what is marketing management?
Marketing management is that the organizational discipline that focuses on the sensible application of selling orientation, techniques and methods inside enterprises and organizations and on the management of a firm’s marketing resources and activities.Everything you would like to understand about marketing management. Marketing Management performs all managerial functions within the field of selling.
Marketing Management identifies market opportunities and comes out with appropriate strategies for exploring those opportunities profitably.
It has to implement a marketing program and evaluate continuously the effectiveness of marketing-mix.
it’s to get rid of the deficiencies observed within the actual execution of selling plans, policies, and procedures. it’s after the marketing system of the enterprise.
What is Marketing Management: Introduction, Definition, Concept, Importance, Functions, and Process
What is Marketing Management – Introduction
In considering how the individual selling unit within the marketing system operates, we’ll investigate the question- what’s marketing management?
Some readers are going to be students who shall be in marketing management, others already are marketing managers, and still, others could also be in related activities that bear on marketing management in either a managerial or a regulative capacity.
To meet all their needs our main objective is to develop a structure, a “theory”, of managerial marketing around which they will organize their reading and knowledge so as to reach a far better understanding of it.
This understanding can serve two objectives. First, it’ll help them obtain new insights from the experiences they’re going to be acquiring on the work within the future. Inevitably they’re going to develop from experience some such structure to serve this significant need anyway, in order that they can take advantage of new experience and new knowledge. to accumulate such a structure from experience alone,
however, may be a slow and sometimes uncertain process. Formal education can help them to hurry this up in order that they grow in marketing skill much faster.
Second, understanding of selling management will permit a far better grasp of the role of selling in economic development, which many countries are so earnestly seeking. This structure is culture- free and may be applied to any environment.
generally, a study of selling management results in a far better evaluation of selling activity in terms of its performance in meeting the consumer’s needs.
Marketing management is the process of deciding,
planning, and controlling the marketing aspects of a corporation in terms of the marketing concept, somewhere within the marketing system. Before proceeding to look at a number of the small print of this process, comments on two aspects are going to be a helpful background.
The marketing concept is straightforward in theory but often very difficult, if not impossible, to completely implement. Adam Smith’s comment cited above is most according to it.
The concept is that a corporation can more effectively serve its own objectives if it’ll integrate the varied aspects of its marketing activities explicitly so on meet the preferences of its customers.
To one unacquainted company practice the necessity for implementing the concept and therefore the capacity to try to to it might seem to be so obvious as to not merit discussion.
This process of selling management takes place “somewhere” within the marketing system. Having seen the marketing system portrayed, you recognize that
“somewhere” is often within any of the various, many companies—manufacturing, wholesaling, and retailing—that make it up. Marketing management is practiced in all of them.
Assume, to simplify, that we are concerned only with the manufacturing level during a direct sense because the manager we are considering occupies a marketing management position there.
What are the characteristics of every one of the three elements making up the marketing management process – deciding, planning, and control?
What is Marketing Management – Definition: Provided by Institute of selling Management and Philip Kotler
Traditionally, markets were viewed as an area for the exchange of products and services between sellers and buyers to the mutual advantage of both.
Today, marketing is an exchange of values between the vendor and therefore the buyer. Value implies worth associated with the products and services being exchanged. the customer is going to be able to buy the products if they need some value for him.
Marketing is the business function that controls the extent and composition of demand within the market. It deals with creating and maintaining demand for goods and services of the organization.
Marketing management is “planning, organizing, controlling and implementing of selling programmes, policies, strategies,
and tactics designed to make and satisfy the demand for the firms’ product offerings or services as a way of generating a suitable profit.”
Marketing Management Involves:
1. The setting of selling goals and objectives,
2. Developing the marketing plan,
3. Organising the marketing function,
4. Putting the marketing plan into action and
5. Controlling the marketing program.
Marketing Management is both a science also as an art. Those liable for marketing should have a good understanding of the varied concepts and practices in marketing,
communication, and analytical skills and skill to take care of effective relationships with customers, which can enable them to plan and execute marketing plans.
What is Marketing Management – Concept
This concept advocates that a manufacturer should begin his task with the buyer focus. He has got to primarily study the buyer and understand the requirements,
desires, requirements, and conveniences of the latter. A manufacturer should design a replacement product or improve an existing one strictly keeping in mind the requirements, desires, etc.
of the buyer. the merchandise should exactly satisfy the buyer.
Therefore, a manufacturer should design and manufacture a product that may be accepted by the buyer instead of the one which can be manufactured by him easily. A consumer is essentially fastidious and fickle-minded.
This makes that task of understanding the buyer and designing an appropriate product far more difficult, however, this is often the sole way a manufacturer can achieve a competitive market.
Selling should be preceded by customer study, market research, and merchandise development. the whole focus should get on the buyer and his needs.
“There will always, one can assume, be a need for a few selling. But the aim of selling is to form selling superfluous. The aim of selling is to understand and understand the buyer so well that the merchandise or service fits him and sells itself. Ideally,
marketing should end in a customer who is prepared to shop for. All that ought to be needed then is to form the merchandise or service available” – Peter Drucker.
This concept is additionally called customer orientation.
The marketing concept which is additionally called the fashionable marketing concept as practiced by most of the firms within the present situation is really a mixture of all the opposite concepts.
the fashionable marketing concept consists of an integrated effort on the part of the marketer to spot the buyer needs and satisfy them through appropriately designed products
and for this task use all the marketing techniques associated with the product, selling, market study, consumer behavior, product designing, pricing, etc.
Read more Marketing management
Two customer segments are often selected as targets because they score highly on two dimensions:
The segment is attractive to serve because it’s large, growing, makes frequent purchases, isn’t price sensitive (i.e. is willing to pay high prices), or other factors; and
The company has the resources and capabilities to compete for the segment’s business, can meet their needs better than the competition, and may do so profitably.
A commonly cited definition of selling is just “meeting needs profitably”.
The implication of choosing target segments is that the business will subsequently allocate more resources to accumulate and retain customers within the target segment(s) than it’ll for other, More read
non-targeted customers. In some cases, the firm may go thus far on shy away from customers who aren’t in its target segment.
The doorman at a swanky nightclub, for instance, may deny entry to unfashionably dressed individuals because the business has made a strategic decision to focus on the “high fashion” segment of nightclub patrons.
In conjunction with targeting decisions, marketing managers will identify the specified positioning they need the corporate, product, or brand to occupy within the target customer’s mind. This positioning is usually an encapsulation of a key benefit the company’s product or service offers that’s differentiated and superior to the advantages offered by competitive products.
for instance, Volvo has traditionally positioned its products within the automobile market in North America so as to be perceived because the leader in “safety”,
whereas BMW has traditionally positioned its brand to be perceived because of the leader in “performance”.
Ideally, a firm’s positioning is often maintained over an extended period of your time because the corporate possesses, or can develop, some sort of sustainable competitive advantage.
The positioning should even be sufficiently relevant to the target segment such it’ll drive the purchasing behavior of target customers. To sum up,
the marketing branch of a corporation is to affect the selling and recognition of its products among people and its customers because the central and eventual goal of a corporation is customer satisfaction and therefore the return of revenue.
The Marketing Metrics Continuum provides a framework for a way to categorize metrics from tactical to strategic.
If the corporate has obtained an adequate understanding of the customer base and its own competitive position within the industry,
marketing managers are ready to make their own key strategic decisions and develop a marketing strategy designed to maximize the revenues and profits of the firm.
the chosen strategy may aim for any of a spread of specific objectives, including optimizing short-term unit margins, revenue growth, market share, long-term profitability, or other goals.
After the firm’s strategic objectives are identified, the target market selected, and therefore the desired positioning for the corporate,
product, or brand has been determined, marketing managers specialize in the way to best implement the chosen strategy. Traditionally, this has involved implementation planning across the “4 Ps”: product management,
pricing (at what price slot does a producer position a product, e.g. low, medium, or high price), place (the place or area where the products are getting to be sold,
which might be local, regional, countrywide or international) (i.e. sales and distribution channels), and promotion.
Taken together, the company’s implementation choices across the 4 P’s are often described because of the marketing mix,
meaning the combination of elements the business will employ to “go to market” and execute the marketing strategy. the general goal for the marketing mix is to consistently deliver a compelling value proposition that reinforces the firm’s chosen positioning,
builds customer loyalty and brand equity among target customers, and achieves the firm’s marketing and financial objectives.
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