Scope and Importance of Marketing Management

Scope and Importance of Marketing Management

We define marketing management as the analysis, planning, implementation and control of programs designed to create, build and maintain beneficial exchanges with target buyers for the purpose of achieving organizational objectives. Thus, marketing management involves managing demand, which in turn involves managing customer relationships. We also define marketing management as the art and science of choosing target markets and getting, keeping and growing customers through creating, delivering, and communicating superior customer value. Marketing management today is the most important function in a commercial and business enterprise. It facilitates the activities and functions which are involved in the distribution of goods and services.

The scope and importance of marketing management –

The Importance of Marketing The first decade of the 21st century challenged firms to prosper financially and even survive in the face of an unforgiving economic environment. Marketing is playing a key role in addressing those challenges. Finance, operations, accounting, and other business functions won’t really matter without sufficient demand for products and services to the firm can make a profit. In other words, there must be a top line for there to be a bottom line. Thus financial success often depends on marketing ability.

  • New product:

Marketing’s broader importance extends to society as a whole. Marketing has helped introduce mid gain acceptance of new products that have eased or enriched people’s lives: It can inspire enhancements in existing products as marketers innovate to improve their position in the marketplace. Successful marketing builds demand for products and services, which, in turn, creates jobs. By contributing to the bottom line, successful marketing also allows firms to more fully engage in socially responsible activities. Marketing as an implement of measurement gives scope for understanding this new demand pattern and thereby produce and make available the goods accordingly.

  • Marketing officials:

CEOs recognize the role of marketing in building strong brands and a loyal customer base, intangible assets that contribute heavily to the value of a firm. Consumer goods makers, health care insurers, nonprofit organizations, and industrial product manufacturers all trumpet their latest marketing achievements. Many now have a chief marketing officer (CMO) to put marketing on a more equal footing with other C-level executives such as the chief financial officer (CFO) or chief information officer (CIO).

  • Setting Marketing Goals:

The major task of a marketing manager is to set marketing goals and objectives. Clearly and exactly defined objective can facilitate marketing manager to direct marketing efforts efficiently. The goals and objective must be properly communicated with the employee’s apprehension. As far as feasible, objectives should be expressed in the quantifiable terms. Management fills up various positions with the right persons, having the right skills, training, and qualification. All jobs should be cleared to everyone.

  • Decision making:

Making the right marketing decisions isn’t always easy. One survey of more than a thousand senior marketing and sales executives revealed that although 83 percent felt that marketing and sales, capabilities were a top priority for their organization’s success, in rating their actual marketing effectiveness only 6 percent felt that they were doing an “extremely good” job. Efficient management leads to better economical production which helps in turn to increase the welfare of people. Marketing has emerged as a new specialized activity along with production. Consequently, ensure the sustainability of your product on the market.

  • Price setting:

Marketers must decide what features to design into a new product or service, what prices to set, where to sell products or offer services, and how much to spend on advertising, sales, the Internet, or mobile marketing. They must make those decisions in an Internet-fueled environment where consumers, competition, technology, and economic forces change rapidly, and the consequences of the marketer’s words and actions can quickly multiply.