Marketing Management Process Flashcards, test questions and answers

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What is Marketing Management Process?

Marketing management is a process that involves the planning, implementation, and control of marketing initiatives in order to achieve organizational objectives. It is an ongoing process that requires effective coordination between all departments involved in the marketing process. The goal of marketing management is to create value for customers, build strong customer relationships, and maximize profits for the organization.The first step of the marketing management process is setting goals and objectives. This includes determining what type of products or services the organization wishes to offer and then outlining strategies to reach these goals. This often involves conducting market research to gain insights into customer needs and trends that can inform product development efforts as well as promotion strategies. Once goals have been set, a budget should be allocated for each area of focus such as market research, product development, advertising campaigns, etc. All of these activities must be monitored closely to ensure they are achieving desired results while staying within budget constraints.The next step in the marketing management process is developing effective promotional plans and products/services. This requires careful consideration of how products/services should be positioned in the marketplace by identifying target markets and understanding their needs and preferences in order to craft a compelling message about how your offering meets those needs better than competitors’ offerings do. In addition, it also involves determining which media channels should be used for messaging as well as assessing pricing strategies (e.g., competitive pricing or penetration pricing). Following this step is implementing promotional plans according to plan outlined before it begins. This might involve launching print advertisements or an online campaign , depending on which media outlets are chosen. It also entails tracking performance metrics such as click-through rates , impressions , conversions , sales leads etc., so managers can adjust their strategy accordingly if needed. Finally , after all efforts have been made , marketers must measure the success of their campaigns using performance metrics such as sales revenue attained during a given period or number of returning customers over time. Using this data , marketers can assess what tactics worked best so they know where improvements need to be made for future campaigns. Overall , marketing management involves careful planning from start-to-finish with ongoing evaluation at each stage.