The significance of marketing is known to all. It helps a business in attracting more customers by communicating with the audience through various marketing channels and tools, both offline and online. Hence, effective marketing boosts the revenues and profitability of a business. There are different marketing activities that need to be performed by businesses to tap into potential customers. Along with that, businesses need to gauge the effectiveness of various activities along with modifying or creating activities. This is where marketing management comes into the picture. It is a process involving a chain of activities such as market research, formulation of marketing strategies, implementing promotion, monitoring activities and analysis of sales. It includes implementation of the conception, pricing, promotion and idea distribution. Marketing management keeps track of marketing efforts and various forms of advertising. In this post, we’ll delve into the importance of advertising in marketing management.
Importance of Advertising
Even though advertising is a known form or marketing strategy, but the question still arises, ‘What is advertising in marketing management?’
In marketing management, advertising refers to multiple approaches that are made for the marketing of products. Advertising is carried out by enterprises to promote products and services. From TV and newspaper advertisements to print and digital media, different channels are used to market the company’s products & services. The most popular approach of marketing is internet marketing which includes methods such as Pay Per Click.
The basic purpose of advertising is to create brand awareness among customers. Furthermore, advertising also aims at elucidating the product’s features, description and benefits to convert them into customers.
Different Types of Marketing
Now let’s have a look at some types of marketing:
Cause Marketing
This type of marketing is famously known as Cause-Related Marketing as it generates a link between a product/service and a social cause.
Publicity
Any public visibility or cognizance of a company’s product or service is publicity. It can even refer to information’s movement from a source to the public.
Relationship Marketing
Relationship marketing has its main focus on building a good relationship with its customers. It even aims at creating brand loyalty by rewarding existing customers.
Word of Mouth
This type of marketing is dependent upon the impression left on the customers by the company’s products. If the customers are happy with a company’s products/services, they’ll refer or recommend it to their social group.
Internet Marketing
As understood by the name, internet marketing takes place over the internet. In this marketing type, all the marketing items are shared by the company over the internet and promoted on different platforms. Google Ads, PPC marketing, digital marketing are some of its types.
Closing words
Clearly, marketing management is essential for every organization. However, marketing operations cannot be managed by everyone. Companies need skilled professionals or rather marketing managers who have the ability to manage all marketing operations effectively. The demand for such professionals is always on a rise and they receive decent remuneration in lieu of their efforts. If you also wish to make a mark in the realm of marketing management, then you can pursue a course in Marketing Management.
MIT School of Distance Education (MIT-SDE), a pioneer distance learning institute offers 18-month PGDM and 24-month PGDBA in Marketing Management. The courses are at par with distance MBA. Furthermore, curriculum of the course is revised frequently to attune to industrial changes. Students learn through self-explanatory modules and video lecture that are uploaded in Learning Management System of MIT-SDE. The all-inclusive courses are known to make candidates job-ready. So, apply for MIT-SDE’s management course and dive towards a prosperous career.