Marketing Management Definition: Philip Kotler and

Transcript:Marketing Management Definition: Philip Kotler and:
Marketing Management Definition: Philip Kotler and Kevin Lane Keller define it as follows: “Marketing Management is the art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value.” Importance of Marketing Management A good marketing management strategy helps you build the brand and grow sales and gives you an edge over competitors. Here are a few reasons why marketing management is essential: Build and maintain the company’s brand Boost sales(revenue) An opportunity/platform to launch new products Effective way of engaging customers Acts as a communication channel Provides actionable insights for the business Processes Involved in Marketing Management There is no standard process that an organization or one can follow when it comes to marketing management. But here are a few processes that most of the marketing management strategies have: 1. Conduct market research and analysis The first step in the marketing management process is knowing your customers and competitors by conducting market research and analysis. This can be done by completing surveys, collecting data, assessing industry trends, and tracking previous campaigns. A SWOT analysis can also be conducted to understand the business/company. Basis all this, you can understand the customer’s needs and pain points to offer a product or service that meets their demands. 2. Set mission statement and objectives Although processes are important than outcomes, it is essential to know what are the expected results first. It is crucial to set objectives and goals as they give the foundation and set the right direction for your marketing journey. The marketing objectives can be set basis the factors that influence your target market, such as demand, pricing patterns, social and environmental factors, etc. It is vital to include sales goals, budgets, and branding parameters as they help you monitor and measure the results later. 3. Develop marketing strategies Once you have done the research and have set the objectives, it is vital to develop a robust marketing strategy. Marketing strategy typical consists of: Segmentation: Here, you are dividing the market to identify potential customers who are likely to buy your product/service. Targeting: Here, you will further sub-divide the segments and focus on a particular target. Positioning: This comes in mainly for brand building/positioning, where your brand’s image is positioned in terms of quality and price. Marketing mix – Here, focusing on 4Ps – product, price, place, and promotion to achieve