Marketing management – The key to a company’s success lies in the performance of marketing management. Its important role in a company can help the company gain unexpected profits.
Basically, the task of marketing management is to analyze, plan, implement, supervise, and also control marketing activities in order to achieve the company’s targets.
Very important, right? Learn more about the functions, goals, and examples of implementing marketing management concepts for your company below.
Definition of Marketing Management
Definitively, the definition of marketing management is a process carried out to determine, analyze the marketing process, to fulfill the marketing goal plan for the company.
Marketing management plays an important role in the smooth marketing process of a company’s products or services. They will help you analyze and organize the marketing process of the company’s products or services.
In a company, marketing management also plays a role in conducting analysis and measurements related to the marketing process strategies carried out by the company.
In the digital era like today, the concept of marketing management has certainly changed. This will certainly be related to the success of a company in marketing its products to the wider community.
Marketing Management Concept in the Digital Era
In the business world, changes and trends are natural. Of course, you have to follow every development that occurs so as not to be left behind by other competitors.
This is where the role of marketing management is needed to create marketing strategies according to market developments and the times . The goal is for the company to be able to survive and compete with other competitors.
Here are some marketing management concepts in the digital era that you need to know:
1. Production
The first marketing management concept is production. This means that the company must try to reduce production costs as much as possible in the hope of getting a lot of profit.
This first concept is claimed to be able to convince customers that the availability and affordability of products can be obtained quickly, easily, and anytime. The marketing management strategy that can be done is efficient product distribution and production.
2. Products
The second thing that is the concept of marketing management is the product. Unlike the concept of production, in this concept the company will focus on the products made. This means that you must be able to provide the best products for customers.
This concept is based on the belief that in order to convince customers to buy a marketed product, it must provide the best quality. Of course, this also changes the company’s focus to innovate products from time to time.
3. Sales
The next marketing management concept is sales. In this case, the company believes that with an attractive sales system it can attract customers and convince them to buy the products being sold.
Marketing management strategies that can be done are by giving discounts to customers. However, it should be remembered that, not always an attractive sales system can persuade customers to buy the products being sold.
4. Marketing
Marketing is one of the marketing management concepts. In this concept, the marketing division and the company will focus on the target market, what the market needs, what the customers want.
This marketing concept is based on the belief that what customers need and want is the company’s main goal in order to compete and provide greater satisfaction than competitors.
5. Social
Another marketing management concept is social. The main focus of this concept is on the social impact that occurs. This means that the company believes that customers who are satisfied with a product or service will have a positive impact on others.
In other words, this concept tries to include what is of interest to the public in the marketing concept so that customer satisfaction has a positive impact. This marketing management concept tries to introduce an element of conscience into every marketing activity.
Marketing Management Objectives
Basically, the goal of marketing management is to gain customer trust in the products or services being marketed. However, there are several other goals that make the marketing division one of the keys to a company’s success.
Here are some marketing management goals for companies that you need to know:
1. Maximize Sales
The first goal of marketing management is to maximize sales. This means that the company’s marketing division must think about how each sale of a product or service can give a positive impression to customers.
Basically, the goal of marketing management is to invite customers to buy or use products or services that are marketed sustainably. So that later maximum and optimal sales will be achieved.
2. Attract New Customers
Not only to provide or create customer trust, the goal of marketing management is also to attract potential new customers.
Usually the marketing management strategy carried out is to promote products or services through advertising, campaigns and other promotional activities.
3. Fulfill Customer Satisfaction
Did you know that your company can be said to be successful when the products or services offered can satisfy customers? The goal of marketing management is to analyze customer satisfaction and find out what they need. Then apply it to the products or services being marketed.
4. Developing Market Share
Another goal of marketing management is to develop market share. Therefore, the marketing division must be aware of every positive product development in the market. The goal is for the marketed product to occupy the top and strongest position in the competitive market.
Marketing Management Functions for Companies
In this digital and global era, industrial competition is getting tighter and fiercer. The role of corporate management is very much needed by every company to be able to know the conditions in the competitive market.
In addition, through marketing management, companies can find out what actions need to be taken in order to formulate and implement the right marketing management strategy.
More about the marketing management function for companies is as follows:
1. Introducing New Products
The first function of marketing management is to introduce new products to the wider community. In this case, the company can understand what customers really need.
Not only that, the task of marketing management is also to reach potential and profitable customers for the company, improve product quality, and think about how to save time and costs by using existing resources.
2. Drive Sales
One of the functions of marketing management is to drive sales. This means that if your company has effective marketing management, it can help provide opportunities to increase sales figures and services provided.
3. Giving Ideas
Providing many ideas for the continuity of the company is also one of the functions of marketing management. Along with the development of industry trends, the marketing division must be able to provide many ideas to support the continuity of the company.
It is the task of marketing management to be able to see and analyze existing market competition. So that the company can understand what the customer needs even though they continue to change.
4. Decision Making
Did you know that marketing management can help you make the right decisions? This is because the function of marketing management is to provide the right information and insights.
So you can know what steps to take, what kind of products customers need, and which products or services need quality improvements for customers.
5. Improve Company Reputation
Another function of marketing management is to improve the company’s reputation. If your company’s marketing division can work well, precisely, and effectively, then it can provide positive results. Of course, this has an impact on the company’s reputation.
Marketing Management Strategy
As mentioned earlier, marketing management is one of the keys to a company’s success. Therefore, a proper and quality marketing management strategy is needed to achieve the company’s targets.
Here are some marketing management strategies that you can do:
1. Determine KPI
The first marketing management strategy is to determine KPIs. The goal is for the marketing division to provide effective and satisfying results. You can determine KPIs that are transparent, measurable, and of course appropriate to do.
2. Identifying Target Market
The next marketing management strategy is to identify the company’s target market. This is one of the marketing management tasks that should not be ignored so that the marketing activities carried out can be right on target and provide the desired results.
3. Data Analysis
Conducting data analysis is also one of the important marketing management strategies. There are many tools that can be used to conduct this data analysis. The task of marketing management is to process data into information that can be used for subsequent marketing activities.
4. Develop a Plan
Marketing management strategy is not an easy thing to do. It takes time, commitment, and consistency for the strategy to run effectively. Therefore, the task of marketing management is to develop the plan that has been made.
5. Monitoring Trend Changes
Another marketing management strategy that you can do is to monitor the latest changes in industry trends. So that the marketing activities you do can always be up to date and can provide many fresh ideas to be implemented.