What is Marketing Management & Its Function?

Marketing management means all process that included in marketing activities, which is planning and executing the conception of pricing, promotion, and distribution of a product. A good marketing is triggered by very careful planning and implementation of the most up-to-date methods and tactics. It becomes both art and science since marketers make an effort to find innovative ways to fix the complex problems among the extreme changes in the 21st century marketing environment. Marketing management concerned with the practical applying of marketing techniques and the utilization of the resources and activities to fulfill its task to achieve the company goals.

The process of marketing management

Marketing management cannot be separated from a good strategy planning in order to achieve the desired result. A good marketing strategy always consists of four major things as explained below.

Segmenting – It means dividing the whole market to a smaller segment. Segmentation may based on the geographic criteria such as nation, states, regions, etc. Market segmentation can be based on the demographic variables too; for example: age, gender, religion, income, etc. It also doesn’t rule out the possibility to make a market segmentation based on psychological condition of the customer such as lifestyle, personality, behavior, etc.

Targeting – The market segmentation is not done without a purpose. After dividing the market into a smaller area, the marketing have to be focus only on some specific areas. Choose the market segment that responds positively to the product. By focusing on specific target marketing, it will open the opportunity to become the market leader on that segment. After one segment is successfully “occupied”, it will be easier to “occupy” the other segments and possibly the whole market.

Positioning – After the target marketing is decided, the next step is creating an identity of the product to the customers mind. Every segment has different characteristic so it’s important to analyze each of them thoroughly. Position the product in such ways that made customer realize that it suits to what they want and feel the needs to purchase it.

Differentiating – A competitor may have chosen the same target marketing. So the last step is to create the uniqueness of the product that sets it apart from competitors and offer the customer with the advantages that they can’t have from competitor products.

Marketing management function

Marketing management is vital in every aspect. Even if you have the most innovative product that can change the world, it will be no use if you can’t market it. Therefore, the role of marketing management is to help in planning and implementing the strategy to publish your product, and market them in the right place to provide income for your company.