Marketing management is what guides a firm's marketing plan through the use of accurate market knowledge, which is usually obtained through research and surveys, in a systematic approach. On a broader scale, marketing skills transcend the business world and are used in many careers. Your marketing efforts are important to keep your small business afloat. Understand the Customer. Because, a manager of marketing team always wants to meet the customer’s need (for utmost satisfaction), avoid strategic mistakes by applying trendy technologies and adopt newly available business/marketing opportunities. It helps you tell, show, and PROVE to people how terrific your business is and how you can help them. Many business owners haven’t discovered the importance of a marketing strategy. In today’s landscape, understanding the motivations of the customer is crucial for anyone in business. Marketing is one of the most important things a business can do. To sum up, marketing management may be defined as the process of management of marketingprogrammes for accomplishing organisational goals and objectives. (iii) Reducing cost of sales and distribution. It can be stated that reputation management is important for … Marketing management today is the most important function in a commercial and business enterprise. According to Philip Kotler, “Marketing management is the analysis, planning, implementation and control of programmes designed to bring about desired exchanges with target markets for the purpose of achieving organisational objectives. The following are the other factors showing importance of the marketing management: (i) Introduction of new products in the market. This is where marketing comes in to educate current and potential customers about your business and how it serves a need they have. Marketing management today is the most important function in a commercial and business enterprise. Marketing and sales teams are only as good as their customer data. And only marketing strategies can help any company to build a strong reputation by identifying the best opportunities worth pursuing as well as the threats to be avoided. Magalie D. is a Diploma holder in Public Administration & Management from McGill University of Canada. The success of a business lies in its popularity among potential customers. Marketing Is an Effective Way of Engaging Customers It’s important for your business to engage its customers. Marketing management has obtained importance to meet thriving competition and the need for developed strategies of distribution to reduce cost and to increase profits. Marketing helps in the realization of the objectives for which the organization has been set up. An easy—and truthful—answer to this question is “everything.” There is no aspect of marketing to which information and research do not apply. In fact, having a marketing strategy is so useful that you can think of it as having a road map (or a cheat sheet). What do you think about the importance of Marketing Management in business? Structure. Before publishing your articles on this site, please read the following pages: 1. Importance of Marketing Management. It sells: Marketing is important because it helps you sell your products or services. Management Notes. What Are The Best Books On Business Case Studies. Marketing Management: Meaning and Importance of Marketing Management – Explained! Strategic management benefits all business ventures, including small business, for-profit, nonprofit and Fortune 500 companies. As a result, the first step in creating a strong strategic marketing plan is to outline the goals of the business and how the marketing strategy will help the business to achieve them. The points ahead will help one understand why is Marketing Management so important in detail. Marketing management has gained importance to meet increasing competition and the need for improved methods of distribution to reduce cost and to increase profits. The following are the other factors showing importance of the marketing management: An effective supervisor or a management team should always thrive for effective communication and create useful strategies to leverage the updated social media and digital platforms like Facebook, YouTube, Twitter, Instagram and TikTok. Content Filtrations 6. Marketing management aims at efficient operation of marketing activities. Management is the process of getting things done in an organised and efficient manner. If your business is unknown to the potential customers and you don’t have any kind of relation with your customers then marketing techniques can help you to create brand awareness for your service or product.eval(ez_write_tag([[300,250],'mgtblog_com-box-4','ezslot_4',120,'0','0'])); (adsbygoogle = window.adsbygoogle || []).push({});In simpler terms, Marketing Management is important for any business, because:Understand the customer needsImproving the product and/or service to satisfy customer needsExpand the technique to reach potential customersProvide the right tools at the right timeSaves company time and money by focusing the resources. 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