What is the marketing management?
What is the marketing management?Everything you need to know about marketing management performs all management functions in the field of marketing.
Marketing Management identifies market opportunities and develops appropriate strategies to profitably explore these opportunities.
You have to implement a marketing program and continually evaluate the effectiveness of the marketing mix. You must address identified deficiencies in the actual execution of marketing plans, policies, and procedures. Oversees the company’s marketing system.
Management is the process of getting things done in an organized and efficient manner. The aim of marketing management is the efficient implementation of marketing activities.
Marketing management smooths the process of changing ownership of goods and services from seller to buyer. Marketing management, like all other areas of management, includes the functions of planning, organization, management, coordination, and control.
What is Marketing Management? introduction
When looking at how the individual sales units work in the marketing system, we ask: What is marketing management? Some readers will be students pretending to be in marketing management, some are already marketing managers, and still, others may be in managerial or regulatory roles in related marketing management-related activities.
To meet all of your needs, our main aim is to develop a management marketing framework, a “theory” around which you can organize your reading and experience to better understand it.
This understanding can serve two purposes. First, it will help them gain new insights from the experience they will gain in the future on the job. They will inevitably develop such a structure from experience to satisfy this crucial need anyway so that they can benefit from the new experience and the new knowledge. However, acquiring such a structure from experience is a slow and often unsafe process. Formal education can help them speed this up so that they develop their marketing skills much faster.
Second, an understanding of marketing management will enable a better understanding of the role of marketing in economic development that many countries are so eager to pursue. This structure is cut-free and can be applied to any environment. In general, studying marketing management leads to a better assessment of marketing activities in terms of their performance in meeting consumer needs.
Marketing management is the process of making decisions, planning and controlling the marketing aspects of a company in terms of the marketing concept, somewhere within the marketing system. Before exploring some of the details of this process, comments on two points will provide useful background information.
The marketing concept is simple in principle, but often very difficult, if not impossible, to implement completely. Adam Smith’s comment quoted above is more in line with him. The concept is that a company can achieve its own goals more effectively by explicitly integrating the various aspects of its marketing activities to suit the preferences of its customers.
To someone unfamiliar with business practice, the need to implement the concept and ability to do so seems so obvious that it is not worth talking about.
This marketing management process takes place “somewhere” within the marketing system. After seeing the marketing system illustrated, you know that there may be “somewhere” in any of the many, many companies – manufacturers, wholesalers, and retailers – that it comprises. Marketing management is practiced in each of them.
For the sake of simplicity, let’s assume that we are only concerned with the production level in the direct sense because the manager in question has a marketing management position there.
What is the nature of each of the three elements that make up the marketing management process: decision making, planning, and control?
What is Marketing Management – Definition: Provided by Institute of Marketing Management and Philip Kotler
Traditionally, markets were seen as a place of exchange of goods and services between sellers and buyers for mutual benefit. Marketing today is an exchange of values between seller and buyer. The value implies the value of the goods and services exchanged. The buyer is willing to pay for the goods if they are of value to him.
Marketing is the business function that controls the level and composition of demand in the market. It is about creating and maintaining the demand for goods and services of the organization.
Marketing management is “planning, organizing, controlling and implementing marketing programs, guidelines, strategies and tactics that aim to create and satisfy the demand for products or services offered by companies to generate an acceptable profit.”
It’s about creating and regulating demand and providing customers with goods for which they are willing to pay a valuable price.
Marketing management takes on all management functions in the field of marketing. Marketing management identifies market opportunities and presents the appropriate strategies to profitably explore these opportunities. You need to implement a marketing program and continuously evaluate the effectiveness of the marketing mix. You must address the deficiencies found in the actual execution of marketing plans, policies, and procedures. Take care of the company’s marketing system.
The Institute of Marketing Management, England, has defined marketing management as “Marketing management is the creative management function that drives trade and employment by assessing consumer needs and initiating research and development to meet them. . It coordinates the resources of the production and distribution of goods and services, determines and directs the total effort required to sell profitably to the end-user.
According to Philip Kotler, “Marketing management is the art and science of selecting your target markets and building a profitable relationship with them. Marketing management is an analysis, planning, implementation, and control process that encompasses goods, services, ideas, and aims at the satisfaction of those involved.
From the definitions above, we can conclude that marketing management is the process of administering marketing programs to achieve the organization’s goals.
Marketing Management Involves:
- Determination of marketing goals and objectives,
- Develop the marketing plan,
- Organization of the marketing function, Implement the marketing plan and
- Control the marketing program.
Marketing management is science and art at the same time. Marketers must have a good understanding of various marketing, communication, and analytical skills concepts and practices, and be able to have effective relationships with customers that will enable them to plan and execute marketing plans.
Continuous practice in personal selling, promotion, advertising, etc. would allow them to become artists. The scientific and artistic aspects of marketing would influence each other and create a new generation of marketing managers.
What is Marketing Management – Concept
This concept advocates that a manufacturer must begin its task with the focus of the consumer. First and foremost, you need to study the consumer and understand their needs, wants requirements, and convenience. A manufacturer must develop a new product or improve an existing product taking into account the strict needs, wishes, etc. of the consumer. The product must exactly satisfy the consumer.
Therefore, a manufacturer must design and manufacture a product that is accepted by the consumer rather than one that they can easily make. A consumer is generally picky and moody. This makes the task of understanding the consumer and designing a corresponding product much more difficult, but this is the only way for a manufacturer to be successful in a competitive market.
Sales must be preceded by customer research, market research and product development. The focus should be on the consumer and his needs.
“It can be assumed that there will always be a need for sales. But the goal of marketing is to eliminate the need for sales. The aim of marketing is to know and understand the consumer so well that the product or service suits them well and sells itself. Ideally, your marketing should lead to a customer ready to buy. Then only the product or service has to be made available ”- Peter Drucker.
This concept is also known as customer orientation.
The concept of marketing, also known as the modern marketing concept as practiced by most companies in the current situation, is a combination of all other concepts. The modern marketing concept consists of an integrated effort on the part of the marketer to recognize consumer needs and to satisfy them with properly designed products and to use all marketing techniques for this task that relate to the product, the sale, the market study, consumer behavior, the product. Design, set prices, etc.
“The marketing concept is customer orientation supported by integrated marketing, which aims to generate customer satisfaction as the key to achieving corporate goals.” – Philip Kotler
“The modern marketing concept is a corporate philosophy that insists on the integration and coordination of all marketing functions, which in turn are merged with the other corporate functions, with the fundamental goal of achieving maximum corporate profit in the long term.” -Tone
Characteristics of the marketing concept (modern marketing concept, integrated marketing concept, customer orientation):
- Focus on customer needs: Consumer needs are studied and become the basis for all product-related activities such as design, pricing, distribution, packaging, etc.
- Provide consumer satisfaction: each organization aims to provide maximum consumer satisfaction by understanding their needs and designing an appropriate product. The success of an organization is directly related to the consumer satisfaction it provides.
- Integrated Marketing Management: Marketing management is just a part of the total management functions of an organization, such as financial management, production management, human resource management, etc. All of these functions are integrated to provide maximum consumer satisfaction. In this way, all the functional areas of an organization are integrated.
- Achieve organization goals – Modern marketing states that an organization should aim to maximize consumer satisfaction and in the process train itself to achieve its goals such as growth, market share, and a reasonable amount of profit or return from the investment.
- Innovation: Innovation ist ein wichtiges Instrument für die Zufriedenheit der Verbraucher. Um den Verbraucher zu verstehen, ein passendes Produkt zu gestalten und dem Verbraucher anzubieten, müssen innovative Methoden eingesetzt werden.
What is Marketing Management – Features:
1. Management process:
Marketing management is a management process that involves planning, organizing, making decisions, forecasting, directing, coordinating, and controlling. Stanley Vance defines management as the process of decision-making and control. All aspects of marketing, beginning with identifying consumer needs and wants, identifying the target customer, product planning, development, pricing, promotion, and distribution process, require planning, decision making, decisions, coordination, and control.
All marketing activities are focused on the consumer. Consumers are king. Marketing activities are based on the premise of “take what the market wants.” The main goal of marketing is to create new customers and retain current customers. Marketing management performs the task of converting potential customers into actual customers.
This is possible through the satisfaction of the client’s needs and wishes by delivering adequate goods and services by their needs and wishes, at the right time and through the convenient channel.
3. Research analysis:
The basic function of marketing is the identification of the needs and wants of the consumer. This requires continuous and systematic data collection, analysis, and reporting of data relevant to marketing activities. This helps management understand consumer needs, desire preferences, and consumer behavior toward the company’s marketing mix strategies. This helps forecast and plan future courses of action.
4. Planning and development:
Marketing involves planning and developing goods and services. Organizations make an ongoing effort toward planning, developing, and innovating products and services to meet the changing demand, taste, and preferences of consumers.
5. Creating a marketing framework:
Marketing activities are not just the sale and distribution of ownership of goods and services from the producer to the final consumer. But it involves a series of activities such as analysis of research, production, development and innovation, advertising and decision of prices for promotion, sale and distribution, customer relationship, and after-sales service.
All of these functional areas of marketing must be effectively planned, organized, and constructed to achieve the best results. The marketing structure depends on the size of the company, the geographic coverage of the operation, the number of product lines, the nature of the product, and the size of the customers.
6. Organizational objectives:
All marketing activities are based on general organizational objectives. The marketer bridges the gap between the overall goals of the organization to achieve high profits and maximize sales and consumer interest in meeting their needs.
7. Promotion and communication process
The ultimate goal of a business is to maximize sales volume and profits. This can be achieved by promoting and communicating about the goods and services. This marketing management function enables the company to provide product information to customers.
8. Activities Control:
Marketing management performs the function of controlling marketing activities. Marketing management evaluates the effectiveness of marketing activities to judge the efficiency of marketing staff and plans. This process involves measuring actual performance against the standard and identifying deviations and taking corrective actions.
What is Marketing Management – Importance:
Marketing management smooths the process of exchanging ownership of goods and services from seller to buyer.
- 1. Analyze market opportunities:
Marketing management collects and analyzes information related to the needs, wants, and demands of consumers, the marketing strategies of competitors, changing market trends and preferences. This helps identify market opportunities.
- 2. Determination of the target market:
Marketing management helps to identify the target market that the company would like to offer with its product.
- 3. Planning and decision making:
Marketing management helps prepare a future course of action. Planning relates to product launch, diversification. The decision on pricing, selection of the promotion mix, selection of the sales channel is made by the marketing management.
- 4. Create the customer:
Consumers determine the future of the market. Hence, the important job of marketing is to provide the consumer with the best product based on their preferences. Marketing management helps to acquire new customers and to retain existing customers.
- 5. Helps increase profit:
Marketing addresses the diverse and unlimited needs of consumers. Marketing management helps to increase profits and sales. This is achieved by expanding the market and increasing customers.
- 6.Improving quality of life:
Marketing management aims to offer customers innovative products and services. Marketers are constantly striving to incorporate new technologies and mechanisms into their products to provide customers with greater satisfaction than before. This improves the quality of life and makes consumers’ lives easier than before.
- 7. Employment opportunities:
The marketing process is a combination of different activities such as research to evaluate the marketing environment, product planning and development, sales promotion, distribution of the product to customers, and after-sales service. The marketing process requires a researcher, production engineer, various sales intermediaries, sales personnel to create jobs in the advertising field as well. Marketing management has opened up various employment opportunities and thus created employment opportunities.
What is the marketing management? Concepts