What is a Marketing Management

(Part 1) What is a Marketing Management? Marketing management is a business discipline which is focused on the practical application of marketing techniques and the management of a firm's marketing resources and activities. Rapidly emerging forces of globalization have compelled firms to market beyond the borders of their home country making International marketing highly significant and an integral part of a firm's marketing strategy. Marketing managers are often responsible for influencing the
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  (Part 1)What is a Marketing Management?Marketing management is a business discipline which is focused on the practical application of marketingtechniques and the management of a firm's marketing resources and activities. Rapidlyemerging forces of globalizationhave compelled firms to market beyond the borders of theirhome country makingInternational marketinghighly significant and an integral part of a firm'smarketing strategy. Marketing managers are often responsible for influencing the level, timing,and composition of customer demand accepted definition of the term. In part, this is because therole of a marketing manager can vary significantly based on a business' size,corporate culture, andindustrycontext. For example, in a large consumer products company, the marketingmanager may act as the overallgeneral managerof his or her assigned product. To create aneffective, cost-efficientMarketing management strategy,firms must possess a detailed,objective understanding of their own business and themarketin which they operate. In analyzing theseissues, the discipline of marketing management often overlaps with the related discipline of strategic planning. Traditionally, marketing analysis was structured into three areas: customer analysis, companyanalysis, and competitor analysis (so-called 3Cs analysis). More recently, it has becomefashionable in some marketing circles to divide these further into certain five Cs : customeranalysis, company analysis, collaborator analysis, competitor analysis, and analysis of theindustry context.Customer analysis is to develop a schematic diagram formarket segmentation,breaking downthe market into various constituent groups of customers, which are called customer segments ormarket segmentation's. Marketing managers work to develop detailed profiles of each segment,  focusing on any number of variables that may differ among the segments: demographic, psychographic, geographic, behavioral, needs-benefit, and other factors may all be examined. Marketersalso attempt to track these segments' perceptions of the various products in the market usingtools such asperceptual mapping. In Company analysis, marketers focus on understanding the company's cost structure and costposition relative to competitors, as well as working to identify a firm'score competenciesandother competitively distinctcompany resources.Marketing managers may also work with theaccountingdepartment to analyze theprofitsthe firm is generating from variousproduct lines and customer accounts. The company may also conduct periodicbrand auditsto assess thestrength of its brands and sources of brand equity. The firm's collaborators may also be profiled, which may include various suppliers,distributorsand other channel partners, joint venturepartners, and others. An analysis of complementary products may also be performed if such products exist.Marketing management employs various tools fromeconomicsandcompetitive strategyto analyze the industry context in which the firm operates. These includePorter's five forces, analysis of strategic groupsof competitors,value chainanalysis and others. Depending on the industry, theregulatorycontext may also be important to examine in detail.In Competitor analysis, marketers build detailed profiles of each competitor in the market,focusing especially on their relative competitive strengths and weaknesses usingSWOT analysis. Marketing managers will examine each competitor's cost structure, sources of profits, resourcesand competencies, competitivepositioningandproduct differentiation,degree of vertical integration,historical responses to industry developments, and other factors.  Marketing management often finds it necessary to invest in research to collect the data requiredto perform accurate marketing analysis. As such, they often conductmarket research(alternatelymarketing research)to obtain this information. Marketers employ a variety of techniques toconduct market research, but some of the more common include:    Qualitative marketing research,such asfocus groupsand various types of interviews    Quantitative marketing research,such asstatistical surveys    Experimental techniquessuch astest markets    Observational techniquessuch asethnographic(on-site) observation Marketing managers may also design and oversee variousenvironmental scanningandcompetitive intelligenceprocesses to help identify trends and inform the company's marketinganalysis. Marketing Strategy If the company has obtained an adequate understanding of the customer base and its owncompetitive position in the industry, marketing managers are able to make their own keystrategic decisions and develop amarketing strategydesigned to maximize therevenuesand profitsof the firm. The selected strategy may aim for any of a variety of specific objectives,including optimizing short-term unit margins, revenue growth,market share,long-termprofitability, or other goals.To achieve the desired objectives, marketers typically identify one or more target customersegments which they intend to pursue. Customer segments are often selected as targets becausethey score highly on two dimensions: 1) The segment is attractive to serve because it is large,growing, makes frequent purchases, is not price sensitive (i.e. is willing to pay high prices), orother factors; and 2) The company has the resources and capabilities to compete for the  segment's business, can meet their needs better than the competition, and can do so profitably. Infact, a commonly cited definition of marketing is simply meeting needs profitably. ”  The implication of selecting target segments is that the business will subsequently allocate moreresources to acquire and retain customers in the target segment(s) than it will for other, non-targeted customers. In some cases, the firm may go so far as to turn away customers who are notin its target segment.The doorman at a swanky nightclub, for example, may deny entry tounfashionably dressed individuals because the business has made a strategic decision to targetthe high fashion segment of nightclub patrons.In conjunction with targeting decisions, marketing managers will identify the desiredpositioningthey want the company, product, or brand to occupy in the target customer's mind. Thispositioning is often an encapsulation of a key benefit the company's product or service offers thatisdifferentiatedand superior to the benefits offered by competitive products. For example,Volvohas traditionally positioned its products in theautomobilemarket in North America in order to be perceived as the leader in safety , whereasBMWhas traditionally positioned itsbrand to be perceived as the leader in performance. Ideally, a firm's positioning can be maintained over a long period of time because the companypossesses, or can develop, some form of sustainable competitive advantage.The positioningshould also be sufficiently relevant to the target segment such that it will drive the purchasingbehavior of target customers. Implementation Planning The Marketing Metrics Continuum provides a framework for how to categorize metrics from thetactical to strategic. After the firm's strategic objectives have been identified, the target marketselected, and the desired positioning for the company, product or brand has been determined,
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