Management of Marketing: Process

Section: Understanding the Concept of Marketing Management Process

The Marketing Management Process is a strategic planning process that helps organisations achieve marketing objectives.
This process involves analysing marketing opportunities, selecting target markets, developing the marketing mix, and managing the marketing efforts.

Section: Analysing Marketing Opportunities

This step involves comprehensive market research to identify potential markets, consumer needs, and market trends.
Tools such as PESTLE analysis (Political, Economic, Sociological, Technological, Legal, and Environmental factors) and SWOT analysis (Strengths, Weaknesses, Opportunities, and Threats) can be used.

Section: Selecting Target Markets

After analysing opportunities, the firm must then segment the market and select the most beneficial segments to target.
The market can be segmented based on a variety of factors such as demographics, geographical location, behavioural factors, and psychographics.
The benefits and potential of each market segment should be evaluated to determine the best target market.

Section: Developing the Marketing Mix

This stage involves planning and executing tactics for each element of the marketing mix - product, price, place, and promotion.
It is crucial for these elements to be cohesive and consistent with the firm’s overall marketing strategy and goals.
Adjusting any element of the marketing mix must be done considering the impact on the other elements and business objectives.

Section: Managing the Marketing Efforts

Marketing management is not a one-time process, it’s a continuous cycle of planning, executing, evaluating, and refining.
This stage includes monitoring and measuring the performance of the marketing strategies, and making necessary changes to achieve the marketing objectives.
Key metrics like sales volumes, market share, and customer satisfaction levels are used to assess performance.

Section: Role of Market Research in Marketing Management

Market research is crucial in every stage of the marketing management process to make informed decisions.
Techniques like surveys, focus groups, and observational research can provide valuable insights into customer behaviour, preferences, and trends.

Section: Adapting to Changing Market Conditions

Effective marketing management involves being adaptable and responsive to market changes and trends.
In response to changing market conditions, organizations may need to revisit and revise their marketing objectives, target markets, or marketing mix strategies.
It’s critical to maintain a good balance between satisfying the current needs of the market and anticipating future trends and changes.

Section: Ethical Considerations in Marketing Management

Every stage of the process should abide by ethical and legal standards, including honesty in advertising, respect for consumer privacy and fair competition.
Ethical marketing builds trust and loyalty among customers, while unethical practices can damage a firm’s reputation and cause legal issues.