What is the meaning and importance of marketing management?
A very crucial part of a business is marketing management. Marketing is the technique by which you influence the clients and increase the sales. This entire thing is done by the process of management which is basically a practical method and it includes everything- activities used for increasing the scopes of sales and tactics to be used.
The essential functions and importance of an effective management:
In order to create an effective strategy for management, it is important to understand your own business and the market in which you are operating. Below mentioned are some of the essential functions of a market management.
- Planning– A business organization usually starts with a proper planning. Without a plan, it is impossible to get the desired outcome. Planning requires the managers to access the environmental conditions of the firm and the future conditions. Once a complete analysis is made of the threats, competitive opportunities, strength and weaknesses, the manager will design a plan for your business accordingly. He makes a plan regarding where and by whom the marketing activities will be carried out to achieve the desired outcome and the goals. The marketing activities will include marketing strategies, formulation of marketing programs, and sales forecast.
- Organizing-Once you formulate the plan, it requires proper implementation. The organizing function of marketing management is to organize a structure and assignhuman resources to accomplish different activities of marketing like purchasing, selling, storage, transporting, pricing, packaging, promotion, sales etc. The organization will include structuring the market organization that will include the powers, responsibilities and the duties of the different members of the organization.
- Staffing– It is very crucial to appoint the talented employees to carry out the different marketing activities. The success of your business totally depends on this. In most of the big organizations, a separate personnel department is made just to make the appointments. Therefore it is important for a business to have skillful personnel for making the right appointments.
- Coordination– Coordination can be referred to as managing different marketing activities of an organization which includes product planning, sales forecasting, warehousing, transportation, storage etc.
- Directing the marketing activities– Different employees are being assigned different posts and departments to discharge the functions effectively. The employees work under his guidance and the manager supervises and motivates them so that they can perform their duties well under his guidance and leadership.
Importance and significance:
In this new technological world, a very crucial role is played by Marketing Management in business and commercial fields. It is a discipline which totally emphasizes on orientation of marketing, techniques and methods, and managing the resources and activities of the firm. The points mentioned below bring out the significance:
- Fulfilling the customer needs
- Increasing the market share of the business
- reduction in the sales and distribution costs
- increasing the manufacture of the prevailing products
- Raise the per capita income
- launching new products in the market
- providing full employment
The management has to play a very crucial role in directing the activities of the business in order to produce the desired outcome. All these significance and functions help in fulfilling the goals of the market.