Top 6 Functions of Marketing Management

Victorious marketing management calls for integration of market related elements. The task of marketing management is to combine these elements into an effective operating system and to arrange the system in its interaction with a dynamic environment.

These functions are:

1. Assessing the marketing opportunities.

2. Planning marketing activities.

3. Providing effective marketing organisation.

4. Actuating by leadership.

5. Motivating the human-side and

6. Evaluating and adjusting marketing efforts.

1. Assessing the Marketing Opportunities:

It involves the identification of the company goals and the analysis of established and new profit opportunities open to the firm. The significance of this function is that the market opportunities are changing and the marketing management must develop creative strategies to cultivate these opportunities.

That is, a planned programme of innovations is essential for the marketing effectiveness. That is to say, the firm must respond to the market and adopt a broad and dynamic view of the marketing opportunity. New opportunities are beset with challenges. Thus, the firm should be ready and willing to accept and shoulder the risks of the possible venture.

2. Planning the Marketing Activities:

Planning is an integral part of marketing management and is the vital element of the system’s orientation. This function is based on the marketing opportunity which is key to the successful marketing management and performance.

Marketing planning is used to develop and define objectives and then derive strategies and design programmes that enable the firm to achieve these set aims.

The systems approach warrants a concise statement of these goals and encourages systematic analysis of the impact of the programmes devised. Planning provides the basis for integrated marketing strategy to make planning central to the marketing concept, both in the short and long-run. Thus, planning is the prelude to other functions of marketing management.

3. Providing Effective Marketing Organisation:

The innovative and dynamic nature of marketing activity places heavy demands on the marketing organisation. As marketing is an accepted system, the role of organisation is felt more. The interaction process between the organisation and the environment is a focal concern of developing marketing discipline.

Application of the newer organisation theories may have impact on the marketing operations.

New product developments and the growing importance of international marketing are some of the marketing changes that have raised organisational problems for the unit. Thus, the organisation provided is to be accommodative in the light of changing concept of marketing.

4. Actuating by Leadership:

Diverse changes are influencing the patterns and styles of the leadership required for effective performance of marketing functions. Development of newer patterns of leadership is testing the traditional views of management methods and policies. For instance, one organisational problem is raised by the tendency towards centralisation of responsibility for integration of total marketing tasks.

Balanced against this centralisation tendency is the need for greater participation in management and decision- making by people at subordinate levels. The solution needs analysis of management’s philosophy, communication pattern, scope of authority and responsibility, leadership activities and staffing policies and practices and the placement of an individual in the organisation, in a given position.

5. Motivating the Human-side:

Marketing involves the functions that are finally identified with the people. Free flow of goods will be there only when the people involved in the process are motivated. Employee motivation is a must in these days of keen competition.

The question of today’s management is not to create a suitable man for the management, but to keep him longer as a loyal and humble employee so that the benefits of stay are fully enjoyed by the unit. That is why; new ways of encouragement or stimulation are to be introduced where the individual unfolds his talents and initiative to contribute the very best of his.

6. Evaluating and adjusting marketing Efforts:

In order to take advantage of profitable marketing opportunities, the marketing manager must continually evaluate and adjust the market efforts. The firm is to adjust to its ever changing environment.

To make an effective judgment, the marketing manager must have the knowledge of the entire marketing system so that the components of the system can be evaluated, controlled and adjusted to bring the system in line with the marketing activities on one hand, and the opportunities on the other.

Essentially, the major challenge confronting marketing management is that of creative adaptation to change. To meet this challenge, the firm should have a complete appraisal of its marketing operations through marketing audit, research and other control devices.

Submitted by : Professor Kaiden, Category : Marketing Management