Marketing Management?

Marketing management is centered on creating, planning, and implementing strategies that will
help achieve wider business objectives. These business objectives can involve increasing brand
awareness, boosting profits, or entering previously untapped markets. When we begin to
consider the field of marketing management, it’s important to look to marketing experts Philip
Kotler and Kevin Lane Keller, who, in their book “Marketing Management," offer a standard
marketing management definition as “the development, design, and implementation of marketing
programs, processes, and activities that recognize the breadth and interdependencies of the
business environment.”

These professionals need to study their customers, have a deep understanding of the methods and
strategies that retain and delight them, and be active in measuring achievements and optimizing
internal processes.

In essence, the right marketing management processes should elevate a brand, establish a
strategic marketing vision for an organization, and coordinate resources to get it all done.

What are the different marketing management types?

Marketing management spans a wide range of methods, strategies, and processes, which need to
be coordinated effectively to ensure success. These are just some of the marketing management
types that, when weaved together into a marketing management strategy, raise awareness of and
generate ROI for your brand:

• Marketing strategy: Your organization’s plan for reaching prospects and converting
them into customers

• Business development: Strategic initiatives such as mergers and acquisitions, business

transformation, and entering new markets

• Brand management: Techniques to increase the perceived value of a brand over time

• Product development: The process of bringing a new product to market

 • International marketing: Managing international distribution channels

• Media relations: Engaging with media and influencers to spread the word about your
organization

• Customer marketing: Managing the customer experience to improve satisfaction and

reduce churn

• Marketing operations: Managing marketing processes, technology, and data

• Sales: Generating leads, developing opportunities, and closing deals.

What are processes of marketing management?

Managers can use these processes to optimize marketing efforts from all angles. Some common
marketing management processes include:

• Market and customer analysis: This marketing management process is all about
understanding your organization’s current market position and analyzing consumer
behavior.

• Development of strategy, goals, and objectives: Where does a business want to go?
How does it plan to get there? After market and customer analysis, strategy will map the
way forward.

• Product development: Marketing managers play a crucial role in product development.

When it comes to articulating the benefits of a product, these professionals help craft
poignant, on-brand messaging.

• Marketing program implementation: Once promising programs and campaigns have

been identified, it’s time to deploy the right resources to launch them.

• Monitoring and control: Analyzing the success of marketing programs and activities is
a crucial process. It informs how future activities will be planned and implemented.
Marketing strategy implemented?
A marketing management strategy is implemented using a variety of methods, tools, and
resources.

Activities of marketing management

To achieve these goals, a marketing management strategy must consist of a wide range of
marketing channel management activities related to price, product, place, and promotion. This is
widely referred to as the marketing mix. The job of the marketing manager is to adjust each of
these elements in order to maximize sales and ROI.

The activities of marketing management fall into the following categories:

• Price: Price is the monetary value placed on a product. It depends on production costs,
the segment of customers targeted, and their ability to pay for the product, as well as
demand for the product.

• Product: The product on the market needs to be optimized with target customers in mind
for the remainder of the marketing mix to achieve the overall goal.

• Place: In marketing management, place refers to both the general and exact locations
customers are able to purchase a product. This involves making choices about online or
brick-and-mortar availability, as well as the specific locations therein.

• Promotion: Finally, activities such as various advertising channels, direct marketing,

press releases, and even incentives can all be utilized to promote the product once it has
been optimized and produced.
What is the extended marketing mix?

The extended marketing mix is an extension of the above-outlined marketing mix. It looks
specifically at service businesses, rather than physical products. Marketing management
professionals can adjust these seven levers in order to optimize campaign success. In addition to
price, product, place, and promotion, the extended marketing mix also includes the following:
 • People: In businesses that deliver a service, employees are a critical component, and the
amount of training or remuneration they receive is a component of the marketing mix.

• Process: Service industries rely on a set of processes to ensure customers receive a

quality result, and processes can be tightened in order to maximize productivity and
efficiency.

• Physical evidence: In service situations, for example, a hair salon, the physical location
can be optimized for the customer’s experience in order to encourage better word-of-
mouth marketing.

Philosophies of marketing management

• Production concept: Prioritizes production efficiency

• Product concept: Prioritizes the quality of the product(s)

• Selling concept: Prioritizes customer satisfaction

• Marketing concept: Prioritizes profits through customer satisfaction

• Societal concept: Prioritizes the societal impact of marketing activities

These concepts help marketing managers develop strategies and refine their approaches. They
also dictate monitoring methods as each concept will have unique benchmarks and indicators of
success.

Marketing Management roles:

Here are five examples of specialized marketing management roles:

• Digital marketing manager: A digital marketing manager develops, implements, and

manages online marketing campaigns designed to promote a company’s products and
services, and enhance its brand.
 • Product marketing manager: A product marketing manager devises marketing plans to
communicate features and benefits of new products to customers, delving into the market
research on product trends and serving as the voice of the customer within the company
to ensure products are designed to suit customer needs.

• Brand marketing manager: A brand marketing manager ensures that brand messaging
and imagery is utilized consistently across the company and plans ways to increase brand
recognition in the market.

• Content marketing manager: A content marketing manager focuses on creating

effective, valuable, and consistent content that highlights a company’s products or
services to potential customers.

• Social media marketing manager: A social media marketing manager works

specifically on optimizing social media communication and interactions for the company,
including, but not limited to Facebook, Twitter, and Instagram.

• Marketing campaign manager: A marketing campaign manager is responsible for the

life cycle of a marketing campaign. They work closely with other departments, including
sales, to execute campaigns and compile reports on their effectiveness.

Marketing Functions: There are seven widely accepted marketing functions that contribute to
the overall work of marketers. These functions are:

• Promotion
• Selling
• Product management
• Pricing
• Marketing information management
• Financing
• Distribution
1. Promotion:
Email marketing
Social media advertisements
Public relations
Digital or print advertising
Content marketing
Brand partnerships
Influencer marketing
Events

2. Selling:
Set goals and meet them
Take the initiative
Ask questions to identify customers' expectations
Manage your time
Be sincere
Prepare in advance
Educate customers
Use your colleagues as resources
Ask for feedback

3. Product management:
Analyzing competitors
Communicating with customers
Implementing feedback
Conducting market research
Coordinating with other departments
4. Pricing:
Pricing analyst
Product engineer
Manufacturing specialist
Market research analyst
Accounting manager

5. Marketing information management:

Surveys
Online reviews
Social media engagements
Market research reports

6. Financing:
Procurement of funds
Utilization of funds
Analyzing operations
Developing financial strategies
Market research
Advertising
Delivery
Feedback

7. Distribution:
Online stores
Catalogs or magazines
Sales calls
Retail stores
Wholesalers

Market segmentation:
Market segmentation is a process that consists of sectioning the target market into smaller groups
that share similar characteristics, such as age, income, personality traits, behavior, interests,
needs or location.
These segments can be used to optimize products, marketing, advertising and sales efforts.
Segmentation allows brands to create strategies for different types of consumers, depending on
how they perceive the overall value of certain products and services. In this way they can
introduce a more personalized message with the certainty that it will be received successfully.

Types of Market Segmentation:

1. Demographic Segmentation:

2. Behavioral Segmentation:
3. Geographic Segmentation:

4. Psychographic Segmentation:
Marketing Research:

Distribution Channel:
Sales promotion definition:

A sales promotion is a marketing strategy in which a business uses a temporary campaign or

offer to increase interest or demand in its product or service.

There are many reasons why a business may choose to use a sales promotion (or ‘promo’), but
the primary reason is to boost sales. Sales boosts may be needed to reach a quota as a deadline
approaches, or to raise awareness of a new product.

Types of sales promotion:

1. Competitions and challenges
2. Product bundles
3. Flash sales
4. Free trials
5. Free shipping and/or transfers
6. Free products
7. Early-bird or first-purchaser specials
8. BOGO specials: buy one, get one free
9. Coupons and vouchers
10. Upsell specials
11. Subscriptions
12. Donations

Product Pricing:
Pricing is the process whereby a business sets the price at which it will sell its products and
services, and may be part of the business's marketing plan. In setting prices, the business will
take into account the price at which it could acquire the goods, the manufacturing cost, the
marketplace, competition, market condition, brand, and quality of product.

Operations-oriented pricing: where the objective is to optimize productive capacity, to

achieve operational efficiencies or to match supply and demand through varying prices.
In some cases, prices might be set to de-market.
Revenue-oriented pricing: (also known as profit-oriented pricing or cost-based pricing)
- where the marketer seeks to maximize the profits (i.e., the surplus income over costs) or
simply to cover costs and break even. For example, dynamic pricing (also known as yield
management) is a form of revenue oriented pricing.

Customer-oriented pricing: where the objective is to maximize the number of

customers; encourage cross-selling opportunities or to recognize different levels in the
customer's ability to pay.

Value-based pricing: (also known as image-based pricing) occurs where the company
uses prices to signal market value or associates price with the desired value position in
the mind of the buyer. The aim of value-based pricing is to reinforce the overall
positioning strategy e.g. premium pricing posture to pursue or maintain a luxury image.

Relationship-oriented pricing: where the marketer sets prices in order to build or

maintain relationships with existing or potential customers.

Socially-oriented pricing: Where the objective is to encourage or discourage specific

social attitudes and behaviours. e.g. high tariffs on tobacco to discourage smoking.

Optional pricing: Where the objective is to allow consumer to have an option on their
purchase. e.g. buying a car optional to have CD player