Marketing management sounds like a very complicated word to many. It is the process where strategies are developed and are planned for the promotion of services. Marketing management helps a product or a service to reach the target customer segment.
Marketing management also makes use of the firm’s resources to increase sale by improving the customer base. It also helps to bring in customer options about the products or services offered by a company. The strategies implemented are of utmost importance when a new product gets launched and the process involves development, its advertising, the promotions and the sales.
The importance of marketing management can be highlighted with the advantages that are listed below.
- Marketing helps to widen the market and also makes sure the product or the service reaches the target audience.
- Marketing management also helps in the proper utilization of the resources and in some situations, this can even reduce the cost per unit.
- Marketing can also provide a boost to various other sectors like transport, warehousing, banking etc.
- Marketing management helps bring in a new product to the market, which can also raise the standard of living of the people. If the commodity or the product’s price is low, even the poorer sections will find a number of products that are within their reach.
- Marketing management involves a number of tasks and helps in the expansion of the company, which in turn creates a good number of job opportunities.
- Marketing management also helps to stabilize the economic conditions of a country. It helps to bridge the existing gap between the producers and the consumers. It acts as a connecting belt between the production and the consumption.
- Marketing management can also act as a basis to make informed decisions. A number of times, entrepreneurs are confused with the kind of products they need to launch for the local markets. Marketing helps to clear such confusions as it involves a lot of research and planning before a product is launched.
If you haven’t used Marketing management for your business, it is time you do so.