If you are creative and, in addition, if you have a knack for business, you should really think about pursuing a career in marketing management. This is because it is an exciting as well as a dynamic career option that has recently been gaining prominence the world over.
Marketing managers are responsible for controlling all of the communication that takes place between an organization and its customers. These marketing professionals manage internal teams in order to create promotional messages. In addition, marketing managers work to publish media across a number of different channels. Marketing managers deal with many different media formats, from more traditional newspapers and billboards to digital advertising as well as social media platforms.
Based on the size of the organization, the marketing manager may specialize in one of these channels. Alternatively, they may manage all of them. While most businesses require at least one marketing manager, this job requires specialized industry knowledge which takes years to develop.
What is meant by the term ‘marketing management’?
Marketing management is that section of the business management function that is concerned with marketing. In other words, marketing managers are responsible for leading as well as coordinating the various activities of the business in getting its goods as well as services to its customers.
Marketing management can, thus, be described as a specialized function which has the scope of responsibility of regulating the:
- Timing, and
- The character of demand for the goods as well as services.
This is done in order to achieve the stated objectives of a firm. The scope of marketing management extends to the marketing process and involves the planning, organizing, staffing, motivating, coordinating and controlling the marketing factors to achieve the organisational goals.
The job of modern-day marketing management
Modern-day marketing management is evolving from just being about generating creative ideas to scientifically analyzing data in order to develop these ideas. Having the ability to spot trends as well as themes buried in huge amounts of customer data is becoming increasingly important.
According to research that was conducted recently, a marketing team must now (as a collective):
- Have the ability to search through data as well as identify emerging customer patterns.
- Understand the significance of A/B testing in the process of marketing.
- Be able to define in addition to tracking customer lifecycle metrics.
- Be engaged with social media in addition to understanding how to monitor as well as influence social buzz.
- Be able to hunt out and efficiently deploy new research methodologies as well as platforms.
- Have knowledge of packages in addition to platforms such as SAS.
Why marketing management is important
Marketing management has garnered importance with respect to meeting thriving competition as well as the need for developed strategies of distribution in order to reduce cost as well as increase profits. Marketing is very useful for the transfer, exchange as well as movement of goods. In today’s era, marketing management is unquestionably the most important function in a commercial as well as a business enterprise.
For an organization to be able to succeed, the product or service that it provides must be recognized by potential buyers. If your company is unknown to your potential customers, and if you don’t have any type of relationship with your customers, then marketing techniques can assist you with creating brand awareness for your service or product.
In other words, marketing management is essential for any business as it assists with:
- Understanding the customer needs
- Improving the product and/or service in order to respond to customer needs
- Expanding the technique in order to reach potential customers
- Providing the correct tools at the correct time
- Saving company time as well as money by focusing the resources
The concept of marketing is dynamic. Marketing differentiates a company from its competition by recognizing its distinctive benefits as well as the supporting elements. Marketing is also responsible for nourishing an environment in the marketplace and is a document of measurement which gives scope for understanding this new demand pattern and improving the effectiveness of the marketing message to customers and partners. Marketing management works to translate the company vision, mission, and objectives, into effective Marketing initiatives.