Understanding Marketing Management with TallyDekho

Hey there! TallyDekho is here to acknowledge its valuable readers the concept of marketing management and how it can be a business thriving tool for your organization. In this article, we’ll discuss what marketing management is all about, the marketing mix and its role in making the business successful.

In a business organization, there are a number of business activities; right from planning to organizing, directing and controlling, every single activity has its own role. There is one more important managerial function, marketing management that too holds a significant place. So, let us understand first what is marketing management.

The term ‘management’ refers to the process of getting things done from others in an organized and efficient way. Therefore, marketing management aims at the efficient and organized accomplishment of marketing operations. The basic objective of marketing management is to make the exchange process of goods and services from seller to buyer easier and smooth.

Characteristics of Marketing Management

Marketing management is not related to the marketing of goods and services only; also there are many other key functions that make marketing management a vast area of study. Let’s discuss its characteristics in brief:

Production planning

Every business function starts with planning but in today’s era where the consumer is the king of the market, a detailed study of the market and the target customer area becomes very important. It helps in planning the production process as per the market scenario.

Research and development

It is another important aspect of marketing management. The scope of marketing is not limited to just promoting goods and services, actually, it is more than that. Marketing management involves research of consumers’ taste and preferences, market competition, pricing, and further possible developments.

Introducing innovation to the product

Every business to rise above has to innovate its products and services time-to-time as innovation is the key to maintain market stability and win a competitive edge at the same time over others. Therefore, innovation is an important part of marketing management.

Advertisement and promotion

A product or service produced has to be marketed well for creating consumer demand and therefore, advertisement and promotion play a very vital role in this.

Selling & distribution

It implies the setting up of an ideal channel of distribution. No consumer will go and purchase a good from an outlet that is too far. Establishing a suitable distribution outlet is equally important for promoting the good.

Building customer relationship

Building customer relationships is another important aspect of marketing management. Every customer you serve will either continue shopping for your products or else he will go for some other substitute. So, building customer relations is also important.

After-sales service

The marketing management takes an extra step including selling and promoting, i.e, after-sales service. A business will retain its customers if it serves them well. Therefore, after-sales is as important as advertising and selling function.

7 Ps of marketing management

Let’s get to the interesting part of marketing management. The entire marketing function revolves around the tactics that are used by a company to promote its product in the target market, generally referred to as the marketing mix. Therefore, the marketing mix comprises 7 Ps that are tied with the complete marketing strategy of any business concern. They are:

• Process

Marketing management is the process of getting marketing activities done according to the business needs and market scenario. This is the first P of the market mix.

• Product

The next comes product. Every operation performed in the business revolves around the product as the product is the ultimate key that will either make the business blossom or fail.

• Place

The next P is the place. Place implies the market segment where the product produced has to be marketed and sold. Consequently, the strategy is laid according to the place where the product will be sold.

• People

The next comes People. It is necessary to recognize the type of people to whom the produced goods are to be sold. The taste and preferences of the people are analyzed and then the further process goes.

• Physical Environment

The physical environment means the technological, economic, legal and social environment. A thorough study of the business environment is important before initializing the marketing process.

• Promotion

Yes, the best product also needs promotion and advertisement. This is also an important aspect of the marketing mix.

• Price

Price is the game-changer for every business. The management has to analyze the various products available in the market and set the price of its product accordingly.

Process of marketing management

In every managerial function, the process plays an integral part. Every marketing effort goes wrong if the process isn’t laid accurately. Well, no strategy fits perfectly, but an ideally executed process can really help in attaining the set objectives. In the above diagram, the perfect flow of the marketing process has been shown. Let’s discuss each point in brief:

Framing Mission

The first step in the marketing management process is the framing of the mission. It implies deciding the product and its type, other resources and setting up the ultimate objectives.

Conducting Situational Analysis

After setting up the goals, the manager conducts situational analysis, wherein he tests the various aspects of product marketing in different market situations.

Executing Marketing Strategy

After conducting a situational analysis, the marketing strategy is executed in small segments to check if the situational analysis is done accurately or not.

Marketing Mix

Now comes, the most crucial part of marketing management, i.e, marketing mix. It refers to the tactics used to promote the goods and services and frame a favorable marketing atmosphere. The 7 Ps are discussed above that helps the manager to frame everything accordingly.

Implementation

After all the in-depth research, analysis and execution, the prepared strategy is implemented. Here a corner is kept in the plan as in case any market fluctuations arise, the required measures have to be taken.

Control & Follow up

The process doesn’t end here. Regular follow up is required and also if any deviations are seen from what was planned, then needed measures are implemented to fix the things in place.

It is pretty clear that marketing management holds a very crucial place in establishing the foundation of a successful business. However, apart from discussed aspects, there are several other important functions like controlling marketing activities, consumer awareness, fostering consumer-focused markets, etc, which make marketing one of the most important weapons for giving new heights to your business. As a business analyst, you just need to put on a perfect marketing strategy and this can be done with a dedicated analysis of the business needs and overall objectives in detail. Stay connected for more interesting articles. Feel free to share your feedback.