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The document discusses the key functions of marketing management in an organization. It outlines seven main functions: 1) Setting marketing objectives, 2) Planning, 3) Organizing, 4) Staffing, 5) Directing, 6) Controlling, and 7) Evaluation. These functions involve determining goals, developing strategies and policies, implementing plans, hiring personnel, overseeing work, comparing results to plans, and assessing performance. Proper management of these marketing functions can help organizations achieve their objectives.

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Ali Ghazanfer
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39 views

Notes (L7)

The document discusses the key functions of marketing management in an organization. It outlines seven main functions: 1) Setting marketing objectives, 2) Planning, 3) Organizing, 4) Staffing, 5) Directing, 6) Controlling, and 7) Evaluation. These functions involve determining goals, developing strategies and policies, implementing plans, hiring personnel, overseeing work, comparing results to plans, and assessing performance. Proper management of these marketing functions can help organizations achieve their objectives.

Uploaded by

Ali Ghazanfer
Copyright
© © All Rights Reserved
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Functions of Marketing Management

in an Organization
by  MITSDE |  Posted on  February 21, 2018

Management is the art of getting the requisite work done efficaciously. It


includes planning, organizing, staffing, directing, and controlling to
ensure proper functioning of an organization. Whereas, marketing refers
to ascertaining and transmuting consumer needs into goods and services.
Hence, Marketing Management is the process of managing the
marketing activities of any firm. Managing various aspects of the market
such as branding, labeling, advertising and other promotional activities
comes under Marketing Management.

It is the task of the marketing manager to ensure that the marketing


activities are managed properly. For this, a manager performs different
tasks. There are various functions that are implicated in Marketing
Management. The elementary functions are as follows:

1. Setting the objectives of marketing


Every organization has its goals and objectives. Marketing
objectives include the goals that a company wishes to achieve through
its marketing. These objectives should be in coherence with the overall
objectives of the organization. The objectives can be long-term or short-
term depending upon the type of marketing. Through proper management
of marketing, the marketing objectives of the organization can be
achieved easily.

2. Planning
Once the marketing objectives are set, the next step is to formulate a
roadmap that would be followed to achieve these objectives. The
organization plans the ways and formulates strategies, and devices
policies and procedures to achieve the set of goals.
3. Organising
Organizing refers to the process of implementation of the plan. It includes
identifying and grouping the activities that contribute to the achievement
of the organization’s marketing goal. In marketing
management, organizing refers to the way the functions of management
are organized so that every function when performed contributes fully to
achieve the objective. It includes all the obligations, supremacy and
responsibilities of those working in the marketing team.

4. Staffing
Staffing is the process of hiring the required and skilled personnel to pack
the positions in the organizations. For managing the market, skilled
workers are selected and placed in those positions in which they best fit
in. The HR and the market manager together select the personnel and
they are then trained so that the company can gain maximum benefit
from them.

5. Directing
It is obligatory to supervise as it ensures that the workers are working
efficiently towards the achievement of the goals. Hence, through
directing the personnel, new markets can be developed and employees
are motivated to work with their best efforts.

6. Controlling
The process of comparison of the planned activities of marketing with
the results and then rectification is referred as controlling. Hence, for
controlling, the standards must be set and the actual performance should
be compared to find defects or flaws. Then, the corrective action can be
taken.

7. Evaluation
It involves analyzing and evaluating the productivity of marketing
campaigns as well as evaluating the performance of the employees.
Marketing strategy definition

Marketing strategy is used by different companies to collaborate with their


consumers. It is also employed to aware the customers about the features,
specifications and benefits of company’s products. It is basically focused on
encouraging target population to buy those specific products and services. The
marketing strategies might be totally innovative or they can be previously tried or
tested strategies.
Effective marketing strategies help to get ahead in the competition.

There are different types of marketing strategies available. You have to pick one as
per your business requirement. Before choosing the right marketing strategy for
your business, consider following points.

1. Define the target population

Defining target population is main and necessary step in choosing your marketing
strategy. It gives the proper demographics which help in selecting the most
appropriate marketing plan for your business.

2. Test your audience

Create a hypothetical process of buying to test your audience. Once you know the
buying behavior of your target audience, you can select more appropriate
marketing strategy.
3. Consider marketing strategies

Once you know the demographics; their knowledge, attitudes and behaviors. You
can select more appropriate marketing strategy.

4. Evaluate those strategies

Once you have considered the marketing strategies and found the applicable ones.
Asses them, apply them and evaluate them. This process must be for testing
purposes and the most suitable and productive strategy must be applied.

Types of marketing strategies

There are different types of marketing strategies available. Picking up a marketing


strategy includes analyzing the needs of your business, your target audience and
specifications of your products.
The two main types of marketing strategy are:

 1. Business to business (B2B) marketing


 2. Business to consumer (B2C) marketing

The most common form of marketing is business to consumer (B2C) marketing.


Let’s explore a bit more.

Following are the different types of marketing strategies available.

1. Paid advertising

This includes multiple approaches for marketing. It includes traditional approaches


like TVCs and print media advertising. Also, one of the most well-known
marketing approach is internet marketing. It includes various methods like PPC
(Pay per click) and paid advertising.

2. Cause marketing

Cause marketing links the services and products of a company to a social cause or
issue. It is also well known as cause related marketing.

3. Relationship marketing

This type of marketing is basically focused on customer building. Enhancing


existing relationships with customers and improving customer loyalty.

4. Undercover marketing

This type of marketing strategy focuses on marketing the product while customers
remain unaware of the marketing strategy. It is also known as stealth marketing.

5. Word of mouth

It totally relies on what impression you leave on people. It is traditionally the most
important type of marketing strategy. Being heard is important in business world.
When you give quality services to customers, it is likely that they’d promote you.

6. Internet marketing

It is also known as cloud marketing. It usually happens over the internet. All the
marketing items are shared on the internet and promoted on various platforms via
multiple approaches.
7. Transactional marketing

Sales is particularly the most challenging work. Even for the largest retailers,
selling is always tough especially when there are high volume targets. However
with the new marketing strategies, selling isn’t as difficult as it was. In
transactional marketing the retailers encourage customers to buy with shopping
coupons, discounts and huge events. It enhances the chances of sales and motivates
the target audience to buy the promoted products.

8. Diversity marketing

It caters diverse audience by customizing and integrating different marketing


strategies. It covers different aspects like cultural, beliefs, attitudes, views and
other specific needs.

Marketing strategies have made it much easier to promote products and services.
They also limit the strategy to target audience ensuring the proper advancement of
the business.

PRICING STRATEGIES

Definition: Price is the value that is put to a product or service and is the result of
a complex set of calculations, research and understanding and risk taking ability. A
pricing strategy takes into account segments, ability to pay, market conditions,
competitor actions, trade margins and input costs, amongst others. It is targeted at
the defined customers and against competitors.

Description: There are several pricing strategies:

Premium pricing: high price is used as a defining criterion. Such pricing strategies


work in segments and industries where a strong competitive advantage exists for
the company. Example: Porche in cars and Gillette in blades.
Penetration pricing: price is set artificially low to gain market share quickly. This
is done when a new product is being launched. It is understood that prices will be
raised once the promotion period is over and market share objectives are achieved.
Example: Mobile phone rates in India; housing loans etc.

Economy pricing: no-frills price. Margins are wafer thin; overheads like marketing
and advertising costs are very low. Targets the mass market and high market share.
Example: Friendly wash detergents; Nirma; local tea producers.

Skimming strategy: high price is charged for a product till such time as


competitors allow after which prices can be dropped. The idea is to recover
maximum money before the product or segment attracts more competitors who
will lower profits for all concerned. Example: the earliest prices for mobile phones,
VCRs and other electronic items where a few players ruled attracted lower cost
Asian players.

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