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Marketing Management: Philip Kotler

Marketing management combines marketing and management principles to analyze, plan, implement, and control programs to facilitate exchanges between organizations and target audiences. It relies on the four Ps - product, price, place, and promotion. Marketing management is a business process used at different levels of organizations to manage marketing activities and make decisions based on marketing functions and management techniques. It integrates both the science of marketing principles and the art of creative, effective problem-solving. A firm's marketing environment consists of internal factors, micro factors close to the firm like customers and competitors, and uncontrollable macro factors like the economy and legislation that affect the firm long-term. Firms must understand their full marketing environment to leverage opportunities and address threats.

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610 views

Marketing Management: Philip Kotler

Marketing management combines marketing and management principles to analyze, plan, implement, and control programs to facilitate exchanges between organizations and target audiences. It relies on the four Ps - product, price, place, and promotion. Marketing management is a business process used at different levels of organizations to manage marketing activities and make decisions based on marketing functions and management techniques. It integrates both the science of marketing principles and the art of creative, effective problem-solving. A firm's marketing environment consists of internal factors, micro factors close to the firm like customers and competitors, and uncontrollable macro factors like the economy and legislation that affect the firm long-term. Firms must understand their full marketing environment to leverage opportunities and address threats.

Uploaded by

om1444
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© © All Rights Reserved
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Download as DOCX, PDF, TXT or read online on Scribd
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1.

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 audiences for the purpose of personal and of
mutual gain. It relies heavily on the adoption and
coordination of product, price, promotion and place for
achieving responses.".
Marketing management is a business process, to manage
marketing activities in profit seeking and non profit
organisations at different levels of management. Marketing
management decisions are based on strong knowledge of
marketing functions and clear understanding and application
of supervisory and managerial techniques.

Nature of Marketing Management


It Combines the Fields of Marketing and Management
As the name implies, marketing management combines
the fields of marketing and management. Marketing
consists of discovering consumer needs and wants,
creating the goods and services that meet those needs
and wants; and pricing, promoting, and delivering those
goods and services. Doing so requires attention to six
major areas - markets, products, prices, places,
promotion, and people.

Management is getting things done through other people.


Managers engage in five key activities - planning,
organising, staffing, directing, and controlling. Marketing
management implies the integration of these concepts.

Marketing Management is a Business Process


Marketing management is a business process, to manage
marketing activities in profit seeking and non profit organisations
at different levels of management, i.e. supervisory, middlemanagement, and executive levels. Marketing management
decisions are based on strong knowledge of marketing functions
and clear understanding and application of supervisory and
managerial techniques. Marketing managers and product
managers are there to execute the processes of marketing
management. We, as customers, see the results of such process
in the form of products, prices, advertisements, promotions, etc.
Marketing Management is Both Science and Art
Marketing management is art and science of choosing target
markets and getting, keeping and growing customers through
creating, delivering and communicating superior customer value.
(Kotler, 2006). Marketing management is a science because it
follows general principles that guides the marketing managers in
decision making. The Art of Marketing management consists in
tackling every situation in an creative and effective manner.
Marketing Management is thus a science as well as an art.

3.
THE MARKETING ENVIRONMENT
Introduction
Firms are affected by lots of different things; a firm's marketing
environment is made up of all of the things that affect the way it
operates. Some of the factor's in a firm's marketing environment can be
controlled by the firm but some are uncontrollable. Firms need to
understand their marketing environment so that they can make the most
of positive factors and manage the impact of negative factors. A firm's
marketing environment can be spilt into three parts: internal
environment, macro environment and micro environment.

Internal Environment
The internal environment is made up of factors within the firm itself.
Examples include employees, company policy, capital assets, the firm's
structure and the firm's products (materials). These factors can be
controlled by the firm.
Micro Environment
The micro environment is made up of factors that are close to the firm
and affect it on a 'day to day' basis; usually these factors interract with
the firm or are involved in the same industry. Micro environment
examples include customers, banks and trade unions as they all interract
with the firm. Competitors are also part of the micro environment
because they are selling competing products, their activity could have a
direct impact on the firm's daily business.

Macro Environment
The macro environment is made up of factors that affect the firm on a
long term basis. In general macro environment factors are not close to
the firm. Micro environment factors could be national or global
measures and affect many industries and groups. Macro environment
examples include legislation, the economy (e.g. recession, inflation,
VAT changes), and technological change such as the internet. Macro
environment factors are uncontrollabe factors
Conclusion
One factor can be part of a firm's micro environment and macro
environment. The media can be used to illustrate this:
- A one off media story about the firm may affect daily operations and
will therefore be part of the firm's micro environment;
- Whilst a general desire to avoid a negative media story may influence a
firm's long term business operations and therefore make up the firm's
macro environment.
Firms should not concern themselves too much about which of the three
categories a factor fits into. Instead firms should ensure that they have
correctly identified all of the factors which make up their marketing
environment and plan how to manage them for the firm's benefit.

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