What is Marketing Management? How a Marketing manager can succeed to achieve better results?
Production and marketing are the two basic functions performed by all the organisations to satisfy their commitments to their stakeholders - the owners, the customers and the society at large.
Going by the order What is Production?
The processes and methods used to transform tangible inputs (raw materials and semi finished goods) and intangible inputs ( ideas, information and knowledge) to goods and services.
What is Marketing?
According to American Marketing Association, "Marketing is an organisational function and a set of processes for creating, communicating and delivering value to customers and for managing customer relationships in ways that benefit the organisation and its stakeholders.
It is comprised of 4P's called as Marketing Mix
Now to manage these 4p's to serve the purpose, the term was given as Marketing Management
What is Management?
According to Harold Koontz, "Management is the art of getting things done through and with people in formally organised groups
What is Marketing Management?
According to Philip Kotler, "Marketing Management is the analysis, planning, implementation and control of programmes designed to bring about desired exchanges with target audiences for the purpose of personal and of mutual gain. It relies heavily on the adoption and coordination of product, price, promotion and place for achieving responses.".
Marketing management has gained acceptance and importance to meet increasing competition and the need for improved methods of distribution to reduce cost and to increase profits. Marketing management nowadays is the most important activity to be performed in a commercial and business enterprise.
To help marketing managers succeed, following point should be kept in mind:
- Ensure Your Marketing Team has Access to the Best Content:Companies are creating more and more content.. The high volume of content being stored now means marketing teams are finding it difficult to find relevant files and folders. It is estimated that knowledge workers spend6.5to8.8 hours per weeksearching for information. For your marketing team to succeed it is important that you eliminate this inefficiency.
- Define What Makes a Lead: Marketing management should meet with their counterparts in sales to create and agreed upon definition of a lead as to what exactly is considered as lead or prospect buyer by the company. Post the agreed upon definition somewhere like a company wikipedia to add visibility.
- Guide them through conversions: guide your team on how exactly a lead would be converted into a buyer, identifying lead alone would not meet the purpose.
- Keep your team motivated: Motivation is very important for your team to gain success, and if your team is demotivated then conversion of leads will not take place as a result this would be a complete failure of marketing management of the company.
- Identify the reasons for failure: Not everytime and every plan would work but important is to identify the reasons behind the failure of a marketing plan and make sure that reasons are defeated and do not reoccur.
- Be a part of it throughout: Don't just be a boss instead be a part of every success and failure of the team. Just commanding wont help sometimes manager needs to be a part of it to achieve maximum results.