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Marketing management is thestrategicorganizational discipline that focuses on the practical application ofmarketing orientation, techniques and methods inside enterprises andorganizations and on themanagement of marketing resources and activities.[citation needed][1][2][3]Comparemarketology,[4]which Aghazadeh defines in terms of "recognizing, generating and disseminating market insight to ensure better market-related decisions".[5]
Marketing management employs tools fromeconomics andcompetitive strategy to analyze the industry context in which the firm operates. These includePorter's five forces, analysis ofstrategic groups of competitors,value chain analysis and others.[6]
In competitor analysis, marketers build detailed profiles of each competitor in the market, focusing on their relative competitive strengths and weaknesses usingSWOT analysis. Marketing managers will examine each competitor's cost structure, sources of profits, resources and competencies, competitivepositioning andproduct differentiation, degree ofvertical integration, historical responses to industry developments, and other factors.
Marketing management often impliesmarket research andmarketing research to perform a primary analysis. For this, a variety of techniques are implemented. Some of the most common ones include:
Marketing managers may also design and oversee variousenvironmental scanning andcompetitive intelligence processes to identify trends and inform the company'smarketing analysis.
Abrandaudit is a thorough examination of a brand's current position in an industry compared to its competitors and the examination of its effectiveness. When it comes to brand auditing, six questions should be carefully examined and assessed:
When a business conducts a brand audit, thegoal is to identify its resource strengths, weaknesses, assess market opportunities and external threats, future profitability, and its competitive standing in comparison to existing competitors. A brand audit establishes the strategic elements needed to improve the brand's positioning and competitive capabilities within the industry. Once a brand is audited, any business that ends up with strong financial performance and market position is likely to have a properly conceived and effectively executed brand strategy.
A brand audit examines whether a business' market share is increasing, decreasing, or stable. It determines whether the company's profit margin is improving or declining and how it compares to that of established competitors. Additionally, a brand audit examines trends in net profits, return on investments, and overall economic value. It determines whether the business' financial strength and credit rating are improving or deteriorating. This kind of audit also assesses a business' image and reputation with its customers. Beyond financial metrics, a brand audit also assesses the business's image and reputation among customers. It explores whether the business is perceived as an industry leader in areas such as technology, product or service innovation, and customer service. These factors significantly influence customer decisions and brand perception.
A brand audit usually focuses on a business' strengths and resource capabilities because these are the elements that enhance its competitiveness. A business' competitive strengths can exist in several forms including skilled or pertinent expertise, valuable physical and human assets, organizational assets and intangible assets, competitive capabilities, achievements and alliances or cooperative ventures that position the business into a competitive advantage.
The purpose of a brand audit is to determine whether a business’ resource strengths are competitive assets or potential liabilities. This type of audit seeks to ensure that a business maintains a distinctive competence that allows it to build and reinforce its competitive advantage. Furthermore, a well-executed brand audit seeks to establish what a business capitalizes on best, its level of expertise, resource strengths, and strongest competitive capabilities, while aiming to identify a business's current position and potential future performance.
Two customer segments are often selected as targets because they score highly on two dimensions:
A commonly cited definition of marketing is simply "meeting needs profitably".[8]
The implication of selecting target segments is that the business will subsequently allocate more resources to acquire and retain customers in the target segments than it will for other, non-targeted customers. In some cases, the firm may go so far as to turn away customers who are not in its target segment. The doorman at a swanky nightclub, for example, may deny entry to unfashionably dressed individuals because the business has made a strategic decision to target the "high fashion" segment of nightclub patrons.
In conjunction with targeting decisions, marketing managers will identify the desiredpositioning they want the company, product, or brand to occupy in the target customer's mind. This positioning is often an encapsulation of a key benefit the company's product or service offers that isdifferentiated and superior to the benefits offered by competitive products.[9] For example,Volvo has traditionally positioned its products in theautomobile market in North America in order to be perceived as the leader in "safety", whereasBMW has traditionally positioned its brand to be perceived as the leader in "performance".
Ideally, a firm's positioning can be maintained over a long period of time because the company possesses or can develop, some form ofsustainable competitive advantage.[10] The positioning should also be sufficiently relevant to the target segment such that it will drive the purchasing behavior of target customers.[9]To sum up, the marketing branch of a company is to deal with the selling and popularity of its products among people and its customers, as the central and eventual goal of a company is customer satisfaction and the return of revenue.
If the company has obtained an adequate understanding of the customer base and its own competitive position in the industry, marketing managers are able to make their own key strategic decisions and develop amarketing strategy designed to maximize therevenues andprofits of the firm. The selected strategy may aim for any of a variety of specific objectives, including optimizing short-term unit margins, revenue growth,market share, long-term profitability, or other goals.
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. Traditionally, this has involved implementation planning across the "4 Ps":product management, pricing (at what price slot does a producer position a product, e.g. low, medium, or high price), place (the place or area where the products are going to be sold, which could be local, regional, countrywide or international) (i.e. sales anddistribution channels), and promotion.
Taken together, the company's implementation choices across the 4 P's are often described as themarketing mix, meaning the mix of elements the business will employ to "go to market" and execute the marketing strategy. The overall goal for the marketing mix is to consistently deliver a compellingvalue proposition that reinforces the firm's chosen positioning, buildscustomer loyalty andbrand equity among target customers, and achieves the firm's marketing and financial objectives.
In many cases, marketing management will develop amarketing plan to specify how the company will execute the chosen strategy and achieve the business's objectives. The content ofmarketing plans varies for each firm, but commonly includes:
More broadly, marketing managers work to design and improve the effectiveness of core marketingprocesses, such asnew product development,brand management,marketing communications, and pricing. Marketers may employ the tools ofbusiness process re-engineering to ensure these processes are properly designed, and use a variety ofprocess management techniques to keep them operating smoothly.
Effective execution may require management of both internal resources and a variety of external vendors and service providers, such as the firm'sadvertising agency. Marketers may therefore coordinate with the company's purchasing department on the procurement of these services. Under the area of marketing agency management (i.e. working with external marketing agencies and suppliers) are techniques such as agency performance evaluation, scope of work, incentive compensation,ERFx's and storage of agency information in a supplierdatabase.
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 acost-efficient manner.
Marketing management therefore often makes use of various organizational control systems, such assales forecasts, and sales force and resellerincentive programs,sales force management systems, andcustomer relationship management tools (CRM). Some software vendors have begun using the termcustomer data platform ormarketing resource management to describe systems that facilitate an integrated approach for controlling marketing resources. In some cases, these efforts may be linked to varioussupply chain management systems, such asenterprise resource planning (ERP),material requirements planning (MRP),efficient consumer response (ECR), andinventory management systems.
Globalization has led some firms to market beyond the borders of their home countries, makinginternational marketing a part of those firms' marketing strategy.[11] Marketing managers are often responsible for influencing the level, timing, and composition of customer demand. In part, this is because the role of a marketing manager (or sometimes called managing marketer in small- and medium-sized enterprises) can vary significantly based on a business's size,corporate culture, andindustry context. For example, in small and medium-sized enterprises, the managing marketer may contribute to both managerial and marketing operations roles for the company brands. In a large consumer products company, the marketing manager may act as the overallgeneral manager of his or her assigned product.[12]To create an effective, cost-efficient marketing management strategy, firms must possess a detailed,objective understanding of their own business and themarket in which they operate.[7] In analyzing these issues, the discipline of marketing management often overlaps with the related discipline ofstrategic planning.
Marketing management is defined as the process of overseeing and planning new product development, advertising, promotions and sales.
[Philip] Kotler originally defined marketing management as 'the analysis, planning, implementation, and control of programs designed to bring about desired exchanges with target audiences for the purpose of personal or mutual gain.'
Zo luidt de definitie van marketing management van de American Marketing Association uit 1985: 'Marketing (management) is the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services to create exchanges that satisfy individual and services to create exchanges that satisfy individual and organizational objectives.'
Marketology (and that ungainly term will help distinguish between study and practice) has and can draw substantially from sociology, anthropology and social psychology.
The core concept of marketology involves 'recognizing, generating and disseminating market insight to ensure better market-related decisions for providing superior value to key stakeholders' [...].
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