Marketing Management

Marketing is the act of promoting a product or service to gain sales and build customer loyalty. In the corporate world, marketing is one of the most important activities that help businesses to grow and create awareness about their products and services. It is also used as a tool for managing and measuring the effectiveness of advertising media and promotional strategies. Marketing therefore, refers to the entire process by which an organisation undertakes to engaged its target audience, develop strong strategic alliances to create value for clients, and capture prospective value in return for rewards. With increased globalization and liberalisation of markets, marketing has become not just a domestic concern but is now an international activity.

Today, marketing strategies are implemented by businesses both large and small, to promote new products and services, secure better market penetration for existing products and services, provide consumers with improved quality and service, and increase the company’s knowledge and expertise base in order to compete successfully in the global market. Some marketing techniques are done informally through the distribution of brochures, pamphlets, business cards, and other print marketing materials, and as a more effective method, marketing is undertaken through advertising media such as the Internet, television, radio, and other communication channels. The marketing strategies are established based on the company’s vision and mission, goals, and financial capacity. To ensure a successful marketing campaign, the key ingredients are determined. These include the audience, the message, the format, and the monitoring and measurement tools.

Marketing has evolved as an important component of overall business strategy and as a key factor in the achievement of organizational objectives. As social marketing practices are gaining in popularity for building brand awareness and selling a product or service, firms are increasingly adopting marketing concepts in business and marketing management. Marketing techniques can include direct selling, promotion of an existing product or service, and advertising and promotions of new products and services. These marketing concepts apply to all organisations irrespective of size, product range, and industry. Moreover, using these marketing concepts have become essential components of building solid, long term customer relationships which are essential in customer retention, increasing sales, and building loyalty.