What is Marketing Direction? Definition of Marketing Direction, Marketing Direction Meaning and Concept
Marketing management focuses on the analysis, planning, implementation and control of marketing programs. These are designed to generate and maintain mutually beneficial exchanges between the company and its target market.
First of all, marketing management can be defined as the application of marketing techniques and tools. This, in search of marketing objectives being achieved by influencing the level and composition of demand.
That is, the marketing management seeks to obtain a favorable response from consumers and customers in the exchange process.
In addition, it is considered as a science and as an art, since the marketing management must choose a target market, to which it must deliver and communicate value. The purpose is for the company to maintain and increase the number of customers, by delivering greater value to the target audience.
What should the marketing management do?
Marketing's job is to meet the needs of consumers and make a profit for the business. For that reason, the marketing management must:
- Focus all your efforts to identify and meet consumer needs.
- Segment in depth, making use of all the relevant variables.
- Give more priority to marketing strategies than tactics.
- Create integrated and coordinated marketing offers to achieve effective contact between the company and its target audience.
- Keep current customers and get new customers.
- Develop and implement the marketing plan.
- Measure the results of marketing actions and compare them with the objectives.
- Apply corrective actions if necessary.
- From a functional point of view, the marketing management performs analysis, planning, organization, execution and control tasks.
What are the basic tasks of marketing management?
The basic tasks of marketing management are:
First of all, the marketing management knows that research is the initial step in any marketing process. Research helps to better understand customers, products, competitors, and markets. In general, each market is different in terms of needs, perceptions and preferences.
Undoubtedly, the analysis of information is the most important instrument for making marketing decisions, especially when we are faced with rapidly changing markets that become more competitive every day. For that reason, information is the best weapon to respond to market demands.
In fact, the analysis of the internal environment and the external environment can help to identify business opportunities to develop sustainable competitive advantages. But it also helps to better cope with threats. Likewise, it helps us to find the strengths and weaknesses, to enhance the company to the maximum.
2. Planning and organization
Second, planning defines business policies and chooses guidelines for action that will guide business activity. The first thing to determine in marketing planning are the goals you hope to achieve. Based on the objectives, the plan must be divided into actions that must be carried out in the short, medium and long term.
Planning defines the marketing strategy to be implemented. In the same way, it determines the human, material and financial resources that are needed to achieve the goals and results.
3. Execution and implementation
Third, execution occurs after the marketing planning has been developed. The action plan must be fulfilled by assigning specific tasks to certain people or groups of people who must implement them.
Of course, for a correct implementation and execution, there must be good internal communication. This will allow for an effective communication system.
The organization of marketing tasks must:
- Be consistent with the organizational structure of the company.
- Allowing marketing objectives and strategies to be achieved with the highest degree of efficiency.
- Activities and tasks should be assigned based on products, markets, and geographic areas.
Finally, the control is applied with the fundamental purpose of verifying the achievement of the objectives. This allows it to be possible to observe quickly and at the most appropriate moment how the situation of the company is. This helps to better channel efforts and minimize investment.
There are four levels of control:
- Annual plan control : This control verifies that the results proposed in the annual marketing plan have been achieved.
- Profitability control: Profitability can be measured in terms of customers, products, territories, distribution channels and any other marketing activity. This helps determine which investments need to be increased, which ones to be reduced, and which ones to be eliminated.
- Efficiency control : This control measures and evaluates the efficiency achieved by the company through the advertising, promotion, distribution and sales force processes .
- Strategic control: Reviews and verifies the efficiency of the strategic function of the company.
To conclude, we can say that marketing management is an essential factor in any organization. The success or failure of a company will depend on its good execution. Marketing management must create a company philosophy where all the people and departments of a company focus and respond to better meet the needs of consumers and customers. This direction sets the guidelines for action of any company before developing and making an offer to the market.