The concept of Marketing is to satisfy the needs and the wants of the people by offering them the right product. Management involves the utilizations of the available resources in the best possible manner. The summation of both of these concepts turns out to be the core subject of “Marketing Management”. In this area, an organization makes the utmost possible use of the available marketing resources and employs all the technical concepts pertaining to marketing.
Soon after the globalization, capturing international marketing with limited resources has become a tough challenge for the companies. Hence, there has been a good investment in managing the resources. Economics and the concepts of the competitive strategy play an important role in order to analyze the industry in which the company operates. The analysis of the industry is conducted by using the five-factor analysis provided by Michael Potter, the analysis of the competitors by using the analysis of strategic group, and analysis of the value chain.
These concepts are generally the most basic and vital concepts that are utilized by almost all the companies to identify the perfect direction to position themselves in the international market. In simple words, Marketing Management is all about managing markets. We have a professional team that is offering Marketing Assignment help service who are proficient enough to clarify such concepts by using different cases and examples.
Functions of Marketing Management
There are numerous functions that are associated with the subject area of marketing management. Some of these functions have been briefly described so as to make you aware about these functions before proceeding for Marketing Assignment Help.
Objectives of Marketing: All the objectives of marketing are provided at the initial level so as to ensure that resources of the company are very well aligned with organizational goals.
Planning and Organization: It is referred to as the next function of marketing management where several different strategies are formulated including the sales plan, sales forecast, and even the strategies to sell. Once the plan is created, the managers as well as the other employees start implementing the formulated plan by utilizing the available organizational resources.
Coordination and Direction: This function is responsible for the development of coordination among the different locations that are managed by the managers as well as the stakeholders. The top level managers in this phase guide the people that how to get engaged in the marketing activities especially while exploring new markets, opportunities, and ideas to implement them. This function is much more focused on leadership and supervision.
Control, Staffing and Evaluation: These are the last important functions of marketing management. In this phase, the company ensures that the overall plan that has been developed and implemented by them is perfectly aligned with expectations. Thus, this phase is focused on corrective measures and evaluation of the standards. Moreover, this phase also involves productivity analysis. The managers evaluate the goals and the targets and especially the unaccomplished goals.