Process of Marketing Management : 7 Steps

What is Marketing Management?

Marketing Management is defined as a process by which organisations oversee and coordinate various marketing efforts and the individuals involved, including managers, professionals, and contractors. These efforts typically involve setting goals, conducting market research, creating campaigns, identifying target audiences, and managing content across multiple channels and mediums. Ultimately, effective marketing management requires the successful execution of strategies and plans.

Geeky Takeaways

• Marketing management involves planning, organizing, decision-making, directing, forecasting, coordinating, and managing to convert customers into loyal ones.
• It involves industry analysis, development, production, innovation, advertising, promotion pricing, product distribution, and customer relationship management.
• Marketing management assesses the effectiveness of initiatives and evaluates marketing teams and programs.
• Marketing management is important for businesses to attract customers, generate profits, meet customer demands, and improve their reputation.

Process of Marketing Management

1. Set Marketing Objectives: Establishing marketing objectives is the initial step in effectively managing marketing efforts. These objectives must align with the overall mission of the brand or organisation. By setting clear objectives, businesses gain insight into which markets to focus their research on.

2. Analyse Marketing Opportunities: After objectives have been established, the next crucial step is to identify marketing opportunities. This involves analyzing potential target markets to determine the most suitable one for the brand. A thorough SWOT analysis is conducted to gain a better understanding of the company’s current situation, including any perceived limitations. This step is essential for developing a successful marketing strategy.

3. Research and Select Marketing Targets: Successful businesses must have a thorough understanding of market attractiveness and how to properly measure it, to select the most effective market. A key aspect of this evaluation is market segmentation, which allows for a more streamlined assessment. Subsequently, product positioning strategies are implemented in each market.

4. Design Marketing Strategies: This strategy outlines how a brand plans to approach the target market and includes crucial decisions about the marketing mix, expenditures, and distribution. Within this step, important considerations are made regarding the product, place, price, and promotion (also known as the 4Ps).

5. Plan Marketing Programmes: To achieve the overarching marketing goals of an organisation, the implementation of effective marketing programmes and strategies is essential. This pivotal stage encompasses a complex set of decisions, including the development of brand identity, product features, packaging, sales techniques, and distribution methods.

6. Implement Marketing Programs: Ultimately, it is the implementation stage that sets the plans into motion, making it a critical step in the marketing process. This involves taking deliberate action based on the previously established strategies and programmes. The first course of action is to carefully determine the when, where, and how of the implementation process. From there, the business must actively promote their products and highlight their unique features to entice potential customers. This multi-faceted approach can involve a variety of methods, including sales promotions, public relations efforts, and more.

7. Control: Controlling involves closely monitoring and assessing the effectiveness of marketing strategies. By implementing these strategies, businesses can evaluate their success in achieving company goals. This can be measured through factors such as sales figures, customer satisfaction, and feedback. Not only does controlling establish the current success of marketing tactics, but it also provides valuable insights for future strategies. It is essential to also evaluate competitors to identify potential areas for improvement and maintain a competitive edge. To better track progress, companies may utilize resources like sales force management systems.