The goal of marketing management is to create sales from customers and to enhance the number of trade throughout the year.
In materializing this goal, a manager must conduct several activities that include analyzing the market, making a plan, carrying out the plan and conducting market control. Here is the explanation for each of those marketing management principles.
• Market Analysis
The first element of marketing management is market analysis. In this step, a manager must collect a lot of information on economic, social and political aspects that may affect the business. Assessment on the past business of the company should also be considered as well as the future plan which is going to be created.
In this aspect of marketing management, SWOT analysis is required to figure out the strengths, weaknesses, opportunities and any possible threats that may happen. Additionally, one must identify many other things such as buying reasons, market sizes, costs and distribution channels.
• Market Planning
While in the first step of marketing management, a manager should make a research on customers, market and environments, the second asks him to start a plan. This market plan is of course to be based on the results he found from the research.
Marketing plan includes the goals the company wants to achieve during a certain period of time. The plan must be measurable and set in a logical timeline and budget so that the marketing management can be well managed.
• Market Implementation
The third principle of marketing management refers to the events where a manager carries out those activities mentioned before this point. In other words, market implementation is the execution of market research and planning while considering the timeline and several adjustments that need to be made on them.
From doing a research on customers’ buying reasons to promotional activities and advertisements, this aspect of marketing management is conducted to know whether or not a strategy will succeed.
• Market Control
The last element of marketing management is market control. This is the time when a manager reviews the overall marketing activities done in the company. Market control involves several activities such as sales evaluation, customer feedbacks, and repeat buyers tracking.
Market control means that the manager should take a good look and evaluate each decision made from research to planning steps.
By conducting market control, a manager is able to see whether a plan works and leads the company to success or shove it to failure.
Since a manager holds an important role in each process of marketing management, he must be one who is responsible and can be relied on.