Marketing management is an essential part of any business, as it helps to build relationships with customers and create a successful product. Market research is the first step in the marketing management process, as it evaluates potential market demand and growth expectations. Qualitative and quantitative data are used to analyze the market, and product, price, promotion and place are the four P's of marketing. After market research is conducted, the product must be created and go through a product life cycle.
Distribution centers must have adequate storage facilities, and data collection is important for creating useful marketing management reports. Relationship building is also essential for customer retention and loyalty. Testing the product in selected cities or regions is important before launching it on a large scale. Finally, strategy development is necessary for success. The 10 most important functions of marketing management are: market research; product development; production planning; promotion; distribution; storage; data collection; relationship building; testing; and strategy development.
Market research is the first step in developing any product, as it evaluates potential market demand and growth expectations. Qualitative and quantitative types of data are used for market analysis. Product development follows market research, as production and manufacturing planning units must determine the details for obtaining appropriate raw materials, dies, manufacturing, prototyping, and other operations. Promotion is an important part of marketing management, as it helps to create awareness of a product or service. Distribution centers must have adequate storage facilities that can be rented and emergency requirements for supply to retail outlets.
Data collection is also important for creating useful marketing management reports that aid business decision-making. Relationship building is essential for customer retention and loyalty, as a strong connection with customers can extend the life of a brand and build a reputation. Testing the product in selected cities or regions is important before launching it on a large scale. This allows marketers to assess the market response and make any changes to the product if necessary. Finally, strategy development is necessary for success.
With research conducted by marketing management professionals, companies can be better prepared to target their audience or expand into new segments. Good marketing management helps companies adapt their capabilities and resources to meet consumer needs. It also guarantees an increase in revenues and expansion of the business. A robust ERP system can create useful marketing management reports that aid business decision-making. With all these functions combined, marketers can create a successful product that meets consumer needs.