09-09-2017, 04:02 PM
Marketing management is the organizational discipline that focuses on the practical application of marketing orientation, techniques and methods within companies and organizations and in managing the resources and marketing activities of a company.
Marketing management employs the tools of economics and competitive strategy to analyze the context of the industry in which the company operates. These include Porter's five forces, strategic competitor group analysis, value chain analysis, and others. Depending on the industry, the regulatory context may also be important to examine in detail.
In competition analysis, sellers build detailed profiles of each competitor in the market, focusing on their relative competitive strengths and weaknesses through the SWOT analysis. Marketing managers will examine each competitor's cost structure, sources of benefits, resources and competencies, competitive positioning and product differentiation, degree of vertical integration, historical responses to industry developments, and other factors.
Marketing management often conducts marketing research and marketing research to carry out marketing analysis. Sellers employ a variety of techniques to conduct market research, but some of the most common include:
• Qualitative marketing research, such as focus groups and various types of interviews
• Quantitative marketing research, such as statistical surveys
• Experimental techniques such as test markets
• Observation techniques such as ethnographic observation (in situ)
Marketing managers can also design and supervise various environmental scanners and competitive intelligence processes to help identify trends and inform the company's marketing analysis.
