Marketing management

Introduction

Marketing management relates to the organizational focus on practical application of marketing techniques and methods within the enterprise. This involves managing of the firm marketing resources and activities. Marketing has gone beyond borders due to the globalization of firms. This makes the firm's international and hence international marketing strategy. To market an organization there are managers who are in charge. They are responsible for influencing the level, timing and the composition of marketing due to customers demand (Chandrasekar, 2010). Their roles vary from one organization to another significantly depending on what the business is based upon, corporate culture and business size. A firm needs to possess a detailed objective to give a clear understanding of the business and the market it operates in to create an effective, cost-efficient strategy of marketing. Marketing management and strategic marketing form a strong foundation of an organization.

In the fashion industry, marketing management plays an important role. With marketing management, there is the necessity of investing in research. This enables the collection of data that is required to enhance proper and accurate marketing analysis. This involves market and marketing research to obtain relevant information (Kazmi, 2007). This includes the application of marketing techniques to conduct a successful research. Some of these techniques include quantitative marketing, experimental technique, and observational technique. This facilitates in know the fashion trends and what the consumers are looking for with different age and different time span. He marketing managers the surrounding environmental situation to come up with fashion trends that are suitable for the period (Hutt, M. D., & Speh, 2013)

Competitive intelligence in marketing management helps in identification of trends and provides an information foundation to the organization in market analysis. A brand audit is examined throughout the process of the brand. This makes a comparison with the competitors easy together with its effectiveness. To launch a new product several question arises such as how well is the current fashion is trending, what is are the organization strengths and weakness the opportunities and the threats existing or likely to come up with a new product, how competitive the product will be in relation to price and production cost, the current position of the organization to that of competitors and the strategic issues facing the business (Hutt, M. D & Speh, 2013).

 The launching of fashion products such as clothes and shoes have to be properly determined by the economic trends. This is because the brand determines the business market share to be increasing, decreasing or if it is stable. Every organization aim is to maximize profit and reduce production cost and at the same time increase the market share for the organization (Chandrasekar, 2010). Additionally, marketing management determines the economic value the product is likely to generate for the organization. This will in return increase the financial strength of the organization and increase its borrowing powers. This makes the organization to be in a better position to produce and go global. This portrays a bigger picture of a committed organization and with a great reputation with customers. Furthermore, a brand audit in marketing management determines whether the organization has the strength and the resource elements to enhance competitiveness. This makes the fashion organization to have a competitive advantage over other rival organization. The marketing management team should maintain distinctive competencies to allow the establishment of a successful brand as a result of research for the organization present and future performance (Kazmi, 2007).

Reference

Hutt, M. D., & Speh, T. W. (2013). Business marketing management: B2B. Australia: South-Western, Cengage Learning.

Chandrasekar, K. S. (2010). Marketing management: Text and cases. New Delhi: Tata McGraw-Hill.

Kazmi, S. H. H. (2007). Marketing management: Text and cases. New Delhi, India: Excel Books.