Meaning: Marketing management facilitates The activities and functions which are involved in the distribution of goods and services. Marketing Management Meaning, Characteristics, and Objectives. Their sales plan to a greater extent rest upon the requirements and motives of the consumers in the market. This objective, the organization has to pay heed to the right pricing, effective advertising and sales promotion, distribution and stimulating the consumers through the best services.
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What is Marketing Management? Marketing management signifies an important functional area of the business manager responsible for the flow of goods and services from the producers to the consumers. It is accountable for planning, organizing, directing, coordinating, motivating and controlling the marketing activities. The types of Product in Marketing Management! In effect, it is the demand management under customer-oriented marketing philosophy.
Meaning of Marketing Management:
Marketing management is the management of the crucial and creative task of delivering consumer satisfaction and thereby earning profits through consumer demand. It is the performance of managerial functions of planning, execution, coordination, and control in relation to the marketing functions of marketing research, product planning and development, pricing, advertising, selling and distribution with a view to satisfying the needs of the consumer, business and society. The above expressions bring home very clearly the very substance of marketing management as a matter of planning, implementing and controlling the marketing programmes.
Marketing management is the marketing concept in action. It includes all activities which are necessary to determine and satisfy the needs of consumers. To be very simple, marketing management sets marketing objectives, develops marketing plans, organizes marketing functions, puts marketing plans and strategies in action and monitors the marketing programmes in the final analysis. Effective marketing management requires the ability and skill of the highest order.
It warrants close appreciation of the consumer and an understanding of forces of change which are at work in the environment and which have the deep-rooted impact on consumer buying habits and motives. It calls for fertile imagination and creative skill in planning to meet the changing conditions of the marketplace; it also requires skills of coordinating and controlling the wide-spread and complex activities of a dynamic organization. The prime purpose of marketing management is to know the consumer so well that the firm is able to offer him or her products and services to which the consumer remains loyal and the new consumers keep on coming at increasing level.
Definition of Marketing Management:
According to Philip Kotler, “Marketing management is the analysis, planning, implementation and control of programmes designed to bring about desired exchanges with target markets for the purpose of achieving organizational objectives. It relies heavily on designing the organizations offering in terms of the target markets needs and desires and using effective pricing, communication, and distribution to inform, motivate and service the market.”
Marketing management is concerned with the chalking out of a definite programme, after careful analysis and forecasting of the market situations and the ultimate execution of these plans to achieve the objectives of the organization. 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” by Kotler and Keller.
Features or Characteristics of Marketing Management:
Some of the main points characteristics of marketing management are as follows:
All business activities should be directed to create and satisfy the customer. Emphasis on the needs and wants of consumers keeps the business on the right track. All marketing decisions should be made on the basis of their impact on the customer. The consumer becomes the guise of business. Also, learn Explaining Product Development in Production Management.
Under the marketing concept; knowledge and understanding of customer’s needs want and desires is very vital. Therefore, a regular and systematic marketing research programme is required to keep abreast of the market. In addition, innovation and creativity are necessary to match the products of requirements of customers.
Marketing research is “the process or set of processes that link the producers, customers, and end users to the marketer through information used to identify and define marketing opportunities and problems; generate, refine, and evaluate marketing actions; monitor marketing performance; and improve understanding of marketing as a process. Marketing research specifies the information required to address these issues, designs the method for collecting information, manages and implements the data collection process, analyzes the results, and communicates the findings and their implications.” by Wikipedia.
Up-to-date and adequate knowledge must be available to answer the following questions:
- What business are we really in?
- Who are our customers?
- What do the customers want?
- How should we distribute our products?
- How can we communicate most effectively with our customers?’
The marketing concept calls for a goal-oriented approach to marketing. The overall objectives of the firm should be the earning of profits through the satisfaction of customers. “A marketing plan may be part of an overall business plan. Solid marketing strategy is the foundation of a well-written marketing plan. While a marketing plan contains a list of actions, without a sound strategic foundation, it is of little use to a business” by Wikipedia. On the basis of this goal, the objectives and policies of marketing and other departments should be defined precisely. Marketing planning helps to inject the philosophy of consumer-orientation into the total business systems and serves as a guide to the organization’s efforts.
Once the organizational and departmental goals are formulated, it becomes necessary to harmonize the organizational goals with the goals of the individuals working in the organization. The activities and operation of various organizational units should be properly coordinated to achieve the defined objectives. The marketing department should develop the marketing mix which is most appropriate for accomplishing the desired goals through the satisfaction of customers.
“Customer satisfaction is a term frequently used in marketing. It is a measure of how products and services supplied by a company meet or surpass customer expectation” by Wikipedia. The aim should be to maximize profit over the long run through the satisfaction of customers wants.
Aim or Objectives of Marketing Management:
In the light of this statement, we can highlight the aim’s of marketing management as follows:
- Creation of Demand: The marketing management’s first objective is to create demand through various means. A conscious attempt is made to find out the preferences and tastes of the consumers. Goods and services are produced to satisfy the needs of the customers. Demand is also created by informing the customers about the utility of various goods and services.
- Customer Satisfaction: The marketing manager must study the demands of customers before offering them any goods or services. Selling the goods or services is not that important as the satisfaction of the customers’ needs. Modern marketing is customer- oriented. It begins and ends with the customer.
- Market Share: Every business aims at increasing its market share, i.e., the ratio of its sales to the total sales in the economy. For instance, both Pepsi and Coke compete with each other to increase their market share. For this, they have adopted innovative advertising, innovative packaging, sales promotion activities, etc.
- Generation of Profits: The marketing department is the only department which generates revenue for the business. Sufficient profits must be earned as a result of the sale of want-satisfying products. If the firm is not earning profits, it will not be able to survive in the market. Moreover, profits are also needed for the growth and diversification of the firm.
- Creation of Goodwill and Public Image: To build up the public image of a firm over a period is another objective of marketing. The marketing department provides quality products to customers at reasonable prices and thus creates its impact on the customers.
- Creating Customers: A business firm is established to sell a product or service to customers. Therefore, the customer is the foundation of a business. It is the customer who provides revenue to business and determines what an enterprise will sell. Creating customers means exploring and identifying the needs and requirements of customers. If a firm is to go and stay in business, it must create new customers. It should analyze and understand their wants.
- Satisfying Customers Needs: Creating customer is not enough. Business should develop and distribute products and services which meet the requirements of customers to their satisfaction. If customers are not satisfied, the business will not be able to generate revenues to meet its costs and to earn a reasonable return on its capital. Satisfying customers does not simply mean matching products with customers’ needs. It also requires the regular supply of goods and services of reasonable quality at fair prices.
The marketing manager attempts to raise the goodwill of the business by initiating image-building activities such a sales promotion, publicity and advertisement, high quality, reasonable price, convenient distribution outlets, etc. The objectives of marketing management have been obtained from the overall objectives of the business. The overall aim of the business is to create, develop and serve society with other things. Marketing management can contribute to the achievement of these objectives by developing and distributing those objectives and services that meet the needs of the customers and benefit the business enterprise.
Summary: Marketing Management Meaning, Characteristics, and Objectives.
What is Marketing Management? Explains.
- Marketing Research.
- Marketing Planning.
- Integrated Marketing, and.
- Customer Satisfaction.
- Creation of Demand.
- Customer Satisfaction.
- Market Share.
- Generation of Profits.
- Creation of Goodwill and Public Image.
- Creating Customers, and.
- Satisfying Customers Needs.