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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