Opinion and Features
Why is marketing management important to businesses?
Read this blog article to know why marketing management skills are important for businesses to thrive and succeed.
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, effective marketing management is key to a brand’s reputation in the global market.
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Philip Kotler, a renowned marketing guru, 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 result in more sales or a better reputation for the company.
Let’s delve deeper into the importance of marketing management for a business. Knowing this would help you handle marketing campaigns better as a marketing manager on behalf of your employer.
- Marketing management is crucial for introducing new products
One of the primary ways for increasing revenue is to launch new products and services in the market. However, this step would remain ineffective if customers remain unaware of the new products or services.
Being a proactive marketing manager can help you improve the visibility of the company you are working for and engage with potential customers more effectively. Marketing management expertise can also help you assess customer satisfaction in order to optimise promotional campaigns for new products or services.
- Effective marketing management techniques can improve the scope of your campaigns
Marketing is an ever-evolving and dynamic domain. Marketing techniques have come a long way, from printed pamphlets to online banners and video advertisements.
Marketing management involves thorough research into the latest marketing trends and techniques, which allows you to stay relevant and updated on popular marketing techniques being used in the industry. Using researched marketing insights and time-tested techniques in your campaign can also increase the scope of your marketing efforts.
- Marketing management allows you to take the right branding decisions
Sometimes, imperfect campaigns or marketing decisions based on inadequate research can backfire on a brand. A company’s success is dependent on how customers perceive the brand. Wrong branding decisions made by a marketing manager can negatively affect the brand’s reputation, thereby affecting sales and revenue.
A capable marketing management executive can identify any potential threats to the brand’s image and nullify them. They can also suggest great branding exercises that can establish their employer as a thought-leader in the relevant industry.
- Marketing management exercises can generate new business ideas
What is a common trait of the incredibly successful marketing campaigns of renowned brands like Nike, Coca Cola and Rolex? All of them have capable marketing management teams who are able to think outside the box when it comes to engaging with their consumers.
A large part of marketing management involves coming up with creative content ideas and themes which can fuel marketing campaigns. There’s an added advantage as well—adopting these new business ideas in your campaigns can help you elevate above dated strategies and give your brand a competitive advantage in the market.
- A capable marketing management team can help a brand withstand competition within the industry
Marketing management is especially important for smaller businesses because it gives them a level footing to compete with larger players in the field. Thorough customer research, creative campaigns and marketing strategies and positive branding can go a long way in providing a brand with an edge over its competition.
Apart from these benefits, learning effective marketing management strategies can allow you to remove the guesswork from your campaigns. You will be able to help your brand leverage the available marketing tools for the best customer engagement as a marketing manager.
Investing your time and efforts in a marketing management course can also brighten your career prospects within the advertising industry. Marketing management graduates have gone on to become successful product managers, marketing managers, media planners and market researchers.
Invest in a good M.Sc. Marketing Management programme today to explore this dynamic and exciting career option.
- This article was written by Sweha Hazari
