Blog - Marketing Management
Added on - 22 Sep 2019
BLOG: MARKETING MANAGEMENT
WHAT IS MARKETING MANAGEMENT?18thJuly, 2019Marketing managementrefers to an organisational discipline that focuses on applyingmarketingorientation, methods and techniques practically inside business organisations and alsofocuses on the way a firmmanagesitsmarketingactivities and resources. Marketingmanagement also called the science and art of selecting target markets for products and servicesand gathering, retaining, and growing consumer market through creating, communicating anddelivering superior customer value. Marketing is known as a process used for determining whatkinds of products and services might become able to grab customers’ attention and to gain theirinterests. Furthermore, it is the strategies a business organisation needs to follow in practicingsales, business development, and communication related activities to run its regular operations.According to the definition provided by the American Association of Marketing, marketingmanagement is a process of planning and execution of the conception, distribution, andpromotion of thoughts, ideas related to goods and services for creating, exchanging andsatisfying individual as well as organisational objectives.The concept of marketing management involves marketing and management. Management is aset of processes related to planning, organizing, directing, motivating, coordinating, andcontrolling a business organisation’s various activities. On the other side, marketing stands as theprocedure of satisfying customers’ wants and needs. Management of different types of marketingactivities of an organisation called Marketing Management. In support of the statement made byPhilip Kotler, marketing management includes planning, analysing, implementing andcontrolling programs that are designed for bringing the desired exchanges with the targetaudiences to gain personal as well as mutual gain. Marketing management heavily relies on theadoption and coordination of product, price, place, and promotion for achieving the requiredresponse from the target audience. It focuses on the physical and psychological factors ofMarketing. The physical marketing factors focus upon fulfilment of the demand and needs to buybetter products by accessing better distribution channel and other functions. On the other side,psychological factors use to focus on discovering consumers’ wants and needs along with thechanging patterns of their buying behaviour, preferences, habits and more.
Elements of Marketing ManagementMarketing management practices are very importantfor every business as it helps businesses tounderstand and gauge the exact need and want of their target customers. It helps companies toimprove products and services for satisfying customers' needs optimally. Expand the techniqueto reach potential customers. While practicing marketing management activities, a companyneeds to focus on five different concepts such as production concept, product concept sellingconcept, marketing concept, and societal marketing concept.The production conceptisoriented with the market domination of a business. This concept has emerged with the concept ofcapitalism during the mid 1950's. During the 1950s as per production concept, companies wereprimarily concerned withmanufacturing, production, and issues related to production andmanufacturing efficiency. Companies that follow this concept believe that primarily customerswant products which are accessible and affordable.Product conceptworks on the basis of anassumption made thatcustomers use to prefer products with greaterpriceand qualityandtheavailabilityof such products does not influence their buying decision.Selling conceptuses to focus on making actual sales of products and services. It focuses onevery possible way of selling a product, without considering the product quality or customers’need for the product.The marketing conceptis the concept of promoting a product into amarket and towards its prospective customers. A company which focuses on this conceptuses toplace its consumers at its center andgears itsall activities towards those consumers. A companyalways aims to measure and understand its target customers’ wants and needs and in order tounderstand it the company sets and executes marketing strategies according to the marketresearch starting from the product conception to sales.Relative to the other marketing concept,the concept ofsocietal marketingis new. It highlights the wants and needs of a company’starget market along with the act of delivering better customer value compared to the competitors.Moreover, itemphasizes the significance of customer and social well-being byconsumer welfareand societal welfare.