Term Paper Business Management vs. Marketing Management

 

Business management is a process of planning, organizing, motivating and controlling business functions. It involves exploring potential markets to target, designing management strategies and implementing it effectively. The overall goal is to create revenues by expanding business gradually. Business Management is a broad spectrum covering many aspects like:
• Marketing management
• Operations management
• Financial management
• Human resources management
• Managing information system
• Strategic management

 

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So, marketing management is one of the fields of business management which primarily focuses on designing marketing and promotional strategies to satisfy customers’ needs. So, if customers are satisfied, they spread positive words of mouth and play a key role in expanding business. Marketing management is the practical implementation of marketing techniques and strategies. It is also about allocating marketing resources and assigning marketing staff to conduct marketing activities in an efficient manner.


The process of marketing starts with exploring customers’ needs and preferences, affordability and buying patterns. The marketing department is basically responsible for managing marketing aspects of a firm. They design a product; fix a price, locate and promote it. but, marketing processes cannot be completed if specific areas do not play their roles efficiently. This is where a management team comes, as they are the ones who deal with the different departments of the firm, coordinate with them and bring out a win-win solution for all. Also, marketing plays a key role in operations of a company, through proper marketing and promotion; a company can create long term relationships with its customer, and so long term profitability.


There is a huge scope of business management and marketing management. They both exist in every organization. People with business and marketing skills can enter in any fields like:
• Marketing
• Advertising
• Banking
• Real estate firms
• Financial institutions
• Telecommunication
• Restaurant and other service providers etc.


As the world is getting closer, new businesses are evolving and to remain grounded in today’s business environment, one must have updated information on business management as well as marketing management.
When we compare business management and marketing management, we will come to know the following important points:
• Though marketing is a broad field but it is a subfield of management.
• Marketing is directly related to the customers while management does not involve customers, but employees.
• The most important point to be remembered is that marketing activities are planned and executed by marketing department but it is approved and monitored by the management.


Every day we see a new technology or product emerge, competition is at its peak, and thus customers’ switching cost is low. A business cannot get success, unless it is executed and marketed efficiently.
So, business management is involved in every aspect of marketing management likewise marketing management is involved in every aspect of business management.

 

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