Marketing management definition is process for developing strategy and plan to promote and advertise product or service. This term comes from two words, which are marketing and management. Marketing is when you try to sell and promote. Moreover, management is a system to fulfill the goal or objective. Both words are at one term then the definition clearly takes from each part individually. For more about definition of marketing management, you can read the following sections.
Everything about Marketing Management Definition
Definition of marketing management focuses on strategy and planning. Today, many marketing strategies are developed to ensure the planning work properly. One of them is SWOT analysis. It is old, but still reliable in today era. You can measure the strength and weakness from product or service. The weakness will be eliminated and the strength has to be enforced. In this case, you also require applying competitor analysis. Your product is not the only one of market. Strong and high profile competitor has capability to determine the trend and price. Well, SWOT analysis is also a part of marketing management functions to understand market and competitor.
Marketing management works inside and outside company. It develops strategy then applies on product. High sales means the successful marketing. However, company also uses this division to do examine the brand value. Brand audit is the key of marketing management functions. SWOT analysis only focuses on product and market, but brand audit tries to assess internal aspect of company.
Today, many products and services on market rely on brand value. Popular brand and name becomes crucial to attract customers. Two cars may have the same specs and engines. Interior and equipment are similar. However, one car has luxury touch and another is in standard design. Luxury means high value that increases the price. Customers pay more for the brand and after sales service. This is a part of strategy on marketing management functions. In marketing, you put aside the view about do not judge book from its cover. On contrary, the appearance is the key to attract then it goes side by side with quality.
READ: Definition of Marketing
Marketing management definition is not directly related to selling. On contrary, marketing turns what people want into what they need. Therefore, the product will be sold. As we know, food is one of primary needs to stay alive. Usual food is easy to find, but special and exceptional one is capable to fulfill human desire. Marketing has a job to put this desire into need in order to let them buy.
Definition of marketing management may be different from one company or group to others. Financial company has different focus and goal from automotive one. They have the same people as customers, but with different segmentation. Strategy and planning are created after research. Today, you cannot ignore data and research as valuable thing to consider. Most of successful products on market have undergone long and extensive research, including marketing. Research is also important when you try to invent a new product and market. It is easier to enter the existing market than creating one. However, research expands opportunity to create product for completely new market. As you can see, marketing management definition is not only strategy, but also action to implement it.