Responsibility for particular segments, industry or customer groups, brands, products or services, or specific marketing functions. Marketing managers are also responsible for the management of marketing staff, budgets, and programmes. Marketing is a combination of expert functions, planning, processes, and management. Occasionally, market managers are also responsible for revenues and profits. Philip Kotler provides useful shorthand for the key elements of textbook marketing management process:R→STP→MM→I→C
R = market research, which should be the start point of the marketing management process. Without a deep understanding of the marketplace and the customers within it, failure becomes more likely. While experience has shown that it is impossible to forecast with complete accuracy the behaviour of a market, it has also shown that failure to fully understand all the dimensions of a market and its dynamics can lead to disaster.
S = segmentation, which is the most important part of the marketing management process, because if the segments selected are the wrong ones, then all the marketing programmes that follow will be jeopardized. Segmentation eventually leads to accurate targeting. It must also take into account the organization's abilities and resources to address the chosen market segments.
T = targeting, which involves careful selection of customers within the selected segment(s), and emerges from the detailed segmentation.
P = positioning, the place that the company wants to occupy in the minds of those target customers within the selected segments and, by extension, how it wishes to compete in that target marketplace.
MM = marketing mix, the combination of product/service, distribution, pricing, and promotional elements designed to reach those customers within the target segment that reinforces the desired positioning.
I = implementation, how all the various marketing mix programmes are executed with the customers in the target segments. This will be a combination of the marketing mix with other relevant parts of the company and the distribution channel. A key element in implementation is coordination with the producers (of products or services), the marketing team, and the sales channels.
C = control, where the measurement and feedback on all that has been planned and implemented takes place. Results are audited and evaluated and improvements and corrections are made in the overall management chain. The original segmentation can be validated, rejected, or adapted. It is most important that the feedback comes directly from the marketplace and is not a collection of internal opinions.