Management is the art of getting the requisite work done efficaciously. It includes planning, organizing, staffing, directing, and controlling to ensure proper functioning of an organization. Whereas, marketing refers to ascertaining and transmuting consumer needs into goods and services. Hence, Marketing Management is the process of managing the marketing activities of any firm. Managing various aspects of the market such as branding, labeling, advertising and other promotional activities comes under Marketing Management.
It is the task of the marketing manager to ensure that the marketing activities are managed properly. For this, a manager performs different tasks. There are various functions that are implicated in Marketing Management. The elementary functions are as follows:
- Setting the objectives of marketing
Every organization has its goals and objectives. Marketing objectives include the goals that a company wishes to achieve through its marketing. These objectives should be in coherence with the overall objectives of the organization. The objectives can be long-term or short-term depending upon the type of marketing. Through proper management of marketing, the marketing objectives of the organization can be achieved easily.
Once the marketing objectives are set, the next step is to formulate a roadmap that would be followed to achieve these objectives. The organization plans the ways and formulates strategies, and devices policies and procedures to achieve the set of goals.
Organizing refers to the process of implementation of the plan. It includes identifying and grouping the activities that contribute to the achievement of the organization’s marketing goal. In marketing management, organizing refers to the way the functions of management are organized so that every function when performed contributes fully to achieve the objective. It includes all the obligations, supremacy and responsibilities of those working in the marketing team.
Staffing is the process of hiring the required and skilled personnel to pack the positions in the organizations. For managing the market, skilled workers are selected and placed in those positions in which they best fit in. The HR and the market manager together select the personnel and they are then trained so that the company can gain maximum benefit from them.
It is obligatory to supervise as it ensures that the workers are working efficiently towards the achievement of the goals. Hence, through directing the personnel, new markets can be developed and employees are motivated to work with their best efforts.
The process of comparison of the planned activities of marketing with the results and then rectification is referred as controlling. Hence, for controlling, the standards must be set and the actual performance should be compared to find defects or flaws. Then, the corrective action can be taken.
It involves analyzing and evaluating the productivity of marketing campaigns as well as evaluating the performance of the employees.
These were the functions of marketing management. Every company nowadays seeks for marketing managers. Thus, candidates who undergo marketing management courses have a promising career. But, apart from theoretical know-how, a case study based approach and skill-oriented study is also required to excel as a marketing manager. This is provided by MITSDE’s PGDBA in Marketing Management. This value-added course has the study material prepared by the industries experts so along with the theoretical knowledge; students also get a chance to learn different case studies and know-how.