Marketing and sales management deal with an understanding of customer needs. It includes the response to them through the development, production, and sales of goods and services and the impact on customers’ needs following the strategic purposes of the organization.
What is marketing management?
Marketing management is one of the foremost constituents of business management. It is the business process of creating relationships with and satisfying customers. Marketing management is a buyer-oriented process involving the creation, communication, and delivery of value. It works towards building and retaining lifetime customer loyalty. All marketing activity is about the customer, focused on acquiring and retaining them.
Marketing management provides businesses with a competitive edge since that is what they need to do to gain loyal customers. Several marketing channels have been made available to businesses, besides traditional marketing, thanks to the internet. All of them focus on engaging the customer.
What is sales management?
The process of evolving a sales force, synchronizing sales operations, and executing sales techniques that assist a business to consistently achieve its sales targets is called sales management. Precise sales management processes are essential when it comes to boosting sales performance for any size of the operation or any industry. the sales management process can be the difference between surviving and flourishing in an increasingly competitive marketplace. There are three aspects of sales management within the sales process:
- Sales Operations which involves building the sales team. Salespeople need to be great at selling the company’s product. Set targets, assign territories, establish goals and counsel them throughout the process.
- Sales Strategy entails defining the sales process. A sales cycle is an essential part of every business. It is a series of tasks that help a company’s product reach its users. Therefore, having a sales pipeline, or sales funnel, will make that easier to complete these tasks. With the standard sales funnel the number of deals in the funnel, the average size of a deal in the funnel, closure ratio, sales velocity, etc. can be measured.
- Sales Analysis or reporting is what enables an assessment of the current efforts vis-a-vis the targets. It involves sales metrics or quantifiable indicators that help measure each aspect of sales operations
Marketing & Sales Management Courses
A marketing & sales management course helps gain knowledge about consumer behavior and the in’s and out’s of the market. The curriculum of such courses empowers the student to understand the concept of marketing. The course is available at Graduate, Postgraduate, Diploma and Certificate level, Pursuing a course in Marketing and sales opens several career options.
Some of the premier institutes/universities offering marketing & sales management courses are IIM (Ahmedabad, Calcutta, Bangalore, Lucknow, Raipur, Kozhikode), XLRI (Jamshedpur), ISB (Hyderabad), Faculty of Management Studies (University of Delhi), etc. Some of these institutes also have executive development programmes for working professionals.
Marketing & sales professionals are always in demand as this is one area that can never be replaced. A career in marketing and sales is challenging and yet very satisfying.