What is Marketing Management?
Marketing Management is the the process of managing all that goes into the sale (or awareness) of a brand or product. These processes include developing product design, strategy, planning, advertising and promotions to a chosen market segment.
How Marketing Management Works
Planning & Analysis
This is where the Marketing Manager begins to bring the mission statement (of the brand or product) to life. With careful planning and analysis, marketing management's goal is to identify opportunities in the market.
Now that the opportunity has been identified, it's time to strategize as to how to get that Golden Ring. After analysis is complete, a strategy and path have been determined and the marketing plan is written.
Ready, set, GO! The marketing plan is then turned into action through elements such as product placement, advertising, promotions or simply the product "hitting the shelves".
Marketing Management Best Practices
Identity and Identifying are key for managing the marketing. By defining the identity of your brand/product, the next step in the strategy and planning stage for marketing management is to identify the core target (see market segmentation). Know what you're selling and know you're customer.
Marketing Managers must stick to their marketing objectives (often defined on a marketing brief). A lot can happen that can muddy the waters and stray you off course, but a marketing manager always steers any plan or action back into place by asking "does this speak to our marketing objectives?".
The fun doesn't end when your product hits the shelves. The variables are many and marketing management requires further analysis by watching for trends and early sales results to adjust the marketing plan for future success.