Marketing management

What is marketing management?

Marketing management is the way to find out the opportunities which are profitable and create these opportunities by satisfying the customers. Marketing management is consumer-oriented. Therefore, the marketing manager has to find out the services that satisfy the consumers and the services that fail to meet the needs and expectations of consumers so that plus and delta can be developed to cover up the shortage.

What is marketing management?
Marketing management is a process of controlling the marketing aspects, setting the goals of a company, organizing the plans step by step, taking decisions for the firm, and executing them to get the maximum turn over by meeting the consumers' demands.

A person who is a marketing manager must do a deep study to have the idea of actually what is marketing management and how to make it better in your firm's favor. Marketing management is based on product, place, price, and promotion to attract consumers.

These four Ps are decided by the management of the company according to the demand of customers what they want to buy, with suitable market prices and easy to find either in stores or online. Marketing management has to deal and make inflow of these elements for business survival.

Objectives of marketing management:
The objectives of each business are pre-set which is led by objectives of marketing management. The basic and important objectives of marketing management are:

Attracting new customers
The important objective of marketing management is to attract new customers to increase the sales of products. Different strategies are set to make sure that maximum customers get attracted to the company's products like displaying ads on TV channels or social media, pamphlets, and arranging a sales team that demonstrates the products.

Satisfying the demands of customers
Another important objective of marketing management is to keep satisfied the customer who is associated with the company's products for a long period. For this purpose, the quality matters a lot but apart from this good service is also concerned like an on-time supply of products and without damage, the products are supplied.

Profitability
Without earning profit a company could not survive longer. Earning profit is the backbone of a company. It is necessary to earn profit for growing, diversifying a business, and its maintenance as well. For this purpose, a company must know what is market management? And how to achieve these market targets? A company's management team keeps the marketing on track by entertaining their old and reliable customers and attracting the new customer to make maximum profit for maximum growth.

Maximizing the market share
Another objective of marketing management is to make maximum marketing share. For this purpose, companies use different tools to get maximum market sales of their products by having comparison with a market economy. Sometimes, companies offer discounts to attract customers. Sometimes, they do attractive and unique packaging and offer promotions.

Creating a good public reputation
Public reputation plays an important role in the growth of a company. If the company has stood as a good public figure it means it has more chances to grow and diversify but if stands with a bad reputation, it will no longer survive. By marketing, the reputation of a company can be made good and trustworthy for the consumers.

Why is marketing management important?
Marketing management is of importance as it helps to stand competent in highly thriving competition in the market. This also helps to develop strategies to improve profits and reduce the cost of products. Marketing management has become the major source of exchange and transfer of goods.

It helps to maintain the company's reputation
A good company is recognized by its reputation in the market. The marketing includes selling, buying, exchanging, transporting goods which build its reputation. If a company falls well on these parameters, it stands firm and gains a clear and good reputation among the public which is the sole of a business and cannot be denied.