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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