Functions of Marketing Management
As products and services make their way from the manufacturer to the end consumer, the following activities are essential for a successful marketing process.
- Selling: Essential for profit, involves persuading buyers and transferring ownership. Techniques include personal selling and advertising.
- Buying and Assembling: Selecting purchases for resale or cost reduction, focusing on quality, service, and price.
- Transportation: Key for distributing goods, involves moving products to consumers. Various modes ensure efficient delivery.
- Storage: Keeps products safe and in good condition until needed, essential for managing supply and demand.
- Standardization and Grading: Sets product criteria and categorizes them based on characteristics for consistency.customer
- Financing: Provides the capital for marketing activities, using sources like owned capital, loans, and credit.
- Risk Taking: Involves bearing potential losses from price changes, spoilage, and other unforeseen events.
- Market Information: Crucial for making informed marketing decisions, based on accurate and timely data.
What is Marketing Management? Definition, Types, Benefits and Examples
Marketing management is the secret behind getting products from ideas to the hands of customers. It involves a lot of smart thinking, like figuring out what people want and how to catch their attention in a busy world. In today’s fast-paced market, where new gadgets and online trends change the game overnight, knowing how to market effectively is crucial for any business that wants to stay ahead.
Through a strategic marketing mix (product, price, place, promotion), marketing management orchestrates a symphony of efforts to captivate the target audience. This includes everything from crafting compelling content to leveraging social media channels, all with the ultimate goal of maximizing return on investment (ROI).
Here, we will be telling about what Marketing Management is in simple words, its functions, features, and benefits.
Table of Content
- What is Marketing Management?
- What does a Marketing Manager do?
- Process of Marketing Management
- Importance of Marketing Management
- Types of Marketing Management
- Features of Marketing Management
- Functions of Marketing Management
- Benefits of Marketing Management
- Difference between Marketing Management and Marketing
- Conclusion
- Frequently Asked Questions on Marketing Management
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