Why is marketing management important to businesses?
The heart of any brand lies in its marketing efforts.
The revenue or customer engagement efforts of the company are largely dependent on how successful its marketing or advertising campaigns are. Therefore, an effective marketing management process is key to a brand’s reputation in the global market.
Philip Kotler, a renowned marketing professional, defines marketing management as:
“The process of bringing required changes to sales operations through the effective planning, implementation and analysis of marketing techniques.”
Simply put, it is the effective handling of marketing or branding campaigns that results in more sales or a better reputation for the company.
In today’s competitive business landscape, effective marketing management plays a pivotal role in the success and growth of businesses. With ever-increasing globalisation and rapidly evolving consumer behaviour, businesses need to learn the role and importance of marketing strategies to stay ahead of the curve.
This blog post explores what is marketing, the importance of marketing management, its role in business growth and career opportunities in marketing management, and highlights the overall significance of marketing management for businesses.
What is Marketing Management?
Marketing management is the process of planning, implementing and controlling marketing activities to achieve organisational goals. The marketing management process encompasses a wide range of tasks, including market research, target audience identification, product development, pricing, distribution, advertising and customer relationship management.
At its core, the objectives of marketing management are to understand the needs and wants of customers and develop strategies to satisfy those needs profitably. By effectively managing marketing activities, businesses can create a strong brand presence, attract and retain customers and generate revenue.
The marketing management process is a multidimensional discipline that requires a combination of creativity, analytical skills, strategic thinking and effective communication. It involves developing a marketing plan, setting goals, allocating resources and monitoring the performance of marketing campaigns.
By employing an effective marketing management process, businesses can gain a competitive edge, expand their market share and achieve sustainable business growth.
Importance of Marketing Management
Marketing management holds immense importance for businesses due to several key reasons:
1. Enhanced customer understanding
Marketing management enables businesses to gain a deep understanding of their target customers. Through market research and analysis, businesses can identify customer preferences, demographics and buying behaviour.
This information helps create tailored marketing campaigns and deliver products or services that align with customer expectations, ultimately leading to increased customer satisfaction and loyalty.
2. Competitive advantage
In a saturated market, businesses must differentiate from competitors to gain a competitive edge. One of the main objectives of marketing management is to develop unique value propositions, positioning strategies and effective branding techniques for the business.
By effectively communicating their unique selling points to the target audience, businesses can stand out in the market and attract more customers, leading to a sustainable competitive advantage.
3. Revenue generation
Marketing management directly affects revenue generation by driving customer acquisition and sales. Well-executed marketing campaigns help businesses attract potential customers, generate leads and convert them into paying customers.
Through targeted promotional activities, businesses can increase brand awareness, stimulate demand and ultimately drive revenue growth.
4. Adaptability to market changes
The market landscape is constantly evolving, influenced by factors such as technological advancements, economic conditions and shifting consumer preferences.
The marketing management process enables businesses to stay agile and adapt to these changes. By monitoring market trends, conducting market research and analysing consumer feedback, businesses can adjust their marketing strategies and stay relevant in the ever-changing market, ensuring long-term sustainability.
4. Adaptability to Market Changes
The market landscape is constantly evolving, influenced by factors such as technological advancements, economic conditions, and shifting consumer preferences.
Marketing management enables businesses to stay agile and adapt to these changes. By monitoring market trends, conducting market research, and analysing consumer feedback, businesses can adjust their marketing strategies and stay relevant in the ever-changing market, ensuring long-term sustainability.
What makes marketing management successful?
The marketing management process must meet multiple requirements to be effective, from planning to implementation and delivery.
Here are the three main things that make marketing management successful:
- Continuous analysis of customer and market trends
Market research and analysis to gather insights and trends is an essential part of the marketing management process. Constant analysis of customer and market trends enables businesses to create marketing strategies tailored to their target audience.
- Creative and innovative delivery
Businesses can have fun with marketing strategies and let creativity flow to create innovative campaigns that align with the target audience. Marketing strategies allow businesses to show character and creatively share messaging that reflects the brand.
- Effective leadership skills
The marketing management process requires effective leadership, including communication, problem-solving and strategic decision-making skills, to implement effective marketing strategies. Marketing professionals must collaborate with other teams to work towards the organisation’s long-term objectives.
What are the processes involved in Marketing Management?
Effective marketing management involves a systematic approach comprising several key steps, such as,
1. Conducting thorough market analysis-
Before developing marketing strategies, businesses need to conduct a comprehensive analysis of the market. This involves studying market trends, competitor analysis, and identifying target customer segments.
Through market analysis, businesses gain insights into market demand, customer needs, and potential opportunities for growth.
2. Setting clear marketing objectives-
Clear and measurable marketing objectives are crucial for guiding marketing activities. Businesses need to define specific goals, such as increasing market share, expanding customer base, or launching new products.
Well-defined objectives provide a roadmap for the marketing team and ensure alignment with the overall business strategy.
3. Developing marketing strategies-
Once the objectives are set, businesses can develop effective marketing strategies. These strategies outline the approach to reach the target audience, position the product or service, and communicate the brand message.
It involves selecting the right marketing channels, pricing strategies, promotional activities, and distribution methods.
4. Implementation of strategies and sincere execution-
With the strategies in place, the marketing team executes the planned activities. This includes designing marketing campaigns, creating compelling content, managing advertising efforts, and coordinating with sales teams.
Effective implementation requires close collaboration between different departments to ensure consistency in messaging and brand representation.
5. Monitoring the implementations and continuous evaluation-
Continuous monitoring and evaluation are crucial to measure the effectiveness of marketing efforts. Key performance indicators (KPIs) such as customer engagement, lead generation, sales conversion rates, and return on investment (ROI) help assess the success of marketing campaigns.
Based on the insights gathered, businesses can make data-driven decisions and refine their marketing strategies for optimal results.
What are the successful careers in Marketing Management?
Marketing management offers diverse career opportunities for individuals with strong analytical, creative and strategic skills. Here are some prominent career paths in marketing management:
1. Marketing Manager
A Marketing Manager is responsible for developing and implementing marketing strategies to achieve organisational goals. They oversee marketing campaigns, manage budgets, analyse market trends and coordinate with cross-functional teams to drive business growth.
2. Digital Marketing Specialist
With the rise of digital platforms, the demand for Digital Marketing Specialists has surged.
These professionals specialise in online marketing channels, such as social media, search engine optimisation (SEO), content marketing and pay-per-click (PPC) advertising. They strategise and execute digital marketing campaigns to enhance brand visibility and drive online customer engagement.
3. Market Research Analyst
A Market Research Analyst gathers and analyses data to help businesses understand market trends, consumer behaviour and competitive landscapes. They conduct surveys, interviews and data analysis to provide insights that inform marketing strategies and support business decision-making.
4. Brand Manager
Brand Managers are responsible for managing and maintaining a strong brand image. They understand the importance of marketing management and develop brand strategies, oversee brand positioning and ensure consistent brand communication across all marketing channels.
Brand Managers work closely with creative teams and marketing specialists to build brand equity and drive customer loyalty.
Explore more exciting careers in international business here.
What is the importance of marketing management for businesses?
Marketing plays a important role in the success and growth of businesses. It is the bridge that connects businesses with their target customers, enabling them to create awareness, build relationships and drive sales.
What are the benefits of marketing management?
- Increased brand awareness: Effective marketing campaigns create brand awareness and recognition. By reaching out to the target audience through various channels, businesses can ensure their brand remains top-of-mind when customers make purchasing decisions.
- Customer acquisition and retention: Marketing activities such as lead generation, advertising and customer relationship management help businesses attract new customers and retain existing ones. Through personalised marketing efforts, businesses can build strong customer relationships and foster loyalty.
- Business growth and expansion: Strategic marketing initiatives contribute to business growth and expansion. By identifying market opportunities, launching new products and entering new market segments, businesses can tap into endless potential and increase their market share.
- Competitive edge: An effective marketing management process provides businesses with a competitive edge by differentiating their offerings from competitors. The role and importance of marketing are seen in areas including effective branding, unique value propositions and targeted messaging, which allow businesses to stand out in crowded markets and attract customers.
- Long-term sustainability: Marketing ensures the long-term sustainability of businesses by adapting to market changes, meeting customer needs and staying ahead of the competition. By continuously analysing market trends and consumer behaviour, businesses stay relevant and thrive in dynamic environments.
Apart from these benefits, implementing an effective marketing management process will remove the guesswork from your campaigns. You will see the significance of marketing management in helping your brand leverage the available marketing tools for the best customer engagement.
In today’s globalised world, the importance of marketing management for smaller businesses is significant because it allows them to compete with larger players in the field. Thorough customer research, creative campaigns, marketing strategies and positive branding can go a long way in providing a brand with a competitive edge.
A successful marketing management process aligns businesses with market trends, enhances customer engagement and contributes to overall business success. Embracing marketing management as a core function is essential for businesses to thrive and leave a lasting impact in their respective industries.
Study business management today!
If you are interested in learning about the importance of marketing management, an international business management course can teach you about the marketing management process and the objectives of marketing management in a wider business context.
International business management graduates can pursue a wide range of careers, including roles like product managers, marketing managers, media planners and market researchers.
Discover the MSc International Business Management programme at Gisma University of Applied Sciences and experience the captivating realm of international business and corporate global leadership. Gain in-demand skills in cross-cultural leadership, international strategic management, marketing and strategic decision-making during the practice-oriented international business degree delivered at Gisma’s flagship Potsdam campus near Berlin.
Additionally, Gisma also offers an MSc Business Management with a Marketing pathway, ideal for those focused on deepening their expertise in marketing within a business management framework.
Learn more about the MSc International Business Management and explore our MSc Business Management with a marketing pathway offered by Gisma today!
Click here to know more about MSc International Business Management offered by Gisma right away!
This article is written by Sushree Saloni Rath.
Frequently Asked Questions
What is the role of marketing management in the modern business world?
The importance of marketing management should not be underestimated. In the modern business world, the marketing management process plays a crucial role in achieving organisational goals and maintaining a competitive edge. Its primary objective is to identify and satisfy customer needs profitably through effective planning, implementation and control of marketing activities.
What are the main points of marketing management?
The main points of marketing management include market research, product development, pricing, distribution, promotion and customer relationship management.
What is the importance of marketing for business?
Marketing is important for businesses as it helps create awareness, generate sales, build brand reputation, understand customer preferences and adapt to changing market dynamics.
What is marketing management in business?
Marketing management in business involves strategising and executing marketing efforts to drive business growth and profitability.
Want to explore more?