Concept and process of Marketing Management -Bikram Adhikari- BBA BBS MBS MBA TU notes

Marketing  is  managing  profitable  customer  relationship.  Marketing  is  the  process  used  to  determine what products or services may be of interest to customers and the strategy to use in sales, communications and business development.

Management  is  the  processes  of  planning,  organizing  directing  motivating  and  coordinating  and  controlling  of  various  activities  of  a  firm.  Marketing  is  the  process  of  satisfying  the  needs  and wants of the consumers. Management of marketing activities is Marketing Management. 

In other words, a business discipline, which is focused on the practical application of marketing techniques  and  the  management  of  a  firm’s  marketing  resources  and  activities,  is  Marketing  Management. 

Marketing Management focuses upon the psychological and physical factors of Marketing. The Marketing  managers  are  responsible  for  influencing  the  level,  timing,  and  composition  of  customer  demand  accepted  definition  of  the  term.  While  the  psychological  factors  focus  upon  discovering  the  needs  and  wants  of  the  consumer  and  the  changing  patterns  of  buying  behaviour,  habit,  etc.  the  physical  factors  focus  upon  fulfilling  those  needs  and  demands  buy  better product design, channel of distribution and other functions.

Marketing management is the art and science of choosing target markets and getting, keeping, and  growing  customers  through  creating,  delivering,  and  communicating  superior  customer  value

It is the application, tracking and review of a company's marketing resources and activities. The  scope  of  a  business'  marketing  management  depends  on  the  size  of  the  business  and  the  industry in which the business operates. Effective marketing management will use a company's resources to increase its customer base, improve customer  opinions  of  the  company's  products  and services, and increase the company's perceived value. In summary, Marketing in action is marketing Management.

Marketing Management Process

The  marketing  management  process  consists  of  analyzing  market  opportunities,  researching  and  selecting  target  markets,  designing  marketing  strategies,  planning  marketing  programs,  and  organizing,  implementing,  and  controlling  the  marketing  effort.  The  four  steps  in  the  marketing process are:

1.   Analyzing  market  opportunities:  

The  marketer’s  initial  task  is  to  identify  potential  long-  run  opportunities  given  the  company’s  market  experience  and  core  competencies.  To  evaluate its various opportunities, assess buyer wants and needs, and gauge market size, the Àrm  needs  a  marketing  research  and  information  system.  Next,  the  Àrm  studies  consumer  markets  or  business  markets  to  Ànd  out  about  buying  behaviour,  perceptions,  wants,  and  needs.  Smart  Àrms  also  pay  close  attention  to  competitors  and  look  for  major  segments  within each market that they can proÀtably serve. 

2.   Developing   marketing   strategies:   

In this step, the marketer prepares a positioning strategy for  each  new  and  existing  product’s  progress  through  the  life  cycle,  makes  decisions  about  product lines and branding, and designs and markets its services. 

3.    Planning  marketing  programs:  

To  transform  marketing  strategy  into  marketing  programs,  marketing managers must make basic decisions on marketing expenditures, marketing mix, and  marketing  allocation.  The  Àrst  decision  is  about  the  level  of  marketing  expenditures  needed to achieve the Àrm’s marketing objectives. The second decision is about allocation of total marketing budget among the various tools in the marketing mix: product, price, place, and  promotion.  And  the  third  decision  is  how  to  allocate  the  marketing  budget  to  the  various products, channels, promotion media, and sales areas. 

4.   Managing  the  marketing  effort: 

 In  this  step,  marketers  organize  the  firm’s  marketing  resources   to   implement   and   control   the   marketing   plan.   Because   of   surprises   and   disappointments  as  marketing  plans  are  implemented,  the  company  also  needs  feedback  and control.

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