What Is Marketing Management? An Essential Introduction

What Is Marketing Management? An Essential Introduction

Marketing management is the process of planning, executing, and tracking the marketing strategy of an organization, which includes the marketing plan, campaigns and tactics used to create and meet the demand of target customers to drive profitability. Market research is necessary to understand the marketplace and determine what needs are not being met, and market research includes competitive research, key demographics, pricing and the best promotions for attracting customers. The four Ps are the marketing mix that holds up any marketing plan, combining the soft science of psychology with hard physical factors to influence customers. A marketing strategy is a long-term plan that defines how a company will approach its customers, including the aspects of the marketing functions such as market research, branding, distribution channels, advertising and pricing. It is advisable to use a mix of pull and push marketing strategies.
The most important details in this text are the marketing plan template, the marketing budget, and the marketing campaign. The marketing plan template explains how a marketing strategy will be executed and includes the marketing budget that will cover the costs of these activities. The marketing budget is the amount of money needed to cover the marketing activities of a company, and it is important to do a thorough cost estimation of those activities such as advertising before defining a budget. The marketing campaign is a set of activities or tactics that go into a marketing plan, and can be made up of a mix of any of these marketing activities. Digital Marketing is an umbrella of activities such as content marketing, social media marketing, SEO, and SEM. Paid Advertising is any advertising you pay for, email marketing involves engaging potential customers, account-based marketing is a type of marketing strategy in which marketing and sales departments jointly identify high-value accounts, and cause marketing is linking your good or service to an issue or social cause to resonate with your target audience.