Marketing management is one of the most important aspects of a business. The marketing management features and functions help organizations to grow holistically. It helps companies to properly utilize each of their operations and mould the products and service designs based on the customer’s needs and preferences.
There are a lot of things you should know about marketing management features, as it will help you implement all the necessary aspects in your company. In this article, we have mentioned all the functions and features of marketing management.
Without any delay, let’s begin the guide !!
What is Marketing Management?
Marketing management refers to the plans and actions taken to promote your company. It includes the utilization of various marketing tools and strategies to meet the needs and preferences of the customers. Marketing managers or professionals utilize different marketing tricks and tactics to promote the business products and services.
Marketing management features various types of strategies to attract new customers and retain the existing ones. In this process, you have to cater to the 4Ps of marketing. It includes Place, Product, Price, and Promotion. Marketing managers or professionals have to focus on these 4Ps based on the customers’ demand. It helps you to survive and grow your business.
Marketing Management Description
Marketing management refers to planning, executing, and supervising the organization’s marketing efforts. As per the marketing management description, you must develop products, pricing, promotion, and distribution to achieve the company’s goals and maintain the customer’s preferences. It also lets you focus on customer relationship management, market trends, customer behavior patterns, and competitors. Therefore, marketing management is a term that can help you uplift your company by satisfying the customers.
Functions of Marketing Management
Here are the certain main functions of marketing management:
1. Marketing Research
Marketing research refers to analyzing and observing the market audience. It helps companies to gather adequate, reliable, and timely information about the market. In market research, you have to thoroughly study current market conditions and figure out the needs & preferences of your customers. This research allows you to create and design products based on the core needs and preferences of customers.
2. Buying & Selling
The core function of marketing management is the buying and selling of products and services. In the purchases, you have to take care of the purchase quality and pricing based on the market requirements. Every organization’s core function is to sell the products and services they make. Therefore, marketing management features various campaigns and methods to sell products/services and generate more sales.
3. Storage
Sometimes, companies have to store a heavy amount of products in their inventories and warehouses. They also must ensure the safety and purity of the products. Some products need to be kept at specific temperatures for the longer or required life of the products. Here, the marketing management team carries all these products storage and avail them as per the selling needs and requirements.
4. Financing
Financing is also one of the crucial functions of marketing management. Because these marketing managers calculate and create a required budget for the company. It allows them to run various campaigns, hunt leads, and convert them into final potential customers. In simple words, marketing management professionals set the practically required budget for the whole customer journey.
5. Product Development
It is one of the main functions of marketing management professionals to research the products. They screen and develop new and existing products regularly to maintain the market demand. Sometimes, it is even required to stop selling and manufacturing specific products. It is important for the survival and growth of a business.
6. Promotions
Any product can not be sold if not marketed and publicized correctly. It is the duty of the marketing managers to make the people aware of their company’s products. There are various platforms to promote the products and spread brand awareness. For example, Facebook, Instagram, Pinterest, Twitter and others.
7. Assess, Evaluate, and Control
Marketing managers have a core responsibility to assess, evaluate, and control marketing efforts on time. It allows the company to identify any possible mistake or drawback in the marketing process or campaign. When any drawback is spotted, managers come up with the required solutions to increase the efficiency of marketing outputs.
8. Standardize and Grade
As the name sounds, standardization and grading indicate setting up certain standard requirements for the products. In simple words, managers have to set up standard criteria for product development. Thus, a product should be up to the mark of those standard criteria. In the standardization process, managers have to select the ideal size, shape, design, color, and other properties of the product. While grading means storing the products in certain levels of grades or classes.
9. Distribution
It refers to the process of delivering the goods or services from the manufacturers to the customers. This is really an essential function of marketing management professionals. Because it is about providing goods and services to the main customers.
10. Customer Support Service
Customer support service plays a key role in the success of any company. Here, marketing management features this service and allows the company’s customer services to be managed by the marketing team. This service involves various functions. It includes after-sales service, complaints handling, and other facilities.
Features of Marketing Management
1. Customer Focused
Every business makes up its brands according to the customer’s demands and preferences. Similarly, all of their marketing efforts are also in the direction of customers. Companies have to figure out the needs and wants of the customers and set up their goals and objectives accordingly. This marketing management feature helps you convert new and existing customers into loyal ones.
2. Planning and Execution
The foremost marketing management features are the planning and execution of new ideas and strategies. These strategies should help businesses to create, design, and innovate the latest products and services. All the planning and execution should be based on the changing demand, interest, and market behavior.
3. Company’s Goals and Objectives
A company maintains all the marketing management features as their main goals and objectives. In this process, companies focus on maximizing their sales and profit margins. Moreover, you have to address all the changing demands and desires of the customers.
4. Marketing Mix
The 4Ps of marketing are one of a company’s essential marketing management features. In the marketing mix, managers have to focus on price, place, promotion, and product related to your company. Here, the company focuses on various things. It includes trade factors, consumer behavior, competitors, and other regulatory measures.
5. Brand Endorsement and Interactions
Every business’s primary goal is to increase overall sales and revenue. Here, marketing management features the endorsement and interaction of your products and services with the ideal influencers. In this way, you will make people aware of your products. This also helps them to know the benefits of your products. Therefore, more customers buy your products.
6. Managerial Processes
As the name suggests, marketing management features various management-related activities in the company. In this process, you have to plan, organize, direct, forecast, coordinate, and manage all the business activities. It helps your company to grow holistically.
7. Commercial and Non-Commercial Organizations
The concept of societal marketing is widely spreading in the world. Many businesses are adopting this method. It allows them to build long-term relations with their customers. In fact, social organizations like hospitals, institutions, and charity trusts also understand the importance of marketing management features. Thus, they are also applying marketing in their business model.
Wrap Up
These are the main marketing management features and functions. If you properly implement all the mentioned features and functions in your business, then you can skyrocket your business within a certain period of time. We hope this article helps you know everything about marketing management features and functions.