Marketing Management

Marketing management

I want to give you a general concept about the marketing management that how the marketing manager should or can handle the market.

Before going to discuss it I would like to tell you about the Market first that what is market and what are its characteristics.

Market

In general, market is a place where transactions of goods occur between the buyers and the sellers.

Characteristics of Market

There are three characteristics of market what should be kept in mind while targeting market for your product that is

• Need to satisfy
• Money to spend
• Willingness to spend

If you as a company are launching a product so it should be according to the need of the audience that you are targeting. The other thing is that there should also be money to spend and also willingness to spend. These are the points that you should keep in mind while targeting a market, whether the people who are demanding for the product have the money to spend and also are they willing to spend?

The other thing that I would like to mention here is that marketing management is related with the marketing mix.

Marketing mix

Marketing mix is actually known as 4p’s that is

• Product
• Price
• Placement
• Promotion

Now let’s come to the main point which is marketing management. Marketing management is actually the management of those 4p’s that I have mentioned above. The marketing manager should keep those 4p’s in mind while managing the market. If he fails to do so he will become the poor manager.

For example:

There are some companies who do care a lot for their products quality due to which they have expensive products and people still willing to pay they even did not think about the price this is because they are satisfied with the marketing management of the company.

If you want to become a good marketing manager so you will have to handle/manage all the 4p’s efficiently and accordingly.

In contrast there are some people who don’t care about the quality of product they just see the price of the product, there may also some people who are trying to purchase your products but your products are not available in the stores means you didn’t place them well and It may be the case as well that some people are not known about your product so it means that you are lacking in promotion. These are all the situations that you as a marketing manager should keep in mind while launching the product. Thanks