The marketing management process goes through various stages to ensure the success of a product in an organization. A company is generally in the blind about any new product. In a tough business environment, with a customer who knows everything beforehand because of the presence of online portals and websites, it is tough to plan and launch a new product or a marketing strategy.
Just like movie stars waiting in anticipation for their movies to be released, companies wait in anticipation when a new product is launched. This new product can rock or it can fail in the market. The marketing management process ensures that whatever happens, the product is given its best chance to survive and thrive in the market.
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What is a Marketing Management Process?
Marketing management process is a method of planning, organizing, and controlling an organization’s marketing activities. The marketing management process is a set of systematic steps that helps businesses reach their goals by satisfying customers’ needs. Each step in the marketing management process helps companies meet these goals.
The marketing process starts with defining the company’s organizational goals and objectives, then moving on to identifying customer needs and wants, creating a product or service that meets those needs and wants, developing an effective distribution system for delivering products to customers, assessing sales data to determine whether the product or service is meeting its stated goals, and making changes as needed to improve performance.
The marketing management process is a continuous cycle of reviewing performance and making changes, which can lead to more efficient use of resources and improved customer satisfaction.
Why is Marketing Management Important?
Marketing management is important because it allows marketing managers to make better decisions about how they spend their money on marketing plans. It also helps them determine what their objectives are in the first place.
Marketing management is also important because it helps organizations in developing marketing strategies to understand how their products or services fit into the marketplace. This allows them to make better decisions about pricing and positioning, which can help them increase revenue.
5-Steps in the Marketing Management Process
The marketing management process is a 5-step process that includes marketing efforts that can help you grow your business. It’s a process that helps your marketing team to create a marketing strategy and then implement that strategy in a way that will be effective for your company. The five steps are:
Step 1: Conduct Market Research
The very first step in the marketing strategies starts with conducting a market analysis. As previously mentioned, if a product is a new launch, then the company is likely to be in the blind for the future projects of the product. The marketing manager do not know what product the market needs, should they go for a new product or do a product extension, what will be the expected turnover increase from the new product, etc. Such questions are answered by market research. Thus, to even start thinking of launching a new product, market research is necessary.
Step 2: Develop a Marketing Strategy
Before making a marketing strategy, you need to know the market. As market research has already been done, marketing strategy forms the second step in marketing management process. The marketing strategy takes several points in consideration.
Simple things such as segmentation, targeting and positioning are a part of Marketing strategy. However, tough things like deciding the marketing mix as well as getting the positioning strategy right are also involved. Core competencies like financials and production are also to be analysed during the marketing strategy stage. Taking all these things in consideration, a marketing strategy is formed.
Step 3: Make a Marketing Plan
After marketing strategy, a written marketing plan is made. This is the third and a very important step in marketing management process. A written marketing plan is made to analyse where the company is and where it wants to reach in a given time period. The marketing plan actually puts the plan on paper and the marketer can anytime refer to the marketing plan to analyse whether he is on track or not. The marketing plan itself has some pointers which are most important.
Situation analysis – Business environment analysis, Internal analysis (SWOT analysis), USP’s, core competencies.
- Strategic plan – A time related strategic plan outlining the pros and cons of the strategy.
- Financials – Sales forecasts. Expenses forecast. Working capital etc.
- Implementation – Operations. Customer loyalty. Brand building. Consumer behaviour. Product and pricing decisions.
- Follow up – After implementation, follow up is done to ensure marketing strategy is on track.
Step 4: Implement Automation
Once you’ve made a plan, it’s time to automate the marketing campaigns so they can run smoothly without having to be constantly monitored by humans (who will likely get bored with all the repetitive tasks). Automation is key because it allows us to scale up our operations quickly without hiring more employees—which means we can serve more customers at lower prices!
For example, if you have a lot of repetitive tasks (like managing your email inbox), there are many great tools out there that will help you automate those tasks for you so that they can run in the background without taking up too much of your time or energy.
Step 5: Feedback and Control
Once a product is in the market, customers might give further ideas for the improvement of the product and marketing campaign. These ideas are usually considered by the marketing department and a market research is conducted to find the validity of the ideas. If the idea is valid, another product can be developed or another marketing strategy implemented.
On the other hand, if the product is not received positively, then the control mechanism needs to fall in place and implement an alteration process for the product or in the worst case scenario – take the product out of the market before it affects the brand.
The five steps above complete the marketing management and the integrated marketing communication strategy. With the world becoming a small place due to the advent of the internet, the marketing management process has become simpler. Feedback can be obtained online through simple questions, Marketing strategy can be changed by keeping an online brand watch and market research can be done through social networks. However, this does not change the gruelling process which traditional marketing companies like FMCG, Electronics and Automobiles have to adopt.
How to Optimize your Marketing Management Process?
Marketing management is the process of planning, implementing, and evaluating a marketing strategy. It’s one of the most crucial parts of your business, but it can be hard to get right.
The process of optimizing your marketing management process involves identifying your goals and strategies, then developing strategies that align with those goals. Once you have a strategy in mind, it’s time to think about how you’ll implement it—which is where this guide comes in! We’ll discuss how to optimize your marketing management process from start to finish.
Your marketing management processes should be the core of your marketing strategy and marketing management team and act as a guide for all your current and future marketing activities. The steps within this process will help you focus on important tasks that will make a difference to your marketing efforts. The better this process, the more effective your overall marketing strategy is going to be.
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