Marketing Management is a business discipline which is focused on the practical application of marketing techniques and the management of a firm’s marketing resources and activities. Rapidly emerging forces of globalization have compelled firms to market beyond the borders of their home country making International marketing highly significant and an integral part of a firm’s marketing strategy. Marketing managers are often responsible for influencing the level, timing, and composition of customer demand accepted definition of the term. In part, this is because the role of a marketing manager can vary significantly based on a business’ size, corporate culture, and industry context. For example, 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.
Strategic Management Plans – It involves proper planning and far-sightedness for conceptualizing the strengths and weaknesses of the organization, pertaining to the environment in which it exists. Strategic Management Plans deals with the envisioning of at least three to five years in the future and deciding what are the pathways that the organization intends to take and create new vistas of opportunities. It strongly involves the basic elements of market research and financial projections with detailed study of promotional planning and taking all the necessary steps to fulfill the operational requirements. It is the best way to find out the amount of capital to be raised, expansion target and optimum use of the available resources. Strategic management plans also deals with relationship management as in today’s world, management and the correct use of contacts is very important.
Operational Management Plans – It is the interim period which deals with Operational Management Plans. This is also termed as Tactical Planning and it also deals with the aspects that involve the concept of an annual budget. Operational Management Plans entirely focuses on making sure that a given task is completed. It is irrespective of whether it is driven by the entire organization’s budget, any personal budget or any functional area of responsibility. It can also be said that operational management plans are indirectly derived from strategic management plans. It is an outflow of a detailed strategic management plan and can be seen as a part of the initiating and implementation stage of a more comprehensive long term plan.
Standing Plans are further of three types, namely Policies, Procedures and Rules. While Single Use Plans are further of two types, namely, Programs and Budgets. Here is a short note on different types of Standing and Single Use Plans :
- Policies – It focuses on accomplishing the organization’s objectives by furnishing the broad guidelines for the correct course of action.
- Procedures – Procedures outline a more specific set of actions and deals with the implementation of a set of related actions in order to finish a particular task.
- Rules – Rules are a set of guidelines that show the way and manner in which a task is to be accomplished. It lays down the do’s and don’ts that are to be strictly followed by the members of the organization without any deviation.
- Programs – Programs deal with the guidelines that are set for accomplishing a special project within the organization. The project may not be in existence for the entire tenure of the organization, but if the project is accomplished, it might result in short-term success of the organization which might ultimately prove to be extremely helpful.
- Budget – A Budget represents a specific period of time which indicates it as a single user financial plan. It is a complete set up indicating the process of procuring the funds and channelizing the funds. It shows in details how funds are to be utilized on labor, raw materials, capital goods, marketing and information systems.
Statistics may be defined as a systematic process of collection, classification, tabulation , analysis, interpretation and drawing valid inferences of numerical data in any field of human activity. It is a factory or a farm resources of men, machine and finance have to be coordinated against time and space constraints, to achieve the objectives the most efficient manner. The common trend of all the managerial activity is the capability to evaluate the situation vis-a-vis the objectives, limitations and alternatives, obtain information and make decisions. With the ever-increasing growth in the size and competition, the business environment has become complex. Since the complexity of business environment makes the decision making process difficult, the decision maker can no longer rely entirely upon his judgment, experience or evaluation to make a decision. Instead he has to base his decisions upon data which show relationship, indicate trends and show rates of change in various variables or characteristics.
Application of statistics pervade virtually every area of management decision making whether it be production, finance, distribution, marketing or any other activity. In any organisation, the management uses statistical techniques for making valid decisions on the basis of factual data on the current operations. These decisions are of so vital importance that they not only improve the present situation, but also effect the future operations and policies. Statistics plays an important role and is very much in use in production and inventory decisions, marketing decisions, investment and financial decisions and also in planning decisions.
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