Marketing management deals with the marketing techniques and management of the resources available to a company. There are various functions of marketing management but generally it is believed that functions of marketing management are the subset of all of the functions of marketing department. The first function of marketing management is the research and analysis. Secondly, it helps the company in setting the marketing targets. Thirdly, it deals with setting the marketing strategy. Fourthly, marketing management helps the marketers to develop the marketing mix and finally it assists in controlling the marketing of the products and services. Therefore, marketing management is more specific and narrow as compare to the overall marketing.
Marketing management is a part of organization which manages the firms’ product or services marketing with the help of different marketing techniques. This will boost the firms’ profit. Marketing managers roles and functions varies with respect to firms’ culture and its size. It also depends upon the market size. If the company is all alone and no big competitor is present in the market then the company doesn’t need extensive marketing plan. The main functions of marketing manager are:
-Market Analysis and forecasting i.e., marketing research. -Product development and design. -Advertising and sales promotion. -Influencing the demand design etc. -Method of payment and credit. -Service distribution after sales, service etc.
A marketing manager is basically in charge of the 5Ps including: Product: Manager ensures that the target customer’s needs are properly met with the product design, services, brand and so on. Second P is Pricing; in this marketing manager set the prices of the product which are easily acceptable by potential customer like increase or decrease price, give discounts and so on. The third P is known as Packaging; In this marketing manager refresh the product packaging, might be because of creating new image in the mind of customers. Forth one is Place; It is marketing manager job to choose retail partners, oversee distribution of product etc by analyzing the market thoroughly with respect to the products/services which they are selling. The fifth and the very important P is Promotion; which is marketing manager's main job. In this his main job is to create campaigns, work out media mix, engage advertising firms etc to create brand image and attract more potential customer towards the product. This promotion P is the most important one as compared to other P's because heavy profits/outcome depends upon this P.
The application of the marketing techniques and the management of the resources available to a company, is known as marketing management. Marketing management is responsible for affecting the level of demand in the market. This expands the scope of marketing management. Marketing management deals with all departments of the company because it is the combination of marketing techniques and resources which the company has to manage. For example, in Finance it is important for the determination of pricing strategies.
There are various functions of marketing management. The very important function is that it provides the ways through which marketing research and analysis can be carried out for a product or a service. Marketing management is also important in determining the appropriate marketing strategy for a company. Marketing mix is an important part of product marketing, therefore, marketing management also helps to implement the marketing plan. Marketing management also gives the cross-functional leadership qualities to the managers which is very necessary for a successful business. Moreover, marketing management also helps in the use of organizational control systems like forecasts. This shows that functions of marketing managers are very diversified.
