What You Need to Know About Marketing Management

Marketing is the art of influencing customers and increasing sales and marketing management is the actual process, the practical way in which the techniques of this art is used. Thus marketing management includes everything i.e. any tact, activity which is used to increase the scope of sales is well included in marketing management. Marketing management is not restricted only to a group of professional marketing managers, but everybody in the industry is a part of this. Marketing management thus involves sales, finance also along with strategies, customer satisfying activities etc.

Analysis in marketing management:

Many strategies and plans are made in the process of marketing but the real skill is to apply these plans efficiently and marketing managers compile a research about the quality of their products, the nature of their business, the market’s present and future demand etc.

The analysis is presented as:

1. Customer analysis- in this, the marketing managers divide their customers into different categories and concentrate on the needs and benefits of each.

2. Company analysis- Here, the marketing managers analyze their own business, position, their funds, brands and their status with respect to their competitors.

3. Competitor analysis- The marketing managers in competitor analysis, prepare detailed reports of each of their competitors including their highs and lows, history etc. so as to be ready with the expected market response to their own product.

This is known as the 3C analysis, which is further extended to 5C analysis involving Collaborator analysis and Industry Context analysis, wherein the activities of the partners including suppliers are taken into consideration.

After such kind of analysis, comes the strategic planning and implementation so as to achieve specific goals and targets. The implementation is concentrated on certain customer categories so that high profit is gained; more and more customers are attracted and retained. The target is fixed, required goals are set and the brand, positions are kept into focus.

Next the 4Ps of marketing mix i.e. price, place, product and promotion are brought into use. Later the marketing managers channel their public relations and campaign for their products via advertisements, exhibitions etc. Along with this, many process management techniques are also deployed to further increase sales.

And for all this one requires a good marketing management committee in the company, one which possesses qualities of interacting with every other department in their hold so as to innovate new marketing techniques. Executives have to work on their branding and marketing concept to raise the bar of their enterprise. To determine the consumer reaction to their products, marketing executives check its feasibility amongst their own group of co-workers.

After such implementation, again marketing management has to look into the company’s performance due to the strategies. They have to note their Return on Investment (ROI) and their brand value along with the position of their shares in the market.

In this way, marketing management is responsible for the market research, planning and implementation of strategies, progress and feedback of their innovation to achieve the only marketing goal, ‘INCREASE SALES AND PROFITS.’

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What Is Involved In Becoming A Marketing Manager?

If your brain is a melting pot of analytical thinking and creative ideas, if you’re a natural born leader with exceptional communication skills, and (finally) if you can handle the stress of deadlines without caving into the pressure, then you might want to consider a career as a marketing manager. In smaller companies, the CEO or owner may have to assume a multitude of responsibilities such as advertising, promotions, public relations, sales, and marketing. On the other hand, your larger companies have a vice-president to manage these areas.

Characteristically, marketing managers are in charge of coordinating the many facets of marketing strategy including marketing research and public relations. Additionally, they employ managers in areas such as advertising, pricing, product development, promotion, and sales. With the exception of the larger firms, these managers direct advertising and promotion staffs which are rarely large. Many of the smaller firms will outsource their advertising and promotional responsibilities, with the management person serves as the liaison between the advertising agency and the corporation.

The professional, scientific, and technical services industries employed roughly 1/3 of the marketing managers in the labor force in 2004 according to a Department of Labor report. Also, advertising, marketing, promotions, public relations, and sales managers held approximately 700,000 total jobs — marketing managers accounted for 203,000 of them or 29%.

Typical Responsibilities of the Marketing Manager

Marketing managers and their subordinates — market research managers and product development personnel — are usually charged with developing the marketing strategies for their firms. Typically, the firm’s products and services are also analyzed in this way. Additionally, they are responsible for identifying customers as well as potential markets such as businesses, the general public, government, retailers, and wholesalers.

At the same time that the marketing manager is striving to maintain customer satisfaction levels, they are also attempting to maximize market share and profits by utilizing effective pricing strategies. Marketing managers will also team up with other managers in an attempt to attract consumers by promoting the company’s products and/or services. Finally, in an effort to monitor trends which indicate the need for developing new products and services, marketing managers will oftentimes collaborate with product development and sales managers. When the product enters the development stage, they will assist in overseeing the process.

Educational Background and/or Requirements

Typically, there is no clear cut course of educational requirements when it comes to qualifying for the position of marketing manager. Normally, the marketing managers in most companies have been promoted from within, having risen through the ranks as either sales managers or market researchers. As far as education is concerned in this sense, it relates to the training one can receive by virtue of climbing up the corporate ladder. So the first step involved with becoming a marketing manager is to get one’s foot in the door, and then work your way up.

Formal education may or may not have to involve an actual marketing curriculum. In fact, there is quite a variety of acceptable core studies. What seems to be common among a lot of employers is that they oftentimes will seek out those candidates that have a fairly broad liberal arts education with any pertinent or related work experience. Requirements will vary from position to position.

Surprisingly, many companies will look favorably on the candidate that has a bachelor’s degree in journalism, literature, philosophy, psychology, or sociology. Other companies may prefer that the successful candidate have a bachelor’s degree in business administration and a master’s degree in marketing. In the more high-tech type of environments, such as computer manufacturing, the employer may want the candidate to have a bachelor’s in a computer science with a master’s in business administration.

Another avenue shows that some employers want their marketing manager candidate to have a degree in journalism with a solid foundation in areas like consumer behavior, marketing, market research, and sales. Basically, internships and management courses in general are all desired qualities and are highly valued as proper preparation for a marketing management career. As always, computer skills are considered vital, and in some instances, a foreign language (especially Spanish) is considered a desired quality.

Finally, personnel managers that employ the strictest set of educational criteria usually look for a candidate with at least a bachelor’s and preferably a master’s degree in either accounting, finance, or marketing. Additionally, an MBA in business administration or business management with a concentration on marketing is preferred over a Bachelor’s.

Salary Range and Employment Outlook

Career opportunities in the marketing industry have improved steadily in the past four years and the US Labor Department expects the number of marketing occupations to grow faster than the average career sector. Competition for jobs is expected to be fierce and the individual in the field who aspires to move up into management may have to acquire extra years of experience compared to the current requirements.

As of January of 2008, the US Bureau of Labor statistics reports that marketing manager salaries range between $66,247 and $93,073. The wide range in salary is relevant to the business or industry, the level of employment, and the size of the company.

6 Steps to Maximizing Your Marketing Management Potential

Specific job growth oftentimes varies by industry and employment opportunities for marketing managers is expected grow faster than the national average through 2014. The following six steps are recommendations for what a marketing manager candidate can do to hopefully enhance their chances for an upward career move.

1. First and foremost, try to pursue an education that is what the employer is looking for in a candidate. Minimum educational requirements call for a B.A. or a B.S. in business management, marketing, or the company’s industry niche, e.g. engineering. Some employers may also require an MBA.

2. If at all possible, try to intern with a marketing company. It’s a good way to nurture some knowledge and gain invaluable experience in the process.

3. Spend anywhere from 3 to 5 years in lower-level jobs such as a customer service representative, marketing assistant, market researcher, or sales assistant. This will help you enhance your background skills as well as gain the experience needed to become a marketing manager.

4. Enroll in a creative or technical writing class, or join a public speaking group. It will help you develop your written and oral communication skills.

5. If the opportunity to relocate is offered to you, take it. Transfers from a home office to a branch, or between branches, increases your chances for a promotion and/or looks good on a resume

6. If your local college offers continuing education courses or a management training program, enroll in it. This helps to hone your skills and alerts your employer to the fact that you are committed to developing and advancing your career.

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Understanding Marketing Management

Marketing management is a generic business discipline that focuses on practical applications of various marketing techniques including marketing resources and activities management. The idea has come about due to the rapid growth of globalization, leading firms to focus a good portion of their energies to conquer new shores. This has made international marketing an important part of every firm’s general marketing strategy.

These days, marketing managers are mostly responsible for manipulating the composition, timing, and the level of customer demand. They also recognized how everything starts here. This is so since the manager’s role varies significantly when taking into consideration the size and industry context of businesses, especially their corporate culture.

A good example would be the marketing manager of a consumer products company simultaneously acting as overall general manager on specific product lines. In order to formulate an effective strategy, he/she must have a detailed understanding on how the specific business works, including the market it is operating in. He must stay on top of the issue at all times so he can maneuver the business to favorable winds. Successful comprehension of such issues means the manager would have to play with both the marketing management discipline and the related strategic planning.

The Revolution

Marketing management has undergone a great deal of change of late. What makes up the manufacturing goods process has continuously evolved from the goods production processes that producers desire to producing specific goods that consumers want. This is the reality everyone has to adapt because of the inclusion (and eventual implementation) of powerful marketing management concepts. Such concepts revealed how production activities are now more dependent on consumer needs and desires. Without employing sound marketing strategies and tactics, no business can ever survive the wild.

The importance of marketing processes in every business activity has steadily increased over the years. As goods were initially sold on the idea that producers can offer the market anything that comes out their minds, they now have to pay attention to what consumers want and need. If not, they will find to their discomfort that consumers can easily find someone else who can give them what they want.

Selling a concept is among the toughest tasks in marketing management. You may have all the resources to produce products complete with all your marketing efforts poured into it, but making consumers purchase your offerings is a different story. This means that the heart and soul that defines every existing business is in its vigorous sales activities. Only then will you convince consumers to pay for your product. Proper management should tell you to implement sound sales promotion methods so you can maximize your efforts at the minimum time possible. This is a great formula to follow.

You must understand that various promotion methods businesses adopt remain their lifeline, and only through effective marketing management will you be able to strengthen such lifeline in the long run. If the chosen marketing strategy fails, then you cannot expect the business to survive for long. Following the notion about how “the consumer is king” should be a good start. Everything else should follow through from there.

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