Key Basics of Marketing Management Subject
Definition of Marketing Management
Marketing management is a critical process that helps in regulating different marketing aspects, developing company goals, taking strategic decisions and taking steps to cater to the needs of the consumers in an appropriate way. A marketing manager has a critical duty to conduct an extensive analysis of the market requirements and take decisions for the company based on this. The focus of marketing management is on developing an engaging marketing mix so that an appropriate marketing strategy can be developed. In a marketing mix, the Ps are decided by the company’s senior managers as per what is needed by the customers. The study of marketing management enables the students to understand the factors of business survival.
But it is vital for the students to have knowledge of the objectives of marketing management. When students are clear about it, then only they are able to develop good management assignments.
Objectives of Marketing Management
Marketing management is done considering various objectives. These are as follows.
- To attract new customers: Marketing management aims at engaging new customers so that the product sales can be high. For this, the managers use different strategies such as TV, print, social media etc. The right strategy can help in boosting the sales of the product.
- To cater to the customer needs: Another key objective of marketing management is to cater to the needs of the customers well so that they can be satisfied and turn loyal towards the business. For this, it is vital for the companies to maintain the quality of the products/services.
- To manage profitability: A key objective of any business is to manage the profitability of the business. Profit should be maintained well so that the business can grow. The marketers can take different strategies to maintain the profit of the business and ensure that everything is managed well.
- To increase the market share: Another key objective for the business is to increase the market share. The organisations can use various tools for increasing the market share of the firm and offering hefty discounts to the customers such as loyalty points and discounts.
- To develop an effective reputation: It is crucial for the business to develop a public reputation well so that the company can grow well. The company should have a good image so that customers can feel happy about associating with the brand. The marketers can take different steps for building the reputation of the company.
These are some of the key objectives of marketing management. Students must have clarity of these objectives so that they can use this knowledge in their assignments well.
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