7 Marketing Management Types You Need to Know
Marketing management is the process of planning, organizing, implementing and controlling marketing activities to achieve the desired goals of an organization. Marketing management can be classified into different types based on various criteria, such as the scope, level, orientation and approach of marketing activities. In this article, we will discuss seven marketing management types that you need to know and how they can help you improve your marketing performance.
Strategic Marketing Management
Strategic marketing management is the type of marketing management that focuses on the long-term vision and direction of the organization. It involves analyzing the external and internal environment, identifying the opportunities and threats, defining the mission and objectives, formulating the strategies and tactics, and evaluating and monitoring the results. Strategic marketing management helps the organization to align its marketing activities with its overall goals and to gain a competitive advantage in the market.
Operational Marketing Management
Operational marketing management is the type of marketing management that focuses on the short-term execution and coordination of marketing activities. It involves planning, organizing, implementing and controlling the marketing mix elements, such as product, price, place and promotion. Operational marketing management helps the organization to optimize its marketing resources and to achieve operational efficiency and effectiveness.
Product Marketing Management
Product marketing management is the type of marketing management that focuses on the development and management of products or services that meet the needs and wants of the customers. It involves conducting market research, identifying customer segments, designing and testing products or services, launching and promoting them, and managing their life cycle. Product marketing management helps the organization to create value for the customers and to differentiate itself from the competitors.
Customer Marketing Management
Customer marketing management is the type of marketing management that focuses on building and maintaining long-term relationships with the customers. It involves understanding customer behavior, preferences and expectations, creating customer value propositions, delivering customer satisfaction and loyalty, and enhancing customer retention and advocacy. Customer marketing management helps the organization to increase its customer base, revenue and profitability.
Channel Marketing Management
Channel marketing management is the type of marketing management that focuses on managing and optimizing the distribution channels that deliver the products or services to the customers. It involves selecting, developing and motivating channel partners, such as wholesalers, retailers, agents and distributors. Channel marketing management helps the organization to reach its target markets, increase its market coverage and penetration, and reduce its distribution costs.
Digital Marketing Management
Digital marketing management is the type of marketing management that focuses on using digital technologies and platforms, such as websites, social media, email, mobile apps and online advertising, to communicate with and influence the customers. It involves creating and managing digital content, campaigns and analytics. Digital marketing management helps the organization to enhance its online presence, visibility and reputation, and to engage with its customers in a more interactive and personalized way.
7. Social Marketing Management
Social marketing management is the type of marketing management that focuses on applying marketing principles and techniques to influence social change for a social cause or benefit. It involves identifying a social problem or issue, defining a target audience, developing a social marketing strategy and plan, implementing and evaluating social marketing interventions, such as awareness campaigns, behavior change programs or policy advocacy. Social marketing management helps the organization to fulfill its social responsibility and to contribute to social welfare.
These are some of the main types of marketing management that you need to know. By understanding these types of marketing management, you can choose the most suitable one for your organization and improve your marketing performance.
Types of Business Market and Their Global Demand
One way to classify business markets is based on the types of customers they serve and the types of goods or services they offer. Here are some examples of business market categories and how their global demand has changed over time.
Consumer Market
A consumer market involves businesses selling products or services directly to customers for their personal use. This is the largest type of business market, as it caters to a wide range of potential consumers with different needs and preferences. The global consumer market has grown steadily over the years, driven by factors such as population growth, urbanization, income levels, technological innovations, and changing lifestyles. According to a report by McKinsey & Company, the global consumer market is expected to reach $64 trillion by 2030, with emerging markets accounting for more than half of the growth.
Business-to-Business Market
A business-to-business market involves businesses selling products or services to other businesses for their use or resale. This type of market is often characterized by long-term relationships, high-value transactions, complex decision-making processes, and customized offerings. The global business-to-business market has also expanded significantly in recent years, especially in the areas of e-commerce, cloud computing, artificial intelligence, and digital transformation. A study by Accenture estimates that the global business-to-business e-commerce market will reach $20.9 trillion by 2027, up from $5.8 trillion in 2018.
Industrial Market
An industrial market involves businesses selling products or services that are used in industrial or production activities. This type of market is usually dominated by large corporations that operate in sectors such as manufacturing, construction, mining, energy, and transportation. The global industrial market has faced some challenges due to the COVID-19 pandemic, which disrupted supply chains, reduced demand, and increased uncertainty. However, some segments of the industrial market have shown resilience and recovery, such as renewable energy, biotechnology, and robotics. A report by Deloitte predicts that the global industrial production will grow by 4.4% in 2021, after contracting by 6.3% in 2020.
Professional Services Market
A professional services market involves businesses providing specialized knowledge, skills, or advice to other businesses or individuals. This type of market includes services such as accounting, consulting, legal, engineering, education, health care, and entertainment. The global professional services market has been growing steadily over the years, driven by factors such as globalization, digitalization, innovation, and regulation. According to a report by Research and Markets, the global professional services market is expected to reach $8.8 trillion by 2025, up from $6.5 trillion in 2020.
References:
https://en.wikipedia.org/wiki/Marketing_management#cite_ref-PorterCS_1-0
https://en.wikipedia.org/wiki/Marketing_management#cite_ref-Clancy&Krieg_2-1
https://en.wikipedia.org/wiki/Philip_Kotler
https://www.mckinsey.com/~/media/McKinsey/Industries/Retail/Our%20Insights/How%20the%20world%20will%20shop%20after%20COVID%2019/How-the-world-will-shop-after-COVID-19.pdf
https://www.accenture.com/_acnmedia/PDF-130/Accenture-B2B-ecommerce-POV.pdf
https://www2.deloitte.com/content/dam/Deloitte/global/Documents/About-Deloitte/gx-deloitte-industrial-production-outlook-january-2021.pdf
https://www.researchandmarkets.com/reports/5228703/professional-services-global-market-report-2020?utm_source=dynamic&utm_medium=BW&utm_code=9gqz7j&utm_campaign=1418414+-+Global+Professional+Services+Market+Report+2020-2030%3a+COVID-19+Impact+and+Recovery&utm_exec=jamu273bwd
