Marketing management is the process by which we planning and executing the conception, pricing, promotion and distribution of ideas, goods and other services to create exchanges and which satisfies the individual and also help in achieving organizational goals.
In other words, marketing management is the set of works under which we plan a strategy and execute them with skillfully with various ways like pricing, promotion and distribution of produces so that product can get notices in the market and organizational objective can be fulfilled.
Management, as we know is the process by which we utilize the available resources like human resources, accounting etc so skillfully and efficiently that business organizational objectives can be achieved. Thus marketing management is the part of management, which focuses on the planning and monitoring the marketing of the products by various ways.
For marketing skillfully and efficiently, we must be aware about the consumer behaviour and latest market research so that brand product can fulfill the demand of the customer. Marketing management deals with the skill as to how one can sell his products to the customers by using various means.
Today business has changed into tough competition and without a strong marketing management team, no company survive successfully in the market. It is team of expert?s market management, which keeps watching the latest trends of the market and taste of consumer. Role of market manager is very crucial as he has to target customer keeping in mind the economical strata and taste of the customer as per the need of his product. He has to target his customer and then he tries to satisfy his customer by the product and services. For this manager start his move with segmentation of the market with his customer. He chooses his customer and market then uses various ways for sale promotion and takes the help of advertisement.
Marketing manager tries to always study the needs, wants and demands of the market as these three factors play its role significantly for achieving any products in customer mindset. Marketing team have to assess the economical, educational and social status of the customers and then they have to fixes their target customers. However marketing manger cannot create a need for the market but it tries to inculcate the brand in the mind of customer so that he can use the product.
Marketing management uses various ways for promotion of its sales. A middle class consumer cannot afford the very costly product but marketing manager planned various strategies and launched the product in small packet so that those customers can taste the products, which is now in their budget.
Marketing management has to remain watchful about the marketing channel and supply chain, which decides the reaching of product to the target customers to whom they has target as a customer.
Pricing strategy of product and media planning are the factors, which directly affect the sell of the product from other company?s product. Media planning is also important in today competitive marketing. Advertising and sales promotion are the key factor for survival of any company and it is marketing manager who decides all the components for the sales promotion of the product.