Marketing management is the practical application of
marketing techniques. It is the analysis, planning, implementation, and control of programs designed to create, build, and maintain mutually beneficial exchanges with
target markets. The
marketingmanager has the task of influencing the level, timing, and composition of
demand in way that will achieve organizational objectives.
Marketing management involves:
- was organized by product units..............
- now organized by customer segment
- was segmented on geographic or demographic variables.................
- now segmented in depth using all relevent variables, especially behavioural variables like useage rate, loyalty, or benefit
- was short term focus on profitable transactions.................
- now look at customers' lifetime value
- was focus on capturing new customers..................
- now emphasis on keeping existing customers
- was performance measured by financial metrics...........
- now performance measured by financial, strategic, andmarketingmetrics
- was satisfy shareholders........................
- now satisfy all stakeholders
- was company was the unit of analysis..............
- now the whole value chain is the unit of analysis
- was buildsalesthrough advertising..................
- now build brands through a coordinated integratedmarketingstrategy that involves all points of contact between the company and the public
- wasmarketingdepartment does the marketing..............
- now everyone in the company does some marketing
- was individual and hierarchical work structures............
- now cross funtional teams
- was developing and implementing amarketingplan took years..........
- now it takes months (or weeks)
see also: marketing, marketing plan, product management, pricing, distribution, promotion
