Principles Of Marketing Management

Marketing management is the function within an organization dedicated to marketing research, brand awareness, assessing environmental threats and leveraging new opportunities. A marketing executive tasked with creating a marketing plan must adhere to the key principles of marketing management to improve the chances of success for an organization in its chosen market niche.

• Developing an understanding of your proposed market and customers
• Understanding the external factors in the market place
• The SWOT analysis, which is an exploration of your company’s or product’s strengths, weaknesses, opportunities and threats
• Construction of a Marketing Plan,which identifies key target markets, define customer demographics and set SMART (specific, measurable, achievable, realistic, time-bound) marketing objectives.

However, to become a successful marketing manager, a person must have a good understanding of the following principles of marketing management and be willing to adhere strictly to these principles. They include:

• Principle of Marketing Research and Development

To be sustained in the competitive market, the marketing manager must have to study the changing needs of the consumers. According to it, the firm should develop its products and services for customer satisfaction, and as a result of proper research and development, the demand of the firm’s goods and services may be sustained in the market.

• Principle of Planning

For the effective and efficient growth of the firm, planning plays an important role in it. The basic criteria of the marketing manager to formulate planning are to consider the preferences and the purchasing power of the consumers, and to focus on policies of competitors. Hence, according to this, prepare the strategies of the firm.

• Principle of Organization

For the sound organization, the marketing manager identifies and defines the grouping activities of the business. He also establishes relationships and responsibilities to enable people to work.

The principle of controlling involves the measurement and correction of the performance of subordinates in order to make sure that the enterprise attains pre-determined objectives.

• Principle of Direction

According to the principle of direction, the marketing manager influences the action of his sub-ordinates to ensure that they perform their tasks according to the plans. In simple words, he guides, inspires, supervises and leads people for the accomplishment of pre-determined objectives of the business enterprise.

• Principle of Co-ordination

The effective coordination encourages team spirit, gives right direction, motivates employees and makes proper utilization of resources. It establishes link between various marketing activities, which include marketing research, purchase, packaging, advertisement, sales promotion and physical distribution.

• Principle of Motivation

According to the principle of motivation, needs motivate people. Hence, to motivate the subordinates, the responsibility of the marketing manager is to link the interests and needs of subordinates with their unit tasks and missions, reward them, and create an open and trusted communication bond between the members of the chain of command, which indirectly benefits the development of the organization.

• Principle of Sale Promotion/ Advertising

The basic principles of sales promotion are to create message content, appeals and sculpting the message. Thus, to maximize the profit of an organization, sales promotions include free samples, contests, bonuses, trade shows, vacation giveaways and coupons. All these above efforts are created by the marketing manager to increase the demand for the products, so that the sales may be increased.

• Principle of Objectivity

The principle of management by objectivity is for employees to have a clear understanding of their roles and the responsibilities expected of them, so they can understand how their activities relate to the achievement of the organization’s goals. It is also the measurement and the comparison of the employee’s actual performance with the standards set.

• Principle of Consumer’s Satisfaction

The economic principle of marketing management is customer satisfaction, and it can be achieved only if the consumers are satisfied. Thus, marketing managers need to understand how customers make purchasing decisions and how they react with the changes in prices and other factors. Hence, all the efforts must be made to satisfy the needs and wants of consumers.