Marketing management is an artistic science that focuses on and studies real-world usage of marketing methods and techniques. In other words, it’s managing and analyzing the performance of marketing tools and activities. To ensure efficacy of marketing tools and strategies, companies or marketing managers must have a detailed understanding of their business and target market(s).
Marketing management typically involves research and implementation. The research part entails conducting brand audits, segmenting markets, studying competitor competencies and weaknesses, their products and services, profit sources, etc. Post necessary data accumulation, the focus then shifts to implementing strategies. This involves determining product price, choosing product location (target market) and promotion and distribution channels. Simply put, it’s creating a marketing plan.
Multiple metrics are employed to measure a marketing program’s performance. The program’s output, effectiveness and efficiency, and outcomes (in terms of profits, revenues, etc.) are measured. Basically, the evaluation assesses the weaknesses, strengths, and opportunities in managing marketing performance.