The major components that go into marketing management include:
Goal Setting
The foundation of marketing management involves setting clearly defined goals and creating a timeline and strategy to meet them. This can include everything from sales to budget.
Coordination
In order to respond to consumers’ demands, marketing management works with other departments such as public relations, company leaders, and creative teams. This coordination is essential for the smoother functioning of the company and consistent messaging across all mediums.
Market Research
Market research works to identify the needs and preferences of consumers. It involves the collection, analysis, and interpretation of data, and it arms the company with important information to make key decisions.
Relationship-Building
When the consumer feels more connected and invested in a product, they’re more likely to buy the product. That’s why It’s crucial for marketing management to create and maintain relationships with its customers to encourage repeat buyers.