Importance Of Marketing Management
Marketing management is a study which focuses on practically applying techniques of marketing, and on the activities of marketing of a specific company or business. It encompasses the marketing planning, strategy and processes which are needed to attain the goals of a business and for providing value results to the customers.
The goals of marketing management are accomplished by carrying a marketing research about the customers’ needs and wants.
With the help of marketing management, an organization will be able to:
- Identify the customers
- Help in making marketing decisions about the product, price, place and promotion
- Evaluation of the customer satisfaction
- Development of the branding strategies
- Planning integrated marketing communication
Marketing management helps in retaining the existing customers for long term and also provides a basis for choosing the new customers for the target market and to look after their requirements. It gives a better understanding to the manager of any company to provide the satisfaction to the customers and to know about their competitors. It plays a very vital role in maintaining a good reputation in the market both of the company and of the product. It helps the manager to know about the products by which the customers are attracted, how much their buying budget is, do they need a product with modern equipments or not. Marketing management acts as a backbone for any industry which helps in managing the business in a proper way for the generation of profits and sustainable competitive advantage.
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