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Define Marketing Management:
Marketing management is considered as a business discipline. Since this is a business discipline, it mainly focuses on the practical application of marketing techniques. It also focuses on the management of a firm’s marketing resources as well as its activities. Rapidly emerging forces of globalization have led firms to market beyond the borders of their home countries, thereby making International marketing very significant as well as an integral part of a firm’s marketing strategy. Managers who do marketing are responsible for influencing the level as well as the timing and composition of customer demand accepted definition of the term. This is because the role of a marketing manager can vary significantly based on a business’s size and corporate culture as well as the industry context.
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Marketing Management packages and clearly communicates the best strategic thinking to meet the decision-making needs of knowledgeable executives managing real-world businesses and so it make use of various tools from economics as well as competitive strategy to analyze the industry context in which the firm operates.
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Marketing Management is designed to serve busy executives and so it focuses on strategic marketing issues that marketing managers face every day. This often finds it necessary to invest in research to collect the data required to perform accurate marketing analysis. So they often conduct market research which is also known as marketing research to obtain information.
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Marketing management employs a variety of metrics to measure progress against objectives and so the responsibility of marketing managers in the marketing department or elsewhere is to ensure that the execution of marketing programs achieves the desired objectives. It also ensures that the marketing program does everything in a cost-efficient manner and therefore it often makes use of various organizational control systems, such as sales forecasts and sales force as well as the reseller incentive programs.
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For example, consider a large consumer products company where the marketing manager may act as the overall General Manager of his or her assigned product. In order to create an effective as well as a cost-efficient marketing management strategy, firms must possess a detailed, objectivity or philosophy for understanding their own business as well as the market in which they operate. By analyzing these issues, the discipline of marketing management often overlaps with the related discipline of strategic planning.
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