Marketing management - wikipedia Marketing management Jump to : navigation , search Marketing Marketing Marketing management Key concepts ( show ) Distribution Pricing Retail Service Activation Brand licensing Brand management Co-creation Corporate identity Dominance Effectiveness Ethics Operations Promotion Research Segmentation Strategy Account - based marketing Digital marketing Product marketing Social marketing Promotional content ( show ) Advertising Branding Corporate anniversary Direct marketing Loyalty marketing Mobile marketing On - hold messaging Personal selling Premiums Prizes Product placement Propaganda Publicity Sales promotion Sex in advertising Underwriting spot Promotional media ( show ) Behavioral targeting Brand ambassador Broadcasting Display advertising Drip marketing In - game advertising Mobile advertising Native advertising New media Online advertising Out - of - home advertising Point of sale Printing Product demonstration Promotional merchandise Publication Visual merchandising Web banner Word - of - mouth Business administration Management of a business Accounting ( show ) Management accounting Financial accounting Financial audit Business entities ( show ) Cooperative Corporation Limited liability company Partnership Sole proprietorship State - owned enterprise Corporate governance ( show ) Annual general meeting Board of directors Supervisory board Advisory board Audit committee Corporate law ( show ) Commercial law Constitutional documents Contract Corporate crime Corporate liability Insolvency law International trade law Mergers and acquisitions Economics ( show ) Commodity Public economics Labour economics Development economics International economics Mixed economy Planned economy Econometrics Environmental economics Open economy Market economy Knowledge economy Microeconomics Macroeconomics Economic development Economic statistics Finance ( show ) Financial statement Insurance Factoring Cash conversion cycle Insider dealing Capital budgeting Commercial bank Derivative Financial statement analysis Financial risk Public finance Corporate finance Managerial finance International finance Liquidation Stock market Financial market Tax Financial institution Working capital Venture capital Marketing ( show ) Marketing Marketing research Public relations Sales Types of management ( show ) Asset Brand Business intelligence Business development Capacity Change innovation Commercial marketing Communications Conflict Content Customer relationship Distributed Earned value Electronic business Enterprise resource planning management information system Financial Human resource development Incident Integrated Knowledge Materials Network administrator Office Operations services Performance Power Problem Process Product life - cycle Product Project Quality Records Resource Risk crisis Sales Security Service Strategic Supply chain Systems administrator Talent Technology Organization ( show ) Architecture Behavior Communication Culture Conflict Development Engineering Hierarchy Patterns Space Structure Trade ( show ) Business analysis Business ethics Business plan Business judgment rule Consumer behaviour Business operations International business Business model International trade Business process Business statistics Business and economics portal Marketing management is the process of developing strategies and planning for product or services , advertising , promotions , sales to reach desired customer segment . Contents ( hide ) 1 Structure 1.1 Brand audit 1.2 Marketing strategy 1.3 Implementation planning 1.4 Project , process , and vendor management 1.5 Reporting , measurement , feedback and control systems 1.6 International marketing management 2 See also 3 References 4 Further reading 5 External links Structure ( edit ) Marketing management employs tools from economics and competitive strategy to analyze the industry context in which the firm operates . These include Porter 's five forces , analysis of strategic groups of competitors , value chain analysis and others . In competitor analysis , marketers build detailed profiles of each competitor in the market , focusing on their relative competitive strengths and weaknesses using SWOT analysis . Marketing managers will examine each competitor 's cost structure , sources of profits , resources and competencies , competitive positioning and product differentiation , degree of vertical integration , historical responses to industry developments , and other factors . Marketing management often conduct market research and marketing research to perform marketing analysis . Marketers employ a variety of techniques to conduct market research , but some of the more 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 Observational techniques such as ethnographic ( on - site ) observation Marketing managers may also design and oversee various environmental scanning and competitive intelligence processes to help identify trends and inform the company 's marketing analysis . Brand audit ( edit ) A brand audit is a thorough examination of a brand 's current position in an industry compared to its competitors and the examination of its effectiveness . When it comes to brand auditing , six questions should be carefully examined and assessed : how well the business ' current brand strategy is working , what the company 's established resource strengths and weaknesses are , what its external opportunities and threats are , how competitive the business ' prices and costs are , how strong the business ' competitive position in comparison to its competitors is , and what strategic issues are facing the business . When a business is conducting a brand audit , the goal is to uncover business ' resource strengths , deficiencies , best market opportunities , outside threats , future profitability , and its competitive standing in comparison to existing competitors . A brand audit establishes the strategic elements needed to improve brand position and competitive capabilities within the industry . Once a brand is audited , any business that ends up with a strong financial performance and market position is more likely than not to have a properly conceived and effectively executed brand strategy . A brand audit examines whether a business ' share of the market is increasing , decreasing , or stable . It determines if the company 's margin of profit is improving , decreasing , and how much it is in comparison to the profit margin of established competitors . Additionally , a brand audit investigates trends in a business ' net profits , the return on existing investments , and its established economic value . It determines whether or not the business ' entire financial strength and credit rating is improving or getting worse . This kind of audit also assesses a business ' image and reputation with its customers . Furthermore , a brand audit seeks to determine whether or not a business is perceived as an industry leader in technology , offering product or service innovations , along with exceptional customer service , among other relevant issues that customers use to decide on a brand of preference . A brand audit usually focuses on a business ' strengths and resource capabilities because these are the elements that enhance its competitiveness . A business ' competitive strengths can exist in several forms . Some of these forms include skilled or pertinent expertise , valuable physical assets , valuable human assets , valuable organizational assets , valuable intangible assets , competitive capabilities , achievements and attributes that position the business into a competitive advantage , and alliances or cooperative ventures . The basic concept of a brand audit is to determine whether a business ' resource strengths are competitive assets or competitive liabilities . This type of audit seeks to ensure that a business maintains a distinctive competence that allows it to build and reinforce its competitive advantage . What 's more , a successful brand audit seeks to establish what a business capitalizes on best , its level of expertise , resource strengths , and strongest competitive capabilities , while aiming to identify a business ' position and future performance . Marketing strategy ( edit ) Main article : Marketing strategy Two customer segments are often selected as targets because they score highly on two dimensions : The segment is attractive to serve because it is large , growing , makes frequent purchases , is not price sensitive ( i.e. is willing to pay high prices ) , or other factors ; and The company has the resources and capabilities to compete for the segment 's business , can meet their needs better than the competition , and can do so profitably . A commonly cited definition of marketing is simply `` meeting needs profitably '' . The implication of selecting target segments is that the business will subsequently allocate more resources to acquire and retain customers in the target segment ( s ) than it will for other , non-targeted customers . In some cases , the firm may go so far as to turn away customers who are not in its target segment. The doorman at a swanky nightclub , for example , may deny entry to unfashionably dressed individuals because the business has made a strategic decision to target the `` high fashion '' segment of nightclub patrons . In conjunction with targeting decisions , marketing managers will identify the desired positioning they want the company , product , or brand to occupy in the target customer 's mind . This positioning is often an encapsulation of a key benefit the company 's product or service offers that is differentiated and superior to the benefits offered by competitive products . For example , Volvo has traditionally positioned its products in the automobile market in North America in order to be perceived as the leader in `` safety '' , whereas BMW has traditionally positioned its brand to be perceived as the leader in `` performance '' . Ideally , a firm 's positioning can be maintained over a long period of time because the company possesses , or can develop , some form of sustainable competitive advantage . The positioning should also be sufficiently relevant to the target segment such that it will drive the purchasing behavior of target customers . To sum up , the marketing branch of a company is to deal with the selling and popularity of its products among people and its customers , as the central and eventual goal of a company is customer satisfaction and the return of revenue . Implementation planning ( edit ) Main article : Marketing plan The Marketing Metrics Continuum provides a framework for how to categorize metrics from the tactical to strategic . If the company has obtained an adequate understanding of the customer base and its own competitive position in the industry , marketing managers are able to make their own key strategic decisions and develop a marketing strategy designed to maximize the revenues and profits of the firm . The selected strategy may aim for any of a variety of specific objectives , including optimizing short - term unit margins , revenue growth , market share , long - term profitability , or other goals . After the firm 's strategic objectives have been identified , the target market selected , and the desired positioning for the company , product or brand has been determined , marketing managers focus on how to best implement the chosen strategy . Traditionally , this has involved implementation planning across the `` 4 Ps '' of : product management , pricing ( at what price slot does a producer position a product , e.g. low , medium or high price ) , place ( the place or area where the products are going to be sold , which could be local , regional , countrywide or international ) ( i.e. sales and distribution channels ) , and Promotion . Taken together , the company 's implementation choices across the 4 Ps are often described as the marketing mix , meaning the mix of elements the business will employ to `` go to market '' and execute the marketing strategy . The overall goal for the marketing mix is to consistently deliver a compelling value proposition that reinforces the firm 's chosen positioning , builds customer loyalty and brand equity among target customers , and achieves the firm 's marketing and financial objectives . In many cases , marketing management will develop a marketing plan to specify how the company will execute the chosen strategy and achieve the business ' objectives . The content of marketing plans varies from firm to firm , but commonly includes : An executive summary Situation analysis to summarize facts and insights gained from market research and marketing analysis The company 's mission statement or long - term strategic vision A statement of the company 's key objectives , often subdivided into marketing objectives and financial objectives The marketing strategy the business has chosen , specifying the target segments to be pursued and the competitive positioning to be achieved Implementation choices for each element of the marketing mix ( the 4 Ps ) Project , process , and vendor management ( edit ) More broadly , marketing managers work to design and improve the effectiveness of core marketing processes , such as new product development , brand management , marketing communications , and pricing . Marketers may employ the tools of business process reengineering to ensure these processes are properly designed , and use a variety of process management techniques to keep them operating smoothly . Effective execution may require management of both internal resources and a variety of external vendors and service providers , such as the firm 's advertising agency . Marketers may therefore coordinate with the company 's Purchasing department on the procurement of these services . Under the area of marketing agency management ( i.e. working with external marketing agencies and suppliers ) are techniques such as agency performance evaluation , scope of work , incentive compensation , RFx 's and storage of agency information in a supplier database . Reporting , measurement , feedback and control systems ( edit ) Marketing management employs a variety of metrics to measure progress against objectives . It is the responsibility of marketing managers to ensure that the execution of marketing programs achieves the desired objectives and does so in a cost - efficient manner . Marketing management therefore often makes use of various organizational control systems , such as sales forecasts , and sales force and reseller incentive programs , sales force management systems , and customer relationship management tools ( CRM ) . Some software vendors have begun using the term marketing operations management or marketing resource management to describe systems that facilitate an integrated approach for controlling marketing resources . In some cases , these efforts may be linked to various supply chain management systems , such as enterprise resource planning ( ERP ) , material requirements planning ( MRP ) , efficient consumer response ( ECR ) , and inventory management systems . International marketing management ( edit ) Globalization has led some firms to market beyond the borders of their home countries , making international marketing a part of those firms ' marketing strategy . Marketing managers are often responsible for influencing the level , timing , and composition of customer demand . In part , this is because the role of a marketing manager ( or sometimes called managing marketer in small - and medium - sized enterprises ) can vary significantly based on a business 's size , corporate culture , and industry context . For example , in a small - and medium - sized enterprises , the managing marketer may contribute in both managerial and marketing operations roles for the company brands . In a large consumer products company , the marketing manager may act as the overall general manager of his or her assigned product . To create an effective , cost - efficient marketing management strategy , firms must possess a detailed , objective understanding of their own business and the market in which they operate . In analyzing these issues , the discipline of marketing management often overlaps with the related discipline of strategic planning . See also ( edit ) Enterprise marketing management Marketing effectiveness Marketing performance measurement and management Marketing resource management Predictive analytics Strategic management References ( edit ) Jump up ^ Porter , Michael ( 1998 ) . Competitive Strategy ( revised ed . ) . The Free Press . ISBN 0 - 684 - 84148 - 7 . ^ Jump up to : Clancy , Kevin J. ; Peter C. Kriegafsd ( 2000 ) . Counter intuitive Marketing . The Free Press . ISBN 0 - 684 - 85555 - 0 . Jump up ^ Kotler , Philip. ; Kevin Lane Keller ( 2006 ) . Marketing Management , 12th ed . Pearson Prentice Hall . ISBN 0 - 13 - 145757 - 8 . ^ Jump up to : Ries , Al ; Jack Trout ( 2000 ) . Positioning : The Battle for Your Mind ( 20th anniversary ed . ) . McGraw - Hill . ISBN 0 - 07 - 135916 - 8 . Jump up ^ Porter , Michael ( 1998 ) . Competitive Advantage ( revised ed . ) . The Free Press . ISBN 0 - 684 - 84146 - 0 . Jump up ^ Joshi , Rakesh Mohan , ( 2005 ) International Marketing , Oxford University Press , New Delhi and New York ISBN 0 - 19 - 567123 - 6 Jump up ^ Kotler , P. and Keller , K.L. Marketing Management , 12th ed. , Pearson , 2006 , ISBN 0 - 13 - 145757 - 8 Further reading ( edit ) Lenskold , James D. ( 2003 ) . The Path to Campaign , Customer , and Corporate Profitability by James D. Lenskold . McGraw - Hill Professional . ISBN 0 - 07 - 141363 - 4 . Retrieved 2008 - 11 - 03 . Patterson , Laura ( 2008 ) . Marketing Metrics in Action : Creating a Performance - Driven Marketing Organization . Racom Communications . ISBN 978 - 1 - 933199 - 15 - 3 . Masi , R.J. ; Weidner , C. K , AS ( 1995 ) . Organizational culture , distribution and amount of control , and perceptions of quality . Group & Organization Management . doi : 10.1177 / 1059601195202004 . 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Marketing Marketing Marketing management Key concepts ( show ) Distribution Pricing Retail Service Activation Brand licensing Brand management Co-creation Corporate identity Dominance Effectiveness Ethics Operations Promotion Research Segmentation Strategy Account - based marketing Digital marketing Product marketing Social marketing Promotional content ( show ) Advertising Branding Corporate anniversary Direct marketing Loyalty marketing Mobile marketing On - hold messaging Personal selling Premiums Prizes Product placement Propaganda Publicity Sales promotion Sex in advertising Underwriting spot Promotional media ( show ) Behavioral targeting Brand ambassador Broadcasting Display advertising Drip marketing In - game advertising Mobile advertising Native advertising New media Online advertising Out - of - home advertising Point of sale Printing Product demonstration Promotional merchandise Publication Visual merchandising Web banner Word - of - mouth Marketing Marketing Marketing management Marketing Marketing management Key concepts ( show ) Distribution Pricing Retail Service Activation Brand licensing Brand management Co-creation Corporate identity Dominance Effectiveness Ethics Operations Promotion Research Segmentation Strategy Account - based marketing Digital marketing Product marketing Social marketing Distribution Pricing Retail Service Activation Brand licensing Brand management Co-creation Corporate identity Dominance Effectiveness Ethics Operations Promotion Research Segmentation Strategy Account - based marketing Digital marketing Product marketing Social marketing Account - based marketing Promotional content ( show ) Advertising Branding Corporate anniversary Direct marketing Loyalty marketing Mobile marketing On - hold messaging Personal selling Premiums Prizes Product placement Propaganda Publicity Sales promotion Sex in advertising Underwriting spot Advertising Branding Corporate anniversary Direct marketing Loyalty marketing Mobile marketing On - hold messaging Personal selling Premiums Prizes Product placement Propaganda Publicity Sales promotion Sex in advertising Underwriting spot On - hold messaging Sex in advertising Promotional media ( show ) Behavioral targeting Brand ambassador Broadcasting Display advertising Drip marketing In - game advertising Mobile advertising Native advertising New media Online advertising Out - of - home advertising Point of sale Printing Product demonstration Promotional merchandise Publication Visual merchandising Web banner Word - of - mouth Behavioral targeting Brand ambassador Broadcasting Display advertising Drip marketing In - game advertising Mobile advertising Native advertising New media Online advertising Out - of - home advertising Point of sale Printing Product demonstration Promotional merchandise Publication Visual merchandising Web banner Word - of - mouth In - game advertising Out - of - home advertising Point of sale Word - of - mouth Business administration Management of a business Accounting ( show ) Management accounting Financial accounting Financial audit Business entities ( show ) Cooperative Corporation Limited liability company Partnership Sole proprietorship State - owned enterprise Corporate governance ( show ) Annual general meeting Board of directors Supervisory board Advisory board Audit committee Corporate law ( show ) Commercial law Constitutional documents Contract Corporate crime Corporate liability Insolvency law International trade law Mergers and acquisitions Economics ( show ) Commodity Public economics Labour economics Development economics International economics Mixed economy Planned economy Econometrics Environmental economics Open economy Market economy Knowledge economy Microeconomics Macroeconomics Economic development Economic statistics Finance ( show ) Financial statement Insurance Factoring Cash conversion cycle Insider dealing Capital budgeting Commercial bank Derivative Financial statement analysis Financial risk Public finance Corporate finance Managerial finance International finance Liquidation Stock market Financial market Tax Financial institution Working capital Venture capital Marketing ( show ) Marketing Marketing research Public relations Sales Types of management ( show ) Asset Brand Business intelligence Business development Capacity Change innovation Commercial marketing Communications Conflict Content Customer relationship Distributed Earned value Electronic business Enterprise resource planning management information system Financial Human resource development Incident Integrated Knowledge Materials Network administrator Office Operations services Performance Power Problem Process Product life - cycle Product Project Quality Records Resource Risk crisis Sales Security Service Strategic Supply chain Systems administrator Talent Technology Organization ( show ) Architecture Behavior Communication Culture Conflict Development Engineering Hierarchy Patterns Space Structure Trade ( show ) Business analysis Business ethics Business plan Business judgment rule Consumer behaviour Business operations International business Business model International trade Business process Business statistics Business and economics portal Business administration Management of a business Accounting ( show ) Management accounting Financial accounting Financial audit Management accounting Financial accounting Financial audit Business entities ( show ) Cooperative Corporation Limited liability company Partnership Sole proprietorship State - owned enterprise Cooperative Corporation Limited liability company Partnership Sole proprietorship State - owned enterprise Limited liability company State - owned enterprise Corporate governance ( show ) Annual general meeting Board of directors Supervisory board Advisory board Audit committee Annual general meeting Board of directors Supervisory board Advisory board Audit committee Annual general meeting Board of directors Corporate law ( show ) Commercial law Constitutional documents Contract Corporate crime Corporate liability Insolvency law International trade law Mergers and acquisitions Commercial law Constitutional documents Contract Corporate crime Corporate liability Insolvency law International trade law Mergers and acquisitions International trade law Mergers and acquisitions Economics ( show ) Commodity Public economics Labour economics Development economics International economics Mixed economy Planned economy Econometrics Environmental economics Open economy Market economy Knowledge economy Microeconomics Macroeconomics Economic development Economic statistics Commodity Public economics Labour economics Development economics International economics Mixed economy Planned economy Econometrics Environmental economics Open economy Market economy Knowledge economy Microeconomics Macroeconomics Economic development Economic statistics Finance ( show ) Financial statement Insurance Factoring Cash conversion cycle Insider dealing Capital budgeting Commercial bank Derivative Financial statement analysis Financial risk Public finance Corporate finance Managerial finance International finance Liquidation Stock market Financial market Tax Financial institution Working capital Venture capital Financial statement Insurance Factoring Cash conversion cycle Insider dealing Capital budgeting Commercial bank Derivative Financial statement analysis Financial risk Public finance Corporate finance Managerial finance International finance Liquidation Stock market Financial market Tax Financial institution Working capital Venture capital Cash conversion cycle Financial statement analysis Marketing ( show ) Marketing Marketing research Public relations Sales Marketing Marketing research Public relations Sales Types of management ( show ) Asset Brand Business intelligence Business development Capacity Change innovation Commercial marketing Communications Conflict Content Customer relationship Distributed Earned value Electronic business Enterprise resource planning management information system Financial Human resource development Incident Integrated Knowledge Materials Network administrator Office Operations services Performance Power Problem Process Product life - cycle Product Project Quality Records Resource Risk crisis Sales Security Service Strategic Supply chain Systems administrator Talent Technology Asset Brand Business intelligence Business development Capacity Change innovation Commercial marketing Communications Conflict Content Customer relationship Distributed Earned value Electronic business Enterprise resource planning management information system Financial Human resource development Incident Integrated Knowledge Materials Network administrator Office Operations services Performance Power Problem Process Product life - cycle Product Project Quality Records Resource Risk crisis Sales Security Service Strategic Supply chain Systems administrator Talent Technology Change innovation innovation Commercial marketing marketing Enterprise resource planning management information system management information system management information system Human resource development development Network administrator administrator Operations services services Product life - cycle Risk crisis crisis Systems administrator administrator Organization ( show ) Architecture Behavior Communication Culture Conflict Development Engineering Hierarchy Patterns Space Structure Architecture Behavior Communication Culture Conflict Development Engineering Hierarchy Patterns Space Structure Trade ( show ) Business analysis Business ethics Business plan Business judgment rule Consumer behaviour Business operations International business Business model International trade Business process Business statistics Business analysis Business ethics Business plan Business judgment rule Consumer behaviour Business operations International business Business model International trade Business process Business statistics Business judgment rule Business and economics portal Business and economics portal Business and economics portal Marketing management is the process of developing strategies and planning for product or services , advertising , promotions , sales to reach desired customer segment . Marketing management employs tools from economics and competitive strategy to analyze the industry context in which the firm operates . These include Porter 's five forces , analysis of strategic groups of competitors , value chain analysis and others . In competitor analysis , marketers build detailed profiles of each competitor in the market , focusing on their relative competitive strengths and weaknesses using SWOT analysis . Marketing managers will examine each competitor 's cost structure , sources of profits , resources and competencies , competitive positioning and product differentiation , degree of vertical integration , historical responses to industry developments , and other factors . Marketing management often conduct market research and marketing research to perform marketing analysis . Marketers employ a variety of techniques to conduct market research , but some of the more 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 Observational techniques such as ethnographic ( on - site ) observation 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 Observational techniques such as ethnographic ( on - site ) observation Marketing managers may also design and oversee various environmental scanning and competitive intelligence processes to help identify trends and inform the company 's marketing analysis . A brand audit is a thorough examination of a brand 's current position in an industry compared to its competitors and the examination of its effectiveness . When it comes to brand auditing , six questions should be carefully examined and assessed : how well the business ' current brand strategy is working , what the company 's established resource strengths and weaknesses are , what its external opportunities and threats are , how competitive the business ' prices and costs are , how strong the business ' competitive position in comparison to its competitors is , and what strategic issues are facing the business . how well the business ' current brand strategy is working , what the company 's established resource strengths and weaknesses are , what its external opportunities and threats are , how competitive the business ' prices and costs are , how strong the business ' competitive position in comparison to its competitors is , and what strategic issues are facing the business . When a business is conducting a brand audit , the goal is to uncover business ' resource strengths , deficiencies , best market opportunities , outside threats , future profitability , and its competitive standing in comparison to existing competitors . A brand audit establishes the strategic elements needed to improve brand position and competitive capabilities within the industry . Once a brand is audited , any business that ends up with a strong financial performance and market position is more likely than not to have a properly conceived and effectively executed brand strategy . A brand audit examines whether a business ' share of the market is increasing , decreasing , or stable . It determines if the company 's margin of profit is improving , decreasing , and how much it is in comparison to the profit margin of established competitors . Additionally , a brand audit investigates trends in a business ' net profits , the return on existing investments , and its established economic value . It determines whether or not the business ' entire financial strength and credit rating is improving or getting worse . This kind of audit also assesses a business ' image and reputation with its customers . Furthermore , a brand audit seeks to determine whether or not a business is perceived as an industry leader in technology , offering product or service innovations , along with exceptional customer service , among other relevant issues that customers use to decide on a brand of preference . A brand audit usually focuses on a business ' strengths and resource capabilities because these are the elements that enhance its competitiveness . A business ' competitive strengths can exist in several forms . Some of these forms include skilled or pertinent expertise , valuable physical assets , valuable human assets , valuable organizational assets , valuable intangible assets , competitive capabilities , achievements and attributes that position the business into a competitive advantage , and alliances or cooperative ventures . The basic concept of a brand audit is to determine whether a business ' resource strengths are competitive assets or competitive liabilities . This type of audit seeks to ensure that a business maintains a distinctive competence that allows it to build and reinforce its competitive advantage . What 's more , a successful brand audit seeks to establish what a business capitalizes on best , its level of expertise , resource strengths , and strongest competitive capabilities , while aiming to identify a business ' position and future performance . Two customer segments are often selected as targets because they score highly on two dimensions : The segment is attractive to serve because it is large , growing , makes frequent purchases , is not price sensitive ( i.e. is willing to pay high prices ) , or other factors ; and The company has the resources and capabilities to compete for the segment 's business , can meet their needs better than the competition , and can do so profitably . The segment is attractive to serve because it is large , growing , makes frequent purchases , is not price sensitive ( i.e. is willing to pay high prices ) , or other factors ; and The company has the resources and capabilities to compete for the segment 's business , can meet their needs better than the competition , and can do so profitably . A commonly cited definition of marketing is simply `` meeting needs profitably '' . The implication of selecting target segments is that the business will subsequently allocate more resources to acquire and retain customers in the target segment ( s ) than it will for other , non-targeted customers . In some cases , the firm may go so far as to turn away customers who are not in its target segment. The doorman at a swanky nightclub , for example , may deny entry to unfashionably dressed individuals because the business has made a strategic decision to target the `` high fashion '' segment of nightclub patrons . In conjunction with targeting decisions , marketing managers will identify the desired positioning they want the company , product , or brand to occupy in the target customer 's mind . This positioning is often an encapsulation of a key benefit the company 's product or service offers that is differentiated and superior to the benefits offered by competitive products . For example , Volvo has traditionally positioned its products in the automobile market in North America in order to be perceived as the leader in `` safety '' , whereas BMW has traditionally positioned its brand to be perceived as the leader in `` performance '' . Ideally , a firm 's positioning can be maintained over a long period of time because the company possesses , or can develop , some form of sustainable competitive advantage . The positioning should also be sufficiently relevant to the target segment such that it will drive the purchasing behavior of target customers . To sum up , the marketing branch of a company is to deal with the selling and popularity of its products among people and its customers , as the central and eventual goal of a company is customer satisfaction and the return of revenue . If the company has obtained an adequate understanding of the customer base and its own competitive position in the industry , marketing managers are able to make their own key strategic decisions and develop a marketing strategy designed to maximize the revenues and profits of the firm . The selected strategy may aim for any of a variety of specific objectives , including optimizing short - term unit margins , revenue growth , market share , long - term profitability , or other goals . After the firm 's strategic objectives have been identified , the target market selected , and the desired positioning for the company , product or brand has been determined , marketing managers focus on how to best implement the chosen strategy . Traditionally , this has involved implementation planning across the `` 4 Ps '' of : product management , pricing ( at what price slot does a producer position a product , e.g. low , medium or high price ) , place ( the place or area where the products are going to be sold , which could be local , regional , countrywide or international ) ( i.e. sales and distribution channels ) , and Promotion . Taken together , the company 's implementation choices across the 4 Ps are often described as the marketing mix , meaning the mix of elements the business will employ to `` go to market '' and execute the marketing strategy . The overall goal for the marketing mix is to consistently deliver a compelling value proposition that reinforces the firm 's chosen positioning , builds customer loyalty and brand equity among target customers , and achieves the firm 's marketing and financial objectives . In many cases , marketing management will develop a marketing plan to specify how the company will execute the chosen strategy and achieve the business ' objectives . The content of marketing plans varies from firm to firm , but commonly includes : An executive summary Situation analysis to summarize facts and insights gained from market research and marketing analysis The company 's mission statement or long - term strategic vision A statement of the company 's key objectives , often subdivided into marketing objectives and financial objectives The marketing strategy the business has chosen , specifying the target segments to be pursued and the competitive positioning to be achieved Implementation choices for each element of the marketing mix ( the 4 Ps ) An executive summary Situation analysis to summarize facts and insights gained from market research and marketing analysis The company 's mission statement or long - term strategic vision A statement of the company 's key objectives , often subdivided into marketing objectives and financial objectives The marketing strategy the business has chosen , specifying the target segments to be pursued and the competitive positioning to be achieved Implementation choices for each element of the marketing mix ( the 4 Ps ) More broadly , marketing managers work to design and improve the effectiveness of core marketing processes , such as new product development , brand management , marketing communications , and pricing . Marketers may employ the tools of business process reengineering to ensure these processes are properly designed , and use a variety of process management techniques to keep them operating smoothly . Effective execution may require management of both internal resources and a variety of external vendors and service providers , such as the firm 's advertising agency . Marketers may therefore coordinate with the company 's Purchasing department on the procurement of these services . Under the area of marketing agency management ( i.e. working with external marketing agencies and suppliers ) are techniques such as agency performance evaluation , scope of work , incentive compensation , RFx 's and storage of agency information in a supplier database . Marketing management employs a variety of metrics to measure progress against objectives . It is the responsibility of marketing managers to ensure that the execution of marketing programs achieves the desired objectives and does so in a cost - efficient manner . Marketing management therefore often makes use of various organizational control systems , such as sales forecasts , and sales force and reseller incentive programs , sales force management systems , and customer relationship management tools ( CRM ) . Some software vendors have begun using the term marketing operations management or marketing resource management to describe systems that facilitate an integrated approach for controlling marketing resources . In some cases , these efforts may be linked to various supply chain management systems , such as enterprise resource planning ( ERP ) , material requirements planning ( MRP ) , efficient consumer response ( ECR ) , and inventory management systems . Globalization has led some firms to market beyond the borders of their home countries , making international marketing a part of those firms ' marketing strategy . Marketing managers are often responsible for influencing the level , timing , and composition of customer demand . In part , this is because the role of a marketing manager ( or sometimes called managing marketer in small - and medium - sized enterprises ) can vary significantly based on a business 's size , corporate culture , and industry context . For example , in a small - and medium - sized enterprises , the managing marketer may contribute in both managerial and marketing operations roles for the company brands . In a large consumer products company , the marketing manager may act as the overall general manager of his or her assigned product . To create an effective , cost - efficient marketing management strategy , firms must possess a detailed , objective understanding of their own business and the market in which they operate . In analyzing these issues , the discipline of marketing management often overlaps with the related discipline of strategic planning .