Principles of Marketing Management
To become a successful marketing manager, a person must know the following principles of marketing management.
Principle of Marketing Research and Development
To sustain in the competitive market, the marketing manager must have to study the changing needs of the consumers. According to it, the firm should develop its’ products and services for customer satisfaction. As a result of proper research and development, the demand of the firms’ goods and services may be maintained in the market.
Principle of Planning
For the effective and efficient growth of the firm, planning plays an important role in it. The basic criteria of the marketing manager (to formulate planning) are to consider the preferences and the purchasing power of the consumers and also to focus on policies of competitors. Hence, according to it prepare their strategies of the firm.
Principle of Organization
For the sound organization, the marketing manager identifies and defines the grouping activities of the business. He also establishes relationships and responsibilities for the purpose of enabling people to work.
Principle of Control
The principle of controlling involves the measurement and correction of the performance of subordinates in order to make sure that enterprise attained pre-determined objectives.
Principle of Direction
According to the principle of direction, the marketing manager influences the action of his sub-ordinates to ensure that they perform their tasks according to the plans. In simple words, he guide, inspire, supervises and lead people for the accomplishment of pre-determined objectives of the business enterprise.
Principle of Co-ordination
The effective coordination encourages team spirit, gives right direction, motivates employees and makes proper utilization of resources. It establishes link between various marketing activities viz. marketing research purchase, packaging, advertisement, sales promotion, physical distribution, etc.
Principle of Motivation
According to the principle of motivation, needs motivate people. Hence, to motivate the subordinates, the responsibility of marketing manager is to link the interests and needs of subordinates with their unit tasks and missions, reward them, create an open, trusting communication bond between the members of the chain of command, set examples in all things, etc. which indirectly benefits in the development of the organization.
Principle of Sale Promotion/ Advertising
The basic principles of sales promotion are to create message content, appeals and sculpting the message. Thus, to maximize the profit of an organization, sales promotions include free samples, contests, bonuses, trade shows, vacation giveaways, coupons, etc. All these above efforts are created by the marketing manager to increase the demand for the products so that the sales may be increased.
Principle of Objectivity
The principle of management by objectivity is for employees to have a clear understanding of their roles and the responsibilities expected of them, so they can understand how their activities relate to the achievement of the organization’s goals. It is also the measurement and the comparison of the employee’s actual performance with the standards set.
Principle of Consumer’s satisfaction
The economic principle of marketing management is customer satisfaction. It can be achieved only if the consumers are satisfied. Thus, marketing managers need to understand how customers make purchasing decisions and how they react with the changes in prices and other factors. Hence, all the efforts must be made to satisfy the needs and wants of consumers.