Marketing management is a broad scope of the study of marketing focusing on the practical application of the techniques and marketing activities of a certain company or business. This business discipline encompasses marketing planning and strategy, orientations, and processes needed in attaining company goals by providing value to clients. Since it has a wide coverage involving all factors required to satisfy customers, marketing management must be all-pervasive and part of every employee’s scope of work, from the subordinates to those in the higher management.
Marketing Research and Analysis
A business firm must be able to conduct a marketing research and create an analysis of the market as these processes help in the understanding of business goals and the way the market operates. Structurally, marketing analysis is conducted with focus on the customers or potential market, the organization or the company, and the competitor.
In customer analysis, a very important aspect is developing market segmentation where various customers are categorized into different classifications. Marketing managers must be able to profile each market segment and classify them according to variables such as demographics, behavior, needs, and other factors to be considered in grouping customers. When the customers and potential market are properly segmented, it is easy to fulfill and satisfy their needs based on the factors considered for each classification.
The second aspect is to make an internal marketing analysis within an organizational structure. A business or company should be able to understand its core competencies and its capacity to compete with other businesses. This means putting into great consideration company resources and manpower, cost position in comparison to other organizations, and profitability of the company. Company analysis is figuring out how the business can thrive in a competitive market and the industry it functions.
Apart from developing detailed profiles on different market segments, competitors should also be studied in terms of strengths and weaknesses. A business that knows the moves and understands the trend of its competitor is able to get into the main competition and is not left behind. So, marketing managers must know how to analyze other businesses in the industry they operate in, considering factors such as source of profit, resources, cost structure, and product comparison among others.
In marketing management, research is very crucial in the process of creating market analysis. With marketing research, a company is able to gather the data necessary for accurate market analysis. There are two primary methods in conducting a marketing research. The first technique is called qualitative marketing research and an example for this is focused-group study. The other one is called quantitative marketing research which may be conducted through statistical surveys.
In the field of marketing, once a business is finally able to adequately profile its customers and competitors, along with its competitiveness in a particular industry, marketing managers can design marketing strategies that are important in capitalizing on company profits and resources. Important strategic decisions in marketing are grounded on specific objectives such as that of maximizing revenue, market share, and level of profitability.
In attaining the marketing objectives, a company must determine the specific market segments targeted for the particular business. With a specific selection of target customer segments, company resources are maximized instead of being put to waste and revenue increases subsequently. Additionally, companies are also able brand their business with a key benefit that distinguishes the company from the rest of its competitors.
A company that aims to excel in business must allocate time in developing and maintaining good marketing orientation. A business with market orientation puts utmost importance and focus to the customers. Marketing managers perform this in a structural process with the help of different departments within the organization. The marketing department can work hand in hand and coordinate with research and development team, engineering, operations, manufacturing, sales, and other departmental areas to materialize marketing schemes. Simply put, intra-departmental efforts and interaction help the entire company push its marketing plans.
Before marketing programs and activities are even implemented and performed to the target markets, these plans should be workable within the organization. Marketing plans must be effectively fulfilling internally so that the company is confident enough that it will work and become efficient when these programs are applied to the identified market segments.