?

It's crucial to identify the critical features for your team when choosing the best marketing management software for your company. 

The functionalities of iShore Software Solutions make 360-degree marketing management possible. We streamline various processes from ideation to strategy, implementation, and monitoring.

Enable cross-functional cooperation to coordinate product and marketing initiatives, track vital marketing benchmarks and metrics for each campaign, and provide context-sensitive feedback to keep all of your goals on track.