Understanding of Marketing Management

understanding of marketing management

Marketing management is one of the essential activities in business. Their efforts influence the achievement of a company’s success in managing marketing. Without good management, the marketing process may not run efficiently. In the worst case, this condition can lead to losses.

Taking into account the critical role of marketing management, an entrepreneur needs to understand this aspect carefully. This knowledge is also needed by prominent entrepreneurs and micro, small and medium enterprises (MSMEs). Furthermore, you can place images and use the right tools to support the marketing of the company’s products properly.

Understanding Marketing Management According to Experts

marketing management

Marketing management is a series of activities, including the planning, control and analysis processes related to product marketing. Furthermore, the Company can implement the right strategy to be distributed to consumers properly and generate profits.

Furthermore, several economists also have an understanding of marketing management themselves, including:

1. Prof. Hansel Sofjan Asauri

Professor of the Faculty of Economics, University of Indonesia, Prof. Hansel Sofjan Asauri, said that marketing management is a process of analysis, planning, control and implementation. This set of programs is implemented to earn and maintain profits to meet the long-term achievements of the Company.

2. Philip Kotler

There is also an explanation of the marketing management idea of ​​Philip Kotler, a professor of international marketing at Northwestern University’s Kellogg School of Management. Kotler revealed that Marketing Management is a combination of art and science in choosing the right target market so that you can make a profit.

In its implementation, Kotler said that marketing management involves various activities, including planning, analysis, control, and implementation policies related to product marketing. Furthermore, good marketing management can provide satisfaction to the parties concerned.

Marketing Management Purpose

There are five main objectives related to the implementation of marketing management in business, namely:

1. Opening up new opportunities

The first goal of marketing management is the opportunity to find new opportunities. You can achieve this goal by providing products according to the needs or tastes of consumers.

2. Encouraging Customer Satisfaction

Marketing management also has a close relationship with customer satisfaction. Instead of attaching importance to sales figures, companies need to focus on customer satisfaction levels.

3. Increase market share

The next goal of marketing management is to increase market share. If you have a significant market share, you can be sure that the sales figures are also very high. For this reason, companies need to carry out several marketing strategies such as promotions, packaging innovations, discounts, and so on.

4. Get More Profits

The existence of the marketing division aims to provide a source of income for the Company. Therefore, management must ensure that each product has a good sales number and benefits the Company.

5. Imaging

Not to forget, marketing management aims as an imaging tool. A positive image can help smooth the sales of the Company’s products.

Marketing Management Concepts

In marketing activities, companies need to know the concept of marketing. The goal is to analyze the level of consumer needs and the basis for decision making. Modern companies adopt many marketing concepts. However, there are three marketing concepts that you need to know, namely:

1. Production Concept

In understanding this concept, companies need to focus on products. Ensure that the production process runs efficiently and gets an affordable supply of raw materials.

2. Sales Concept

Meanwhile, the sales concept does not only encourage companies to produce products. However, they also try to convince consumers in various ways, including advertising.

3. Marketing Concept

Lastly, there is a market-focused marketing concept. You need to know the market segment, its size, and what it takes to start marketing activities there. Simply put, this concept emphasizes the level of customer satisfaction.

Well, that’s the discussion about the definition of marketing management that you need to know. To help streamline marketing activities, you need the right support tools. SAP Business One is a powerful software that helps you do better marketing management.

What is SAP Business One?