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Marketing management

Marketing management is a business discipline focused on the practical application of marketing techniques and the management of a firm’s marketing resources and activities. Marketing managers are often responsible for influencing the level, timing, and composition of customer demand. They do it in a manner that will achieve the company’s objectives. Marketing management encompasses a wide variety of functions and activities. Marketing management functions and activities include the following:

Marketing research and analysis

Marketing management often finds it necessary to invest in research to collect the data required to perform accurate marketing analysis. As such, they often conduct market research to obtain this information.

Marketing strategy

To achieve the desired objectives, marketers typically identify one or more target customer segments which they intend to pursue.

Marketing plan

After the firm’s strategic objectives have been identified, the target market selected, and the desired positioning for the company, product or brand has been determined, marketing managers focus on how to best implement the chosen strategy.

Project, process, and vendor management

Once the key implementation initiatives have been identified, marketing managers work to oversee the execution of the marketing plan.

Organizational management and leadership

Marketing management usually requires leadership of a department or group of professionals engaged in marketing activities.

Reporting, measurement, feedback and control systems

Marketing management employs a variety of metrics to measure progress against objectives. It is the responsibility of marketing managers to ensure that the execution of marketing programs achieves the desired objectives and does so in a cost-efficient manner.

The Role of Manager

In for-profit work, management has as its primary function the satisfaction of a range of stakeholders. This typically involves making a profit (for the shareholders), creating valued products at a reasonable cost (for customers), and providing rewarding employment opportunities (for employees). In nonprofit management, add the importance of keeping the faith of donors. In most models of management/governance, shareholders vote for the board of directors, and the board then hires senior management. Some organizations have experimented with other methods (such as employee-voting models) of selecting or reviewing managers; but this occurs only very rarely.

Public, private, and voluntary sectors place different demands on managers, but all must retain the faith of those who select them (if they wish to retain their jobs), retain the faith of those people that fund the organization, and retain the faith of those who work for the organization. If they fail to convince employees of the advantages of staying rather than leaving, they may tip the organization into a downward spiral of hiring, training, firing, and recruiting. Management also has the task of innovating and of improving the functioning of organizations.

Towards the end of the 20^th beginning of 21^st century, business management came to consist of six separate branches, namely:

Human resource management

Operations management or production management

Strategic management

Marketing management

Financial management

Information technology management responsible for management information systems