Marketing Management

Marketing management is all about creating, planning, and putting into action the company’s strategy. Business goals include making a brand more well-known, making more money, or getting into new markets.

The nine marketing tasks are:

• Buying: It’s important for business. When a business makes something, it needs to buy a lot of raw materials and other supplies. Traders buy items to sell them again. Buying and selling are related. Manufacturers or dealers could make more money by buying in an economical and efficient way. When you buy something, you must make choices about the amount, quality, variety, source of supply, and price.
• Selling: A business’s main goal is to sell goods and services to customers. Selling is how people get goods and services, and it’s also how a business spreads its products.

• Transport: Transport is a key part of putting together and distributing goods. Items are moved from places where they are made to places where they are used.

• Storage is needed for marketing. It makes things useful in a certain time and place. Storage helps the market move by keeping things from being made to being used. By keeping goods in separate warehouses in different places, it makes sure that they can be sent quickly to the areas where they are most likely to sell. If transporting and advertising make the market bigger, storage makes it bigger still. As modern production tries to predict what people will want, storage becomes an important part of marketing.

• Standardization, grading, and branding: A standard is a way to compare the quality of products that are the same or similar. The shape, size, colour, performance, and other qualities of products are all set by standards. Standardization means that things are the same and of the same quality. Standards make sure that manufacturing is efficient and cost-effective. Materials, processes, and results are all standardised along with the final product. Since manufactured goods are standardised when they are made, they don’t need to be standardised when they are sold. Products from farms and mines are sold with different qualities and features. Natural soil products are not the same or the same size. Standardization becomes an important part of marketing to make sales and purchases easier. Setting standards, sorting and grading products to make sure they meet them, repackaging, dividing large amounts into smaller parts, and inspecting products are all parts of standardisation. Grading, labelling, and packaging are all parts of standardisation.
• Market finance is important for marketing and production. Just like a manufacturer, a marketing company needs both fixed and operating capital. Working capital needs are less than fixed capital needs. In marketing, you need working capital to keep stock, offer trade credit, and pay operating costs like salesmen’s salaries, advertising, transportation, and office costs.

• Pricing: Price controls marketing because it limits sales. Prices are set by the top executives to increase sales and profits. Pricing depends on a lot of things. First, the price must cover all the costs of making the product while still getting people to buy it. Second, competition in the market affects the prices of goods. For reasons of competition, different products from the same company may have different profit margins. To use a marketing strategy, you need to know the wholesale, retail, and consumer prices. All parties must agree on these price differences. If they don’t, sellers won’t put the goods on the market and customers will choose other products.

• Risk- Assuming: In marketing, the vendor or someone else must assume many risks. Goods can be destroyed by fire, shipwreck, train accident, flood, storm, and other things. They can be taken, broken into, or just rot away. Dangers include falling prices, bad debts, and changing demand. These risks make marketing more expensive. Businesspeople shift state hazards to others and take safety measures to reduce risks. Most business risks can be taken on by an insurance company for a fee.

• Advertising: Advertising campaigns are often used to get more people to buy new products or products that are already on the market. A marketing campaign is a planned and organised effort to get people to buy a certain product. Marketing research gives facts about the market and ways to improve such campaigns.