Marketing management is the strategic management discipline that focuses on the
optimization of a company’s marketing resources, activities and practices and on the
better utilization of these resources in terms of organizational performance and in
achieving planned marketing objectives. In simple terms, this involves the systematic
development of internal capacity to ensure the organization’s marketing success. The
term is also used in large part in the larger field of strategic management, which seeks
to understand the relationships between different aspects of an organization and their
interrelationship. Marketing management therefore has a close association with
strategic management. Marketing research is yet another branch that studies the
study, implementation and evaluation of marketing strategies.


Market research is a term that describes the process of gathering, analysing and
communicating information that help in determining the value, price and relevance of
proposed marketing opportunities. Market research, therefore, is an important aspect
of market management. As such, it contributes significantly to the achievement of
marketing objectives. Apart from being a fundamental part of market strategy, market
research and analysis form major components of various managerial functions such as
sales, advertising, distribution, financing, information technology, consumer behaviour
and promotion, etc.


Marketing management therefore seeks to exploit potential markets, to build market
share, to promote product profitability and to reduce product risk. It is, therefore, an
essential factor that determines the success of any business in today’s competitive
environment. It thus forms the crux of competition management. In addition, marketing
also forms an important aspect of planning and constructing the overall strategy for
any marketing program.
A company’s marketing success therefore depends very much on its market reach and
the degree of competition it faces. Market research helps in identifying potential
market spaces and areas for expansion, as well as new target markets. Market
research enables managers to determine the most lucrative opportunities for
investment. This is primarily because market managers use information to identify the
product, price, features, and other aspects that can be exploited for the company’s
benefit.


For marketing managers, the key to success is identifying the right marketing models
that can be successfully implemented. A market research company, for example, can
help in this process by collecting market research data on the various existing
marketing models and identifying the gaps and challenges in those models. The
company can then create a tailored marketing solution that is most suitable for the
company. Such solutions help in improving product quality, in lowering product
development costs, and in achieving cost-to-sell ratios that are more favourable than
competitors’.

Market leaders however, recognize the need for comprehensive marketing
management. This is because the scope of market activities is increasing. It is
important therefore for organizations to have an overall view of their market, as well as
being able to anticipate changes in that market. Market leaders therefore seek to
leverage all the marketing resources at their disposal, including traditional market
research, new market opportunities, and market analysis.


Another critical aspect of market leadership is measuring the impact of marketing
activities on sales and market share. Market leaders therefore take full advantage of
all the measurable metrics that are available such as customer satisfaction surveys,
return on investment, and net profit margins. Measuring success, though, is not an
easy task. Market leaders therefore seek to build dashboards that allow them to
measure all key metrics simultaneously.


What is marketing management? Marketing is a difficult and a continuous process that
require market leaders to evaluate many different external factors, including product
specifications, market trends, company strategies, internal and external business
development, and competitors. Marketing managers therefore learn a lot about their
own industry, the market itself, competitors, and even about other companies in the
same industry. Learning to balance strategy and vision is therefore crucial for those
who want to achieve marketing success.