Good marketing management can help your team execute efficiently and effectively. On the other side, poor marketing management could lead your marketers astray from the path toward your goals.
The following is a complete guide to marketing management to help you and your team understand and succeed at this discipline.
Marketing management is the practical application of resources, activities, and processes that marketing teams implement to align execution with strategic business objectives.
Marketing management encompasses various marketing disciplines, from defining your company’s goals to organizing every plan, to the final execution of your strategy.
Philip Kotler and Keven Lane Keller define marketing management in their book, aptly titled Marketing Management, as “the development, design, and implementation of marketing programs, processes, and activities that recognize the breadth and interdependencies of the business environment.”
Marketing managers are generally responsible for making decisions for:
Marketing Management Research Disciplines
Target Market Research
Understanding your target audience is the first step. An in-depth analysis of your target market allows you to unearth exactly how your product or service fits into the customer’s needs.
Market research helps you develop efficient marketing plans and sales techniques that easily hook your desired audience.
Frameworks to aid in your target market research include:
Identifying your competitors in the market is the second most vital step. Upon successful identification, try to find out how they engage the market and what marketing channels they rely on most. A proper analytical study of your competitors allows you to learn from them and helps you figure out their mistakes.
Frameworks to aid in your competitive analysis research include:
Product Market Fit
Are you sure that your product or service solves a need in your niche? Try questioning your product/service to determine whether your customers would find any use for it. While doing this, ensure that you look at your product/service from a customer’s eyes and not as a business owner.
The product marketing strategy template is a solid framework for marketing managers to understand their own positioning.
Business Analysis: SWOT
Efficiently research the needs of your business. Find out whether an overall change in the way your company runs is essential or not. Identify and define business solutions that you think will push up your profits.
Using the SWOT (strengths, weaknesses, opportunities, and threats) model can be helpful for analyzing your business. It helps you explore these four vital aspects of your business. After this deep analysis, you will be ready to ascertain whether a change is necessary or not.
Strategic Marketing Management Disciplines
Methodologies: Mission, Vision, & Values
Marketing managers hold themselves accountable for executing marketing programs that align with the organization’s mission, vision, and values statements.
This doesn’t necessarily mean marketing managers create these frameworks. Rather, these statements serve as a “north star” that guides all marketing efforts to fulfill the organization’s goals and objectives.
Brand Management: Visual Identity, Brand Voice
Marketing managers define these frameworks and hold their teams accountable to these expectations.
These growth frameworks enable marketing teams to focus marketing programs on opportunities that have the highest likelihood of influencing lead and lag indicators that will ultimately result in strategic business growth.
Marketing Activities & Program Management
Marketing management defines the tactics, channels, and content that marketers leverage to influence their goals. Based on market research and business strengths, marketing managers are responsible for identifying the greatest opportunities an organization may leverage to result in growth.
Resource Management Disciplines
Having an experienced and knowledgeable marketing team to work with is essential for your business to prosper. Your team has several aspects to research, from building greater awareness about your brand to promoting your products. It generally includes individuals possessing different skill sets who work together for a shared goal.
Various marketing tools can make your task as a marketing manager much more effortless. Marketing tools may include customer relationship management (CRM), email marketing, social media, website, blog, search engine optimization, analytics, editorial content calendars, and more. You can choose suitable marketing tools to work efficiently based on your marketing strategies.
Defining your marketing budget helps you outline how exactly your business wishes to spend its finances to influence results. It incorporates various factors like the amount spent on paid advertising, sponsored content, and other marketing tools.
Marketing Coordination Disciplines
Ceremonies: Processes & Meetings
Hosting meetings regularly with your marketing team and even with other relevant departments in your company is vital. It helps you coordinate efficiently with your employees and work together better.
Forging mutually beneficial relations with other third-party groups or organizations is essential to make your business succeed. It helps your business build networks and unifies common voices about products and services vital for your venture.
Marketing Execution Disciplines
A crucial marketing management function is setting expectations for those contributing to marketing programs. This means outlining who does what with clear responsibilities and task assignments. Determine the time your team needs to spend on each aspect of marketing execution, and have them work accordingly.
When marketing management sets expectations for each contributor, the business can hold team members accountable for completing their work according to specifications.
Marketing Measurement Disciplines
KPIs, or Key Performance Indicators, help you assess how your marketing strategies perform. From analyzing the financial aspect of your business to sales, there are different KPIs that help you figure out how your company is working to achieve its goals.
Iteration refers to repeating a given process to analyze the outcomes thereby. Based on the results, you can accordingly modify your strategies to improve the efficiency of your marketing planning.
Why Is Marketing Management Important?
Look at any business that has achieved success, like the escape room Bangalore, and upon a deep study, you will realize how proper marketing management strategies aided that success. As a market manager, you must recognize the vitality of aligning your business goals to your budget and then working on your marketing plans accordingly. It also enables you to focus better on your objectives and work together with your team as a coherent unit.
A capable marketing management team can easily overpower competition in the market and stand undefeated. The key, of course, lies in realizing your consumer’s needs and using their words to attract other potential consumers. Properly utilizing your market research will help you easily attract more new consumers.
Marketing management also helps you to use your resources effectively. Your business needs to focus on the opportunities at hand and make the most of them with the help of your resources. But alongside that, make sure to also pay heed to the relatively small details of your marketing plans!
Efficient and experienced marketing management teams with people of varying and valuable skill sets can help businesses prosper and grow. Further, you can push up your marketing management and get your work done faster by using the right marketing tools.
What Is The Marketing Management Process?
The marketing management process is a six-step approach to efficient and effective marketing program execution and results:
What are some different types of marketing management?
It may be simple to think that marketing management is all about the big picture of how all marketing work is executed. But no! There are disciplines within marketing management that marketing managers are typically responsible for implementing.
Marketing Work Management
Marketing work management refers to marketing leaders and their teams organizing their daily work. It helps them meet deadlines and fit marketing plans within the budget efficiently. Effective leadership also helps companies facilitate greater communication and collaboration amongst co-workers.
Marketing Project Management
Marketing project management involves planning, monitoring, and supplying the desired marketing-related tasks. You might think of marketing project management as a framework that helps you organize and prioritize your tasks and meet your goals.
Marketing Resource Management
Marketing resource management is the process of properly managing your marketing resources. It also offers efficient marketing tools that help you achieve your business objectives with ease.
Marketing operations refers to regulating, monitoring, and controlling your business’s marketing programs, campaigns and activities.
Marketing management practices are also commonly applied to specific marketing activities with “managers” for tactics or channels (e.g., brand manager, social media manager, content manager, etc.)
Brand management refers to implementing useful techniques to increase the credibility and authority of your brand in the market over time.
Social Media Management
Social media management talks about regulating, controlling, and maintaining your brand’s social media presence. It incorporates vital steps like creating, posting, and even analyzing your content to further your reach in the market.
Content management refers to the essential process of collecting, delivering, and looking into the overall management of content in any suitable format. From using the proper SEO-based keywords for the right platforms to writing and creating copy, there are several aspects that content management entails.
Marketing Asset Management
Marketing asset management is all about regulating, monitoring, and maintaining your assets. It gives businesses complete control over where their content is, allowing for proper management of their assets.
While marketing management procedures and tactics have developed significantly over the past few years, there are still challenges yet to overcome.
1. Keeping Up With Trends
Keeping your product or service updated to the recent trends in the market is a vital factor that several businesses often fail to realize. Thus, they are prone to more significant losses in the market than anyone else.
2. Staying Focused On The North Star Business Objectives vs. Daily Grind
Marketing management needs to focus on day-to-day activities and marketing metrics to understand the value that their consumers receive from their products and services. Marketing managers often fail to balance the north star business strategy and their daily grind. This often leads to their downfall.
3. Building A Stronger Bond With Stakeholders
Businesses need to realize the vitality of stakeholders in their business and thus value their presence. Holding conferences and keeping in touch with them is essential in building a stronger bond with your stakeholders.
4. Working As A Coherent Unit
Coordinating marketing management team members and even cross-functional team members is vital to work collaboratively towards a shared goal. It is only through effective communication between team members that you can achieve greater collaboration.
5. Optimization Of Your Processes
Optimizing your marketing processes, frameworks, ceremonies, etc., as your team continues to work is also a tough challenge for several marketing managers today.
6. Proper Utilization Of Marketing Resources To Maximize Output
Proper usage of marketing resources, like tools that fit efficiently into your company’s budget, is essential. However, marketing managers need to ensure the company’s overall success is achieved by remaining within the constraints of your resources.
7. Cultivating A Culture Of Happy And Productive Team Members
Above all, marketing managers must not forget to propagate a healthy and happy working environment in the workplace. When your employees get a welcoming and encouraging workplace, they can boost their productivity.
What Are The 4 Types Of Marketing Management?
The four types of marketing management typically refer to the four Ps of marketing mix: Product, Price, Promotion, and Place.
However, the marketing mix is not marketing management. Some types of high-level marketing management include resource, work, project, and operations management.
What Is Marketing Management Used For?
Capable marketing management helps your company overpower competition in the market and stand undefeated. It also allows you to effectively use your resources and work well with your team to create greater awareness of your brand and promote it furthermore.
What Are The 5 Marketing Management Functions?
Traditional marketing management functions include research, planning, implementation, deployment, and measurement. Marketing managers have added agile practices with a sixth very important function: iterate.
What Does Marketing Management Include?
Marketing management refers to the extensive process of planning, organizing, monitoring, and executing your marketing programs, policies, and strategies to achieve your business objectives. It helps to generate greater profits by effectively bringing in more potential consumers to your base.