An Introduction to Marketing Management

Being an effective marketing leader is more complicated than it sounds. Talk to any marketing management professional, and they'll tell you their job is equal parts strategy, planning, execution, and analysis. It's easy to see why. Marketing professionals with a documented strategy are 313% more likely to be successful than their peers who do not have a documented strategy.

 

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So, what is the role of marketing management in the broader business context, and how does it help organizations plan for the future, understand their customers, improve internal processes, and create valuable products and services? Explore all this and much more in our Marketing Management Guide.

What is Marketing Management?

Marketing management focuses on creating, planning and implementing strategies that will help achieve broad business objectives—for example, increasing brand awareness, increasing profits or entering previously untapped markets maybe some of these business objectives. When we consider marketing management, it is essential to look to marketing experts Philip Kotler and Kevin Lane Keller, who, in their book "Marketing Management", define standard marketing management as "development, design and implementation".

Why is Marketing Management Important?

Marketing management is essential because reaching and connecting with potential customers is a critical component of business strategy. You can spend years getting the product ready to launch, but without marketing management, you will inevitably hit many stumbling blocks.

Initially, marketing management ensures you understand what your customer wants, down to the colourway and packaging. Without it, you may find that your product doesn't even appeal to customers.

After spending a lot of time preparing your product or service for release, the right marketing management processes ensure that it reaches the ideal potential customer base through the right channels at the right time. As a result, marketing management can take your business from average to profitable. This can be accomplished when a marketing management team can analyze customer profiles and market share ahead of time and examine campaign results, team performance, ROI and costs after project completion.

What are the Different Types of Marketing Management?

Marketing management spans various methods, strategies and processes that must be effectively coordinated to ensure success. These are just some of the marketing management types that, when woven together into a marketing management strategy, increase awareness 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 entry into new markets

Brand Management: Techniques for Increasing the Perceived Value of a Brand Over Time

Product development: bringing a new product to market

International Marketing: Managing International Distribution Channels

What are the processes of marketing management?

Through these processes, managers can optimize marketing efforts from every angle. Some common marketing management processes include:

Market and Customer Analysis: This marketing management process is about understanding your organization's current market position and analyzing consumer behaviour.

Developing Strategy, Goals and Objectives: Where Does a Business Want to Go? How do you plan to get there? After aftermarket and customer analysis, the strategy will decide the way forward.

Product Development: Marketing managers play an essential role in product development. These professionals help deliver poignant messaging on the brand when it comes to conveying the benefits of a product.