Marketing management
[citation needed][1][2][3] Compare marketology,[4] which Aghazadeh defines in terms of "recognizing, generating and disseminating market insight to ensure better market-related decisions".
[5] Marketing management employs tools from economics and competitive strategy to analyze the industry context in which the firm operates.
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.
When it comes to brand auditing, six questions should be carefully examined and assessed: When a business conducts a brand audit, the goal is to uncover the business's resource strengths, deficiencies, best market opportunities, outside threats, future profitability, and its competitive standing in comparison to existing competitors.
Additionally, a brand audit investigates trends in a business's net profits, the return on existing investments, and its established economic value.
A brand audit usually focuses on a business's strengths and resource capabilities because these are the elements that enhance its competitiveness.
This type of audit seeks to ensure that a business maintains a distinctive competence that allows it to build and reinforce its competitive advantage.
Two customer segments are often selected as targets because they score highly on two dimensions: A commonly cited definition of marketing is simply "meeting needs profitably".
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 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.
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.
