What is marketing management?
Marketing management is a business discipline that is focused on the practical application of marketing techniques and the management of a firm’s marketing resources and activities. It involves functions and activities to distribute goods and services as well as planning, analyzing, and implementing programs formulated to bring in positive response among the target audience. In simpler terms, it is the process of assessing marketing programs that are used to achieve the end goals of the organization including planning, implementing, and controlling marketing programs and campaigns.
Marketing management is important as it consists of some important business activities including;
- To develop new ways of communication and conveyance
- To launch new merchandise and services
- Helping to increase the per capita income by the increased demand for goods from the customers
- To lessen the distribution cost as well as a sales cost
- To ease the manufacturing of existing products
4 steps to follow in your marketing management
While writing your marketing assignment, 4 steps which are co-related with each other can be followed.
- Create a marketing plan. Creating a marketing plan is considered to be the most important step for any business organization. This is because it helps in analyzing a lot of parameters connected to the business. It helps the student get an idea of the target audience, what the current market demands from them, analyze the competitors, using resources optimally, mitigating the risks involved, etc.
- Draft a marketing mix. The marketing mix is the ideas and strategies that the company uses to promote its product or service. It consists of the 4P’s of marketing which stands for price, promotion, place, and product which correspond with the customer, cost, and convenience, and that get promoted through communication. Product refers to the main part of the marketing mix. It provides that the product developed is as per the target market and customer requirements. The product should be made according to customers’ needs and demands as they are the king of any business. Price refers to place the best price in the marketing mix. It is the most important part so fixing the price of any product is very crucial. It is a factor that provides a competitive advantage to a company. Place this sees that the product and service should be available and in the reach of the target market. Promotion; this is a very important part of today’s competitive world where companies need to implement the right promotion mix for their products. They need to study what is the target market and which is the most favorable medium.
- Formulate a marketing strategy. A marketing strategy helps choose the product mix that would help the firm earn more profits with minimum expenses. Many techniques can be used in the marketing strategy research and include SWOT analysis, Expenses budget, competitive analysis, sale forecast, etc.
- Formulate business goals. The business goal outlines all those set goals that any organization wishes to achieve over a while.
Marketing management assignment help
Students interested in learning marketing take up this field as their specialization and learn both the traditional as well as contemporary tools of marketing. This is a challenging field for the students because they need to be aware of all the intricacies related to the subject. Many students thus tend to avail do my marketing management assignment requests to help them scoop excellent grades in their assignments. This is why our marketing experts are just a click away to help you any time you come across any challenge when carrying on your marketing management assignment. For any topic be it relationship marketing, industrial marketing, B2B marketing, 4ps of marketing, 7Ps of marketing, Porter’s five, 5cs of marketing, and strategic marketing do not hesitate to request our assignment help services that are provided at a reliable rate and with a top-quality guarantee.