Marketing is a set of activities that includes processes for the creation, communication, delivery, and transacting offering, which is valuable for clients, consumers, and the society at large. The marketing industry has undergone a significant change in these years with the enhanced use of Smartphone, the internet, customer databases, environmentalism, and globalization. The scope of marketing management is very large. Primarily, all the practices of various marketing techniques and activities that happen within an organization are looked at through the spectacle of marketing management. This is a broad topic that covers a broad range of processes like planning, strategy orientation, and every procedure that takes place for making the company capable to achieve its goals.
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Importance of marketing management—
Marketing management has gained great popularity over the years with the increasing competition among businesses organizations. It is one of the most significant functions of marketing and is important for the success of any commercial enterprise. Marketing management is significant for the below business activities:
- Introducing new products and services in the market
- Decreasing the sales and distribution costs
- Facilitating the production of the products already existing
- Developing the means of communication and transportation
- Increase in the demand of goods by the customers and the eventual rise in per capita income
All business organizations recognize the significance of marketing management and try to incorporate its principle in all their business activities.
Marketing management key components—
To write an effective marketing management case study, you need to be aware of the key components of marketing management:
- Market research: To create a proper marketing plan, you need to do market research. Through marketing research, you are able to analyze the market or industry, identify the target audience, the market size, and current trends to focus your marketing plan to give results.
- Positioning: You need to identify your brand’s position in the market. Consumers’ perception of your brand is essential. You can work on changing the perception from bad to good or from good to better by knowing the position of your brand in the market.
- Target market: If you have analyzed your target market, you will be able to identify your target audience. The target market should be separated into at least two different genres.
- Competitive analysis: You have to carefully observe and analyze your competitor. Knowing about your competitor can help you make proper and efficient marketing and business decisions.
- Budget: It is essential to develop a budget plan for your marketing activities. You need to analyze the cost of your marketing activities and the returns on investment to analyze which are worth doing.
Four crucial steps in marketing management assignments
You should consider the four steps while doing your marketing management assignments:
- Marketing plan: Creating a marketing plan is one of the significant steps for any business organization as it helps in examining the lots of parameters associated with the business.
- Marketing mix: The innovative ideas and strategies that a business organization uses to promote its product or services are known as the marketing mix. It contains 4P’s of marketing that stands for price, promotion, place, and product.
- Marketing strategy: It is an idea or research that helps you select the product mix that would help the company earn more profits with minimum expenses.
- Business goals: The business goals express all those set goals that any organization wishes to attain over a while. By doing a marketing management case study students get an idea of how to formulate a business goal.