The functions of marketing management

It is a common misconception that marketing and selling are the one and same thing and that marketing management involves just these two aspects. On the contrary, marketing management involves much more, and it also incorporates evaluating the requirements of the customer, securing information that is critical to the design, as well as to produce products and/or services that match the potential customers’ expectations. At the same time, marketing management also involves creating and developing long lasting relationships with both the consumers and suppliers. In fact, the modified concept of marketing management, that we know of today, permeates all of the functions of the company.  The basic concept of marketing management recognizes that fact that marketing variables such as product, price, place and promotion together combine to offer consumer satisfaction.

The meaning and various functions of marketing management

The concept of marketing management focuses on the psychological and physical aspects of marketing. To be precise, the psychological facts focus on discovering and finding out the wants and requirements of the customers in the market, and their patterns of purchasing behavior, habits, preferences, etc. On the other hand, the physical aspect of marketing management focuses on fulfilling these demands and needs to the customer and target audience. This involves purchasing better product design, finding out the best channel of distribution, etc.

The objectives of marketing marketing

The main functions of marketing management thus involve numerous activities, right from creating marketing objectives to analyzing and evaluation marketing operations. Thus, marketing management determines the organizational marketing objective of any firm. These objectives may either be long term or short term, depending on the needs of the organization.

1.     Planning

A significant function of marketing management is planning in accordance with the operations or functions so that the firm is able to achieve all its objectives. Thus, the planning process includes sales forecasting, marketing programmes formulation and marketing strategic analysis.

2.     Organization

After the policies have been formulated and plans have been made, what follows next is the implementation process. In the organization stage, the marketing manager collects and coordinates the various means that are needed to implement a plan and achieve the pre-defined organizational objectives. Thus, this also involves the structure of marketing, allocation of responsibilities to different members, etc.

3.     Coordination

Coordination basically means managing activities related to marketing, such as the forecasting of sales, planning the production process, determining supply chain, warehousing, etc.

4.     Direction

The next function to follow in the marketing management series is that of direction, and it also has a significant role to play in helping the organization achieve its goals. The marketing manager basically has to develop prospects for new markets, lead the workers, motivate them, guide and supervise them, and also boost the morale of all the employees who are involved in the process.

5.     Control

The next stage is that of controlling, which means to determine the organization standards, examine the actual performance, and then adapt suitable reforms of strategies so that corrective steps can be undertaken in case the actual performance does not match the standards that are expected.

6.     Staffing

The next stage in the marketing management function that follows control is staffing. In the staffing function, the marketing manager has to take part in staffing new employees for the organization, who have an expertise level that matches the needs of the organization. At the same time, staffing also involves providing training to their existing employees, so as to develop their skills and hone their talent. This not only keeps the employees happy but also helps the organization to meet its goals.

7.     Analysis and evaluation

The last stage in marketing management is to analyze and evaluate the entire planning process. In this stage, the marketing manager has to take an active part in the analysis and examination of the productivity of the firm, and also try to improve the performance of the workers. In this way, the entire process gets checked for a second time, and the marketing manager has the chance to rectify or modify the strategies, if necessary.

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