We can define marketing management as the process that establishes the marketing objectives in order to obtain an organization, planning and execution of the various strategies in order to achieve the objectives set, and to be able to measure progress in order to see the achievements obtained.
In other words, it is about managing everything that is needed to promote marketing and sales in a business, that is, creating, executing and measuring a marketing plan so that the company reaches its target market, can communicate with it and turn him into a customer.
In the next post we are going to deal with exactly what marketing management is, what objectives and functions it has and even delve a little into history and learn about the different philosophies of marketing management.
What are the objectives of marketing management?
The two main objectives of marketing management are to: Maximize the market share of the company within the sector, as well as the customer satisfaction of the consumer base within its market share.
Increase market share
- The market share is a reference measure to know how many clients your company has managed to capture in the sector.
- Increasing market share is an important objective since it teaches us what the market thinks about our brand. A growing market share will provide us with information.
- The reach and profit you have obtained from your potential customers
- If existing customers return to buy enough products to gain growth
- If your brand or product has a positive and growing reputation within the sector.
Increase customer satisfaction
- Keeping our current customers happy is a primary goal in marketing management
- Your business cannot grow if you gain and lose the same number of customers in a month.
- Recurring customers that increase lifetime value and overall revenue
- They praise you in front of their friends, lowering the cost of acquiring new customers
- Confidence that they can be convinced of future purchases Much smoother customer service experiences and lower volumes of complaints
- The greatest opportunity for companies resides in a good treatment of their existing client.
Functions of Marketing Management
Now that we know a little about what marketing management is and what its objectives are, we have to take into account 4 main functions to achieve them in any marketing plan, which are:
- Conduct market research on your industry
- Perform a competitive analysis of your sector
- Identify a unique positioning for the brand and products
- Develop a promotional plan to go to market
What are the different philosophies of marketing management?
There are various points of view from which to approach marketing management, known as marketing management orientations or concepts.
Specifically, there are 5 marketing management orientations:
- The strategy has a more product focus production concept
- The strategy to be carried out is oriented more towards a commercial strategy around production and convenience Sale concept
- The marketing management orientation assumes that consumers are not actively seeking a product and should be sold to them more attractively and frequently.
- It focuses on maximizing the value delivered to customers and the degree of satisfaction they have
- It takes the concept of marketing and extends it beyond what an individual customer is.
The best approach to apply in each organization will depend on various factors such as market needs, competitiveness, customer needs and values, and market saturation.
Marketing management analyzes all these factors and puts them into practice depending on the company and sector to which it is directed.
What can we offer you?
At Digital4it we are a company with more than 9 years of experience located in the city of Dubai, with close contact with our clients in order to guarantee the quality of the services offered.
Our main objective is to be able to know your needs in order to define a personalized strategy and offer you the best results in a close way, since your objectives as a company are also ours.
And since this mission is joint, we can offer you various services, depending on the objectives set, specifically from Digital4it we can offer the following services: