Marking management is a field that has skyrocketed in demand in recent years. Almost every company and organization is in the lookout for a good marketing manager which has, in turn, increased demand for good marketing management courses. So you might be asking yourself what exactly marketing management is?
Marketing management is a discipline which focuses on the applications of marketing in all of its forms. Its primary goal is to manage the various marketing campaigns of a company taking into account the resources and the activity.
1.Scope Of Marketing Management:
The scope within marketing management is vast and this is reflected in all the marketing management courses that you will find scattered around the internet and in universities. It deals with everything from planning, advertising, organizing, motivating, coordinating and controlling all the marketing factors to achieve the respective company’s goals. Some major scope of marketing management is as given below.
- Marketing Strategy and Policy
- Organizing the sales and distribution of a product
- Organizing and maintaining the required stocks of the products at a level such that any demands by a customer can be met quickly and efficiently.
- Organizing and maintaining the effectiveness of sales, advertisement, after service support, etc.
2.The Importance Of Marketing Management
The business world has gone through several radical changes in the last decade boosted by radical population growth, increased globalization, changing preferences of buyers, a bigger middle-class society, etc. This has, in turn, made businesses much more complex and created a much-needed demand for marketing managers who will make sure the numerous marketing management and policies are in line with the company’s policies.
A company or organization in this day and age is not isolated from the outside world like it was before. Every business is now interconnected with the world around it and hence there is a need for people who have a good understanding of the social, political, economic and cultural environment. The marketing management of a business needs to understand all these environments. The development of these firms under the backdrop of these environments is what makes or breaks them. So it’s not a surprise that we see that marketing managers have considerable power over what and where the company is heading. They are required to recommend what products should be continued or discontinued depending on the profits generated. Hence, they play a key role in determining the strategy of the firm. This key role is what a lot of people want to play a part in which has lead to a steady rise in people taking up marketing management courses.
On the side of marketing, economic variables have to be taken into account and personal tastes must be researched to forecast the demands and sales of a commodity. These are also the factors that determine price elasticity, income elasticity and cross elasticity of demand. It is the marketing manager of a firm that must consider the structure of the market.
The foundation of marketing management is the concept that provides us with a way of doing business, a way of thinking and approaching a business problem. The marketing concept is very important to the overall rationale and conduct of the enterprise and is something that is the core of what is thought in a marketing management course.
The marketing concept itself can be defined as the researching of the needs and wants of the customers in the market and adapting to the operations of the organization to deliver the right goods and services in the most effective and efficient manner compared to the competitors. This means that the Marketing manager should always remain sensitive to market needs and must always be market-oriented.
4.The New Trends In Marketing Management:
1) Marketing is a specialized business function. Due to the tremendous changes in social, economic, political and cultural aspects, the management of a firm needs to develop a particular organization whose main view is to absorb new ideas and always stay ahead of the competition.
2) Marketing is widely regarded as a social function. It requires constant interaction with customers, vendors, partners, etc. It is instrumental that a marketing manager is experienced in the factors of production, distribution, price, and promotion all the while influencing the needs and demands of the customer. This is further solidified for the need for networking in marketing management courses in colleges.
3) Marketing integrates and combines other business functions like production and finance to accomplish its main objectives.
4) Marketing reflects the business mission of a firm in the eyes of society.