Marketing management is the regulation of business which is determined on the practical application of marketing techniques and the management of a firm's marketing resources and activities. The major functions of marketing management are categorized into four different functions. The four different functions are planning, organizing, leading, and controlling. These four functions must be performed properly to make the organization successful.
Planning
In the management function planning is the main area of all the functions. It basically deals with making outline of a future course of action and it helps in deciding in progress with the most appropriate course of actions for achievement of pre-determined goals. Planning needs to access the management where the company is currently and where it would like to be in the future. From there an appropriate course of action is needed to attain the company's goals and objectives so that it is determined and implemented. The process of planning is in progress. They are uncontrollable and the external factors are always constantly affecting a company both positively and negatively. Depending upon the situations, these external factors may bring out a company to adjust its course of action in achieving certain goals. This are often referred to as strategic planning.
Organizing
Organizing is considered as the second function of management. Management must organize all its resources so that it can implement in the course of action and can be determined in the planning process. With the process of getting methodical the management will be able to shape up the internal organizational structure. It will also try to establish and maintain relationships as well as it will allocate necessary resources.
Leading/Directing
We can say that the third function of management is directing or leading. Through directing management, it will be able to influence and watch over the behavior of their staff in achieving the company's goals. It will also help in assisting them in accomplishing their own personal or career goals. In order to gain this influence you need motivation, communication, department dynamics, and department leadership. Employees who are highly motivated will generally go above and beyond in their job performance thereby playing a vital role in the company for achieving its goals.
Controlling
Controlling is the last of all the four functions of management. It includes establishing performance standards based on the company's objectives and also evaluating and reporting actual job performance. Once management has done both of these things it should compare to determine any necessary corrective or preventive action. The main purpose of controlling is to make sure that everything occurs in conformities with the standards. An efficient system of control will help to predict deviations before they actually occur. The control process as with the other three is also fragmentary. Through controlling management will be able to recognize any potential problems so that they can take the necessary preventative measures. Management has the capability to identify the initial problems that needs to be tackled through corrective action.
The Role of Marketing in Identifying Business Opportunities and Supporting Business Growth Strategies
For identifying possible business opportunities it is important to develop a successful business venture. Business opportunities are regarded as the options that are available to you when it comes to applying your business ideas in the market. Inventing of new and innovative business ideas will help you to provide opportunities to fill up the gaps in the market and offer different products and services to consumers. In order to identify possible business opportunities you need to use your market research to make your business opportunities. You also need to analyze the needs of the new customers. Recognizing new business opportunities is a fragmentary process. You will still require the market research to broaden your ideas of business.
Factors to consider your business growth strategy
Business growth strategies are the most important set of strategies in order to develop and maintain growth of your company. The factors which help in your business growth strategies are
We are often confused about the Integrated Marketing Communications. In order to remove confusion we must know about the Integrated Marketing Communications first. The concept of Integrated Marketing Communications is very simple. Integrated Marketing Communications is actually a planned business process that is used to plan, develop, implement and also evaluate coordinate, measurable, persuasive brand communication programs with customers, consumers and other relevant external and internal audiences. Basically the Integrated Marketing Communications aims to generate short term financial returns and help in building long term brand value. There are eight roles of marketing in communication process. They are