In economics marketing is a social and managerial function that is concerned with the flow of goods and services from producer to consumer. In traditional understanding, it may be defined as the allocation, circulation and sale of goods. Marketing is also associated with the process of researching, developing, promoting, selling, and distributing a product or service. In a modernized capitalist economy, where almost all production is directed for a market, such activities are just as vital as the production of merchandises. Marketing management is what guides a firm’s marketing plan through the use of accurate market knowledge Marketing management also it is the planning and implementation of a company’s different promotional strategies.
So why marketing management techniques are used and what is their role?
The marketing techniques used in management discipline depend on the size of the business and budget as well as the industry. Sufficient research of who the target markets, as well as what it needs and desires, is essential in this type of strategic management. The basic process involves analysis, planning, project management, leadership and follow through. Marketing management techniques rely heavily on predictive analysis.The strategies for each product launch must then be formed into a plan. The plan must be included in the company’s budget. The popular “4 P’s of Marketing” which are product, price, place and packaging which are obviously included in the strategy of development . While doing your business you have to know a company’s current market, and set realistic goals and targets, develop new market penetration strategies and implement effective marketing plans within budget are all part of marketing management.
In short, marketing management is a business and main component that makes and develops a marketing strategy of certain company.