Marketing management is the strategic managerial discipline that focuses on the practical implementation of marketing orientation, methods and strategies in organizations and enterprises and on the financial management of a company’s marketing assets and actions. It is a key managerial activity that involves long-term planning, strategies, systems and creative leadership. The discipline is usually concerned with financial issues (budgeting, financing, managing resources, cost control, allocation, scheduling, and purchasing). In addition, marketing management also involves decision-making, the analysis of current marketing issues, and the solution of complex problems by synthesizing various approaches.
Marketing management seeks to gain competitive advantage by utilizing the best available tools and by improving service quality, offering better service, developing new customers, reducing costs, and increasing productivity. Marketing management thus involves strategic management of the processes of marketing itself, including research, development, testing, and evaluation of new products, services, and models. It also involves the strategic management of advertising and promotions. It also involves goals and objectives of the company, as reflected in the business plan. The marketing strategy should be flexible enough to adjust to changing market conditions, circumstances, and consumer demand.
A marketing mix is a blend of technologies, methods, and human skills. Marketing mix involves the components of the promotion mix as defined by the target market. It is usually comprised of the following elements: the message, the marketing approach, the consumer, and the resources. Marketing messages are the key benefits or selling points of products and services offered by a company.
Marketing objectives are the underlying principles, strategies, and goals of marketing management. Marketing objectives are intended to affect the target markets. Marketing programs are the structure, content, and sequence of actions that are used to reach target markets. Marketing programs must be designed and developed in such a way as to take full advantage of available technological advances.
The promotion process is the sales technique employed to reach the target markets. The marketing manager must determine and then design a comprehensive marketing management plan. The promotion program is the specific activities that are carried out in an effective manner to make maximum sales for a company. These activities include various kinds of media advertisements, magazine promotions, promotional events, product promotions, and mailing or telephone campaigns.
Marketing objectives are crucial to the success of a company’s business. Marketing objectives are the key goals of marketing management. They include the achievement of financial objectives, market penetration objectives, and the achievement of organizational objectives. Marketing managers are required to assess the status of the marketing programs, to identify the advertising methods that will be adopted, and to determine the most appropriate social media marketing programs to attract customers. In addition, marketing management is required to monitor the results of these programs.