Understanding The Importance Of Efficient Marketing Management
Marketing is the process of strategically promoting products and services offered by a company to its target consumer. Management, on the other hand, refers to the planning, executing and maintaining various organizational activities. Thus, it is right to say that marketing management refers to the process of carefully and tactfully planning, implementing, and upholding promotional activities conducted by a company to promote and advertise its goods and services so that they reach the target audience and generate sales and revenue. In a broader sense, marketing management implies management and control of all marketing related activities by a firm. Marketing specialists such as George Bardwil not only understand the meaning of marketing management but also emphasize on the importance of efficient marketing management policies and strategies.
As someone who is highly knowledgeable in the field of marketing, George Bardwil claims that no matter how good quality and effective a product or a service is, if the company providing it doesn’t implement proper strategies to promote it and bring it to the notice of customers the company wants to earn, they won’t be able to attract as many consumers as they ideally should. Marketing management is about having an effective promotional campaign in place in order to maximize profits for the company. Below mentioned are some of the reasons that show how and why marketing management is important for any business:
- A defined marketing strategy involves market research. A proper market research helps organizations in figuring out the needs of the consumer market and the latest trends. Such kind of research also helps the company to understand how to reach the target consumer and filter the best marketing plan in order to gain maximum visibility in the market.
- A proper marketing strategy also helps the company to price its goods and services as per the current market norms. Also, the company gets to determine the spending habits of its target customer and is able to price its products and services accordingly.
- Once a company has established what it wants to offer, to whom it wants to offer, and at what price does it want to offer a given product or service, the next step is to form a marketing plan. Here again, effective marketing management plays a crucial role as it tells the company which medium of promotion to pursue. For instance, if a company is producing goods with youngsters in mind, it is most likely to use online marketing campaigns more than any other form since the youngsters are more used to online shopping these days than going to a store.
- With proper marketing management strategies in place, different departments and employees of a company are able to work cordially together towards the same goal of achieving growth in revenue through proper marketing and sale of the company’s goods and/or services.
With so many important factors defined here and many more that an effective marketing management plan can help with, professionals such as George Bardwil rightfully highlight the significance of efficient marketing strategies for a company’s success.