Functions of Marketing Management

For most businesses, there are several organizational approaches to marketing. Market Management, has escalated in the recent years and continues to grow at a steady speed. Marketing is a contest for grabbing customer attention and the best will have it. But there are certain functions that marketing is based on whereby a Marketing Manager can achieve the desired target.

Market Management, in general, as a profession has escalated in the recent years and continues to grow at a steady speed. Marketing is a contest for grabbing customer attention and the best will have it. But there are certain functions that marketing is based on whereby a Marketing Manager can achieve the desired target.


Selling:

Selling is a core factor in marketing. The marketer has to come up with innovative and strategic persuasion for the buyer to actually complete the purchase of the product. Advertising, publicity and sales promotion are some of the means to enhance sales.

Buying:

This involves what to buy, quality, quantity, source of purchase, time and place and price. In business people buy to increase sales or to reduce costs. Purchasing agents are influenced by quality, service and price. The retailers buy products for resale depending on the need and preference of their customers.

Transportation:

Transportation plays a vital role from the starting point of transferring raw materials for production to delivering the finished product to the consumers. After considering factors like suitability, speed and cost, the means of transportation is decided.

Storage:

Products have to be properly protected and stored. The nature of the product should also be taken into consideration, for example, for perishable goods, storage requirements are different.

Standardization and Grading:

Standardization involves establishment of certain standards or specifications for products based on intrinsic physical qualities of any commodity. Grading requires classification of standardized products into certain well-defined classes or groups.

Financing:

Financing involves dealing with capital required to run various facets of the business. This could include bank loans, working capital, fixed capital, credit and others.

Risk:

Risk-bearing refers to the financial risk like the possible losses due to a fall in price and losses from spoilage, depreciation, obsolescence, fire and floods or any other loss. From production of goods to its selling stage, many risks are involved due to changes in market conditions, natural causes and human factors. Changes in fashions or interventions also cause risks. Legislative measures of the government may also cause risks.

Market Information:

For business to run successfully on a strong foundation, correct and timely market information is required. Correct facts can reduce risk resulting in unnecessary cost reduction.

In addition to these requisites, a Marketing Manager should also be familiar with product planning, pricing, selection of distribution channels, marketing objectives and strategy.

An important element of the marketing manager’s role which is often neglected is the process of collecting and analyzing data on success. This can take the form of website hits, sales figures, market share data, customer satisfaction or many other metrics and it’s important to record and track these as a core part of the marketing process.

Marketing managers have a diverse and varied job, and promotion should just be one element of the scope. Championing a marketing focused business structure will provide a greater chance of success in today’s challenging business environment and will lead to a more sustainable future.

Click here to know more about Welingkar’s Hybrid Learning PGDM Management Programs.

Advertisements

Difference between Branding and Marketing

There is a spectrum of opinions about Branding and Marketing and the difference between the two. Market Management knows that even if marketing and brand management fall under same the umbrella, they are different from each other.

What is Brand?

Brand is the name, term, design, symbol or feature that distinguishes one seller’s product or services from another. The trade-mark design or symbol is an identity of the organization and everything it stands for. Brand is a “promise delivered”.

A brand will help encourage someone to buy a product, and it supports whatever sales or marketing activities are in play, but the brand does not explicitly say “buy me.” Instead, it says “This is what I am. This is why I exist. If you agree, if you like me, you can buy me, support me, and recommend me to your friends.”

Brand Management

Just understanding brand is not enough if one does not know how to manage a brand. Brand Management is a communication function which includes analysis and planning in the positioning of the brand in the market and the buyer while maintaining the desired reputation of the brand. It is a “fulfillment in customer expectation and consistent customer satisfaction”.

What is Marketing?

Marketing is “The management process responsible for identifying, anticipating and satisfying customer requirements profitably”. Marketing is an integral part of your brand. It helps you to communicate the promise that you want customers and prospects to know about. Your marketing should also be based on your brand positioning, personality, values and tone of voice that have already been defined.

Difference between Brand and Market Management

Marketing is actively promoting a product or service. It’s a push tactic. It’s pushing out a message to get sales results: “Buy our product because it’s better than theirs.”

On the other hand, Branding precedes and underlies any marketing effort. Branding is the reverse: not push, but pull. Branding is the expression of the fundamental value of an organization, product, or service. It is communication of characteristics, values, and attributes that clarify what the particular brand is about.

Even though marketing contributes to a brand, brand in its self is bigger than any marketing strategy. Once the marketing is over and done with, it is the brand that is associated with the organization and remains to the end. The marketing strategies maybe draw the consumers in, but it is the brand that ultimately sells the product or service.  In the final analysis, Branding is strategic. Marketing is tactical.

In essence, marketing is what you do to get your message or promise to customers, while your brand is how you keep the promise made through delivery to customers.

Click here to know more about Welingkar’s Hybrid Learning PGDM Management Programs.