MARKETING MANAGEMENT (MBA)

What is Marketing Management – Introduction

In considering how the individual selling unit in the marketing system operates, we will investigate the question- What is marketing management? Some readers will be students who intend to be in marketing management, others already are marketing managers, and still others may be in related activities that bear on managers 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 can organize their reading and experience in order to arrive at a better understanding of it.

This understanding can serve two objectives. First, it will help them obtain new insights from the experiences they will be acquiring on the job in the future. Inevitably they will develop from experience some such structure to serve this crucial need anyway, so they can profit from new experience and new knowledge. To acquire such a structure from experience alone, however, is a slow and often uncertain process. Formal education can help them to speed this up so they grow in marketing skill much faster.

Second, understanding of marketing management will permit a better grasp of the role of marketing in economic development, which many countries are so earnestly seeking. This structure is culture- free and can be applied to any environment. In general, study of marketing management leads to a better evaluation of marketing activity in terms of its performance in meeting the consumer’s needs.

What is Marketing Management – Definition: Provided by Institute of Marketing Management and Philip Kotler

Traditionally, markets were viewed as a place for exchange of goods and services between sellers and buyers to the mutual benefit of both. Today, marketing is exchange of values between the seller and the buyer. Value implies worth related to the goods and services being exchanged. The buyer will be ready to pay for the goods if they have some value for him.

Marketing is the business function that controls the level and composition of demand in 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 marketing programmers, policies, strategies and tactics designed to create and satisfy the demand for the firms’ product offerings or services as a means of generating an acceptable profit.”

According to Philip Kotler,

 “Marketing Management is the art and science of choosing target markets and building profitable relationship with them. Marketing management is a process involving analysis, planning, implementing and control and it covers goods, services, ideas and the goal is to produce satisfaction to the parties involved”.

Marketing Management Involves:

1. The setting of marketing goals and objectives,

2. Developing the marketing plan,

3. Organizing the marketing function,

4. Putting the marketing plan into action and

5. Controlling the marketing programmer.

Marketing Management is both a science as well as an art. Those responsible for marketing should have good understanding of the various concepts and practices in marketing, communication, and analytical skills and ability to maintain effective relationship with customers, which will enable them to plan and execute marketing plans.

What is Marketing Management – Features: Managerial Process, Consumer Centric, Research Analysis, Planning and Development and a Few Others

1. Managerial Process:

Marketing management is a managerial process involving planning, organizing, decision making, forecasting, directing, coordinating and controlling. Stanley Vance defines management as the process of decision making and controlling. Every aspect of marketing, starting with identifying the consumer’s need and wants, identifying the targeted customer, product planning, development, pricing, promotion, distribution process requires planning, decision making, coordination and controlling.

2. Consumer Centric :

All marketing activities are consumer centric. The consumers are the king. Marketing activities are based on the premise of “make what the market wants”. The principal objective of marketing is to create new customers and to retain current customer. Marketing management performs the task of converting the potential customers into actual customer.

This is possible through satisfaction of customer’s needs and wants by delivering them, appropriate goods and services according to their needs and wants, at right time and through convenient channel.\

3. Research Analysis:

The basis function of marketing is identification of consumer’s needs and wants .This requires continuous and systematic collection of data, analysis and reporting of data relevant to marketing activities. This helps the management to understand consumer’s needs, wants, preferences and behavior of the consumer towards firm’s marketing mix strategies. This helps in forecasting and planning future course of action.

4. Planning and Development:

Marketing involves planning and development of goods and services. Organizations make a continuous endeavor towards planning, development and innovation of product and services so as to meet the changing demand, taste and preferences of the consumers.

5. Building Marketing Framework:

Marketing activities are not just selling and distribution of ownership of goods and services from the producer to the ultimate consumer. But it involves a series of activities like research analysis, production, development and innovation, advertisement and promotion pricing decision, selling and distribution, customer relationship and after sales service.

All these functional areas of marketing must be effectively planned, organised and built effectively to achieve best results. Marketing structure depends upon the size of the enterprise, geographical coverage of the operation, number of product lines, nature of product, size of customers.

6. Organizational Objectives:

All marketing activities are based on overall organisational objectives. The marketer bridges the gap between overall organisational objectives of achieving high profit and maximization of sales and consumer’s interest of satisfying needs.

7. Promotional and Communication Process:

The ultimate objective of a firm is to maximize sales volume and profit. This can be achieved through promotion and communication about the goods and services. This function of marketing management enables the firm to provide information about the product to the customers.

8. Controlling of Activities:

Marketing management performs the function of controlling of marketing activities. Marketing management evaluates the effectiveness of marketing activities, to judge the efficiency of marketing personnel and the plans. This process involves measuring the actual performance with the standard and identifying the deviations and taking corrective actions.

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