Marketing Management

Definition

Marketing management (or management of marketing) is the process of setting marketing goals for an organization (considering internal resources and market opportunities), the planning and execution of activities to meet these goals, and measuring progress toward their achievement. The process should be ongoing and repetitive (as within a planning cycle) so that the organization may continuously adapt to internal and external changes that create new problems and opportunities.

Generic strategies are generalized plans that work across a range of industries and markets. They provide management with a set of strategic options, one (or a combination) of which can be chosen for application in a specific situation. Generic strategies do not provide the detail needed to execute the strategy in a specific situation.

In-house agency is a colloquial term for a department, group or person that has responsibilities typically performed by an external advertising or other MarCom agency. These functions can extend from a single capability (such as advertising creation or media planning) to, more rarely, full-service agency capabilities. [2]

References

  1. American Marketing Association, AMA Dictionary.
  2. Common Language in Marketing Project, 2018.

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