Marketing Management is the process a company uses to find which of its products or services are doing well, and which are not and why. They can then adjust those products to be better, and then market them as new and improved.
- What is the importance of Marketing Management?
- How does Marketing Management work?
- What does a Marketing Manager do?
- What is the purpose of Marketing Management?
- How is Marketing Management implemented?
What Is The Importance Of Marketing Management?
Marketing management keeps the products and advertising campaigns of the company updated and relevant to their target audience.
This is the way the company interacts with their consumers or customers to find out which parts of the business are not meeting the target audience’s expectations and need improving, and which parts are doing well.
How Does Marketing Management Work?
There are many systems and processes involved in marketing management. Below is a list of different things and how they work.
- Customer focus
- Research analysis
- Coming up with marketing strategies
- Planning and implementing marketing campaigns
Marketing management is focused on finding out the consumer’s likes and dislikes of the business. They then use this information to the company’s advantage. Marketing management is the part of the company that recognises the power the consumer has over the business, and they try to use this power to help the business become successful.
This is how the company finds out the consumers’ opinions. This can be done through many methods including:
- Data collection and analysis
- Focus groups
- Social media engagement
The information they are looking for depends on the marketing campaign they are running. Some of the information that is considered valuable is:
- How do their customers find out about the company?
- Which products are selling the most and why?
- Which type of marketing do their customers respond the most to?
- Which marketing campaigns fail and why?
As well as any other information that could help them to increase sales, gain new customers and good reviews.
Coming Up With Marketing Strategies
This is where the marketing team uses the information they collected during research analysis to pinpoint what needs improving. They need to come up with ways to improve and re-market whatever was not working.
Sometimes the product itself is not the problem, it is simply the way it was marketed. This is then analysed, and a new set of marketing strategies and campaign ideas is put forward to combat the poor sales and show the product in a better light.
Planning And Implementing Marketing Campaigns
This is using the strategies they came up with to create new marketing campaigns. The likelihood of success of the different campaign ideas are analysed, and the number of options is refined until they decide on the best one. Once they have done this, they create and implement this marketing campaign. Then the process restarts, and they must analyse the success of the new campaign and adjust accordingly.
What Are The 7 Ps In Marketing?
The seven Ps in marketing are:
- Physical evidence
These are the seven things that a marketing management team will refer to in order to ensure that every step is done thoroughly. This helps to secure the success of the marketing campaigns and the ease with which the team can adjust the campaigns according to results.
Product – is about finding the consumers’ opinions and satisfaction with the product
Price – is about making sure the product is making a profit and benefiting the business
Promotion – is about getting the word out about the product, advertising, and boosting sales
Place – is about knowing where your business should be, for example, a law firm should not be in a mall and a hair and beauty salon should not be in a business park
People – is about knowing your target market. Who is buying the products? Who is benefitting from the products? Who else the company could be targeting with the marketing campaigns?
Process – is about making certain all steps are completed. From research and market analysis all the way to implementing and monitoring the campaign
Physical evidence – is about finding out the success levels of the campaign by noting whether or not there was an increase in sales and an increase in consumer diversity
What Are The 4 Cs In Marketing?
The four Cs are a shortened, modern version of the seven Ps:
- Customer satisfaction
- Cost to satisfy/increase satisfaction
- Convenience to consumers
- Communication with consumers
Customer satisfaction – this is the research analysis, or “Product”
Cost to satisfy/increase satisfaction – this is about making certain the price is affordable for the consumers while still making a profit, or “Price”
Convenience to consumers – this is about making sure the business is in an accessible place for what the business is selling, or “Place”
Communication with consumers – is about knowing your audience, and knowing how to expand your range of consumers, or “People”
What Does A Marketing Manager Do?
This can vary widely depending on the size of the company. There are many roles and responsibilities within marketing management. If the business is small, there may be one marketing manager in charge of all of them. Such things include:
- Managing the company’s social media accounts
- Research collection and analysis
- Designing marketing campaigns
- Setting goals and objectives for the company’s marketing strategies
- Overseeing the marketing budget for the company
If the business is large, however, there will be a marketing management team of many people. This can then involve one person running the business’s social media accounts. While another team of three or four people is in charge of research and market analysis and a third team, responsible for campaign design.
All parts of the marketing management process are separated into different sets of responsibilities, and then each team will come together periodically to share the information they have and use that information.
For example, the team will meet and the research analysis team will present their findings. The campaign design team will then use the findings to either fix a current campaign that is not doing well or to adjust future campaign ideas.
What Is The Purpose Of Marketing Management?
There are many different purposes to marketing management, such as:
- Attracting potential consumers
- Satisfying current consumers
- Increasing sales and profits
Attracting Potential Consumers
This is part of the job of research analysis. This is where the company finds out:
- Which audiences do they sell the most to
- Which other audiences may be interested
- What niche audiences they could target their marketing towards
Satisfying Current Consumers
This is also to do with research analysis. If a product is not selling well, the company will need to find out why and fix it as efficiently as possible to keep their current customers satisfied.
Increasing sales and profits
This is so that the business can continue to grow and be successful. In the current competitive market, a business must continue to grow and expand in order to do well.
What Is The Difference Between Sales And Marketing?
Simply put, marketing is about knowing your current consumers, attracting potential consumers, and growing the business through awareness and reputation.
Sales is about turning potential consumers into current consumers and growing the business through sales.
Where Can I Study Marketing Management?
There are many reputable distance learning colleges that offer accredited NATED courses in Marketing Management, such as:
Their marketing management courses can be started with a Matric Certificate. In the past, you could apply for some NATED courses with a Matric Equivalent Certificate, but this is no longer the case. To apply for any NATED course, you must now have Matric.
The three levels of Marketing Management NATED courses are:
- Marketing Management: National Certificate N4
- Marketing Management: National Certificate N5
- Marketing Management: National Diploma N6
Is Marketing Management Hard To Learn?
Marketing management can be a tough career, but not because of the marketing itself. Learning marketing patterns and how to analyse research data can be incredibly easy, especially if you have a talent for it.
The difficulty is in the speed of the current market, new products being released so often, and new technologies that are better and faster becoming available almost daily.
However, once you learn how to keep up with these things, marketing management can be a very rewarding career.
Can I Study Marketing Management Without Matric?
Yes, you can study Marketing Management without Matric. Skills Academy offers provider programs in Marketing Management, which are short courses that provide you with the basic skills you will need to begin your career in Marketing Management. All you need is to be above the age of 16 and be able to read and write in English.
What Have We Learned?
Marketing Management is a very useful course. Marketing Management courses open up a wide variety of career opportunities. You can study accredited Marketing Management courses with Matric. You can study Marketing Management short courses without Matric.
Marketing Management plays a large role in the success of a company. A Marketing Manager has many responsibilities.
Author: Chloe Bydawell
Editor: Amy Venter
Date Published: May 20, 2022