The Functions of Marketing Management

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  • 0:02 Marketing Management
  • 1:05 The Marketing Plan
  • 1:51 Recording the Results
  • 2:20 The Return on Investment
  • 4:07 Lesson Summary
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Lesson Transcript
Instructor: Yuanxin (Amy) Yang Alcocer

Amy has a master's degree in secondary education and has taught math at a public charter high school.

A good marketing manager knows the importance of having a well thought out marketing plan. Learn why in this video lesson and see how a good marketing management team calculates the effectiveness of their marketing plan.

Marketing Management

Companies know that how well they do in sales is largely due to how well their marketing management team does its job. A company's marketing management is a single person or team responsible for the marketing of a company's products. A good marketing management team knows what it takes to get people to buy. It also knows what kinds of products should be introduced to the marketplace, when to drop a particular product that isn't selling, and how much to charge for each product.

How does a marketing management group know all of this? It performs market research to find out what kinds of products potential customers want. It also creates marketing materials to reach potential customers to encourage them to buy, such as commercials on television and ads in magazines. The marketing management team may also plan promotional campaigns, like coupons and periodic sales. Product packaging and the company's websites are also created and designed by marketing management. All of this is performed within the marketing budget of the company. Marketing management knows exactly what to do because they are following the marketing plan they have created.

The Marketing Plan

What is a marketing plan?

A marketing plan is the written plan outlining how products are to be promoted. The marketing plan is a very detailed document that includes how products will be marketed, the marketing budget, how this budget is to be used for the various forms of marketing of the products, and specific dates for various campaigns, such as perhaps a spring and fall sale. For large companies, this can mean hundreds of pages, while smaller companies may have a plan that's just a few pages. This marketing plan is usually written for the next year, which means that a new marketing plan needs to be written each year. It also includes how marketing management will measure the success of each marketing campaign. This success measurement tells the marketing management team whether to continue the campaign, make edits to it, or stop it altogether.

Recording the Results

Part of measuring the success of each marketing campaign is data collection, or recording the results of each campaign. This is also spelled out in the marketing plan. This usually involves comparing the cost of implementing the marketing campaign to the resulting sales from the campaign. How does marketing management keep track of which campaign led to which sale? This is also spelled out in the marketing plan. Marketing management can use things like specific coupon codes or, for online sales, special links to sales websites.

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