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- Functions of Marketing Management
We have to understand the key task of marketing management for improving a company or organization's sales.
Marketing management is the application of management principles and functions in the overall marketing activities.
The main process is done by performing all the activities from the manufacturer to the consumer and every company does this.
The following are some major functions of marketing management given.
1. Marketing Strategies and Development Planning:
The first and the most important task of marketing management is to find attractive opportunities for long-term success.
The main task of marketing management is to find out the strategy that the buyers will buy a product after producing it.
The marketing manager needs to plan and develop the right marketing strategy for company growth.
2. Marketing Insights:
Different types of events happen inside and outside an organization and different types of work are performed.
A marketing manager needs to be aware of all the issues. In order to be aware of all the issues, the marketing manager has to create a database of the organization on all the issues. Otherwise, he will not be able to control the organization.
3. Connection to Customers:
One of the important tasks of marketing management is to create maximum value for the desired buyers.
The marketing manager needs to implement a strategy to build a strong, profitable, and long-term relationship with the valuable customer.
The manager has to analyze for knowing his customers and produce a product on demand of customers.
Sometimes, a manager creates an emotional connection with customers by the company product. Actually, it is happened by delightful customer experiences.
4. Strong Brand Building Process:
One of the important functions of marketing is building a strong brand value. For creating brand value the manager has to research his competitor and market.
First of All, a manager has to determine his brand's target audience. A manager should establish a mission statement for his company.
The marketing manager creates a unique brand voice for establishing the new brand. They create a unique logo and it is one of the small steps toward developing a strong personality.
5. Product Delivery Shape:
The marketing manager has to consider the different aspects for developing the product. The aspects are quality, design, features, packaging, etc.
Besides, the business organization has to provide or continue the various types of services to the customers, such as warranty, leasing, delivery, repair, training, etc.
In this way, the marketing manager tries to increase the attraction of the buyers to the product by keeping various types of production facilities.
It is very important to know the delivery safety of a product when it is released in the market.
6. Supplying of Value:
The customer value is the difference between a modest price for a product and the benefit from a product.
Customers are motivated to purchase products because they usually want to get more value from the product or services.
There are 4 types of supplying value to the customers and one of the direct selling is the best. And other marketing channels are selling through intermediaries, reverse channel,s and dual distribution.
Do you know how do you generate the value of a product?
First of all, you have to increase product convenience and improves services.
7. Improving Selling Process:
Every company has some own customers. If a company want to increase sale, they should keep the focus on the existing customers. And another way of improving sales is learning about your competitor and should take action according to your competitor's activity.
Your product is the main driving force of your business. So in order to grow the business, you have to improve your product quality.
The company has to produce the quality things that the customer wants. If a company want to increase their sales, the company should keep adequate training opportunity for all staff.
One of the best ways to increase sales is to build relationships with customers and keep inquiries up with the customers who buy the company's products.
8. Creating Long-Term Benefits:
The marketing manager must take the necessary steps to achieve the long-term growth of his company. For this reason, the company has to pay deep attention to developing new products.
9. Implementation and Control of the Marketing Plan:
Implementing and controlling the marketing plan is the last task of marketing management.
The marketing manager must create a beautiful marketing structure through which the work can be easily implemented and controlled according to the marketing plan.
10. Buying and Assembling Process:
Purchasing a product means when, what kind of product, what quality product, and from whom, how much a product price is determined.
Assembling is like setting up a product after purchasing it and fitting it to the factory.
11. Transportation:
All the functions of transportation include the production of a product and its delivery to the consumer.
The marketing manager does all the work from the time the product is produced until it reaches the consumer.
Transportation creates location utility. The importance of transportation is immense for running a business smoothly.
12. Storage:
It helps a business in two ways. First in factory storage and the second it after production storage. Storage plays an important role in overcoming the business deficit of its products.
After the above discussion we can say that the importance of a marketing management is much greater when it comes to running a business. This is why the MD of the company always tries to hire a skilled marketing manager for running his business profitability.
Managers have to apply a variety of strategies to get the company to a profitable position in the market.
If we look at the functions of marketing management then it is clear to us the importance of marketing management for achieving the organization goal.
So, the higher authority of a company should give emphasize on the smooth running of the marketing management functions.
