The Essential Functions of Marketing Management

5 Marketing Management Functions

Marketing is a broad subject that includes market research, advertising and sales. Using data from these various marketing management functions, businesses can make informed decisions that lead to increased revenue.

The main function of marketing is to attract new customers. This can be done through different ways like displaying ads on TV channels, social media and distributing pamphlets.

1. Market Research

Market research is one of the most important aspects of marketing management. It involves gathering information about customer needs and wants, which helps to create products that will appeal to consumers and generate sales.

Another aspect of market research is identifying new opportunities for the company. This can include finding ways to improve existing products or developing new ones. It also involves determining how to price a product to maximize profitability and competitiveness.

Another responsibility of marketing managers is overseeing outside vendors and agencies that provide marketing services. This includes ad agencies, print vendors, PR firms or specialists, and Web providers. Managing these relationships ensures that the right services are available to help meet marketing goals and objectives. This can also help minimize risk by ensuring that the right products and services are delivered at the right time and place.

2. Customer Service

For businesses today, having a great product isn’t enough to make them stand out from their competitors. They need to offer exceptional customer service as well. Customer support can be done through phone, email, messaging, live chat and social media. High-performing customer service teams are equipped to handle questions through multiple channels of communication and have the technology to quickly track, resolve and transfer tickets between channels.

When a business provides empathetic and timely help, customers will become loyal to that brand. This loyalty increases brand recognition, boosts revenue and reduces costs by reducing customer churn. In addition to providing support, a capable customer experience team will also incorporate opportunities for customers to provide feedback throughout the process. This will allow the company to continuously improve and refine its services.

3. Sales and Distribution

Sales and distribution is a crucial part of marketing management. It involves ensuring that the products reach the intended markets through robust distribution channels such as regional distributors, retailers and wholesalers. The function ensures that the right people are interacting with your products to drum up business and meet sales targets.

During the process of selling goods and services, there are various documents created like inquiries, quotations, standard orders, outbound delivery returns deliveries and invoices etc. SAP presents all these documents together using document flows for ease of search.

This information is then used to improve merchandising, inventory management, operations and other processes that are associated with the sales function. This is a key area that can help companies stay ahead of the competition and drive profitability.

4. Advertising and Promotions

Advertising and promotions are a vital part of marketing management. These include a variety of methods for promoting a company’s products, including print and broadcast media, direct mail, trade shows, and events. Marketing managers are also responsible for developing and implementing strategic promotional campaigns to ensure they reach the right target audience.

Effective marketing management is a critical component of any business, as it allows companies to develop and execute strategies that will promote their products and services in the most effective way possible. This includes analyzing market data, understanding customer needs and desires, and creating targeted campaigns that will result in high sales and brand loyalty. Marketing managers are also responsible for ensuring that all marketing efforts are in line with company mission and goals.

5. Sales Reporting

Sales reporting is a critical function of marketing management. It allows managers to stay up-to-date with sales data and insights so they can make informed decisions about quotas, incentives, and other aspects of their sales strategy.

Sales reports can also help marketers spot issues in the sales process. For example, if one of your reps has been having trouble closing deals or their average deal value has declined recently, monitoring these metrics in a report can help you figure out the root cause and take action.

Building sales reports can be time consuming, but there are ways to streamline the process. For instance, you can use CRM software like RAYNET to get real-time sales reports without having to create complex Excel formulas. It’s also easy to customize reports based on different audiences, such as executives and sales reps.

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