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Marketing management involves planning and executing all marketing activities including setting goals and objectives, developing a marketing plan, organizing the marketing function, implementing the plan, and controlling the marketing program. The key functions of marketing management are to manage the marketing process, be consumer-centric, conduct research and analysis, plan and develop products/services, build the marketing framework, achieve organizational objectives, promote products/services, control marketing activities, do planning and decision making, and create and retain customers.

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89 views10 pages

Information Technology

Marketing management involves planning and executing all marketing activities including setting goals and objectives, developing a marketing plan, organizing the marketing function, implementing the plan, and controlling the marketing program. The key functions of marketing management are to manage the marketing process, be consumer-centric, conduct research and analysis, plan and develop products/services, build the marketing framework, achieve organizational objectives, promote products/services, control marketing activities, do planning and decision making, and create and retain customers.

Uploaded by

sumathi psgcas
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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MARKETING

MANAGEMENT
Introduction:
Marketing management is the organizational
discipline which focuses on the practical
application of marketing orientation,
techniques and methods inside enterprises and
organizations and on the management of a
firm's marketing resources and activities.

Marketing Management involves


1. The setting of marketing goals and
objectives,
2. Developing the marketing plan,
3. Organising the marketing function,
4. Putting the marketing plan into action
and
5. Controlling the marketing programme.

FUNCTIONS OF MARKETING MANAGEMENT


1. Managerial Process:
Marketing management is a managerial
process involving planning, organising,
decision making, forecasting, directing,
coordinating and controlling. Stanley Vance
defines management as the process of
decision making and controlling. Every
aspect of marketing, starting with
identifying the consumer’s need and wants,
identifying the targeted customer, product
planning, development, pricing, promotion,
distribution process requires planning,
decision making, coordination and
controlling.

Consumer Centric:
• All marketing activities are consumer
centric. The consumers are the king.
Marketing activities are based on the premise
of “make what the market wants”. The
principal objective of marketing is to create
new customers and to retain current customer.
Marketing management performs the task of
converting the potential customers into actual
customer.
1. This is possible through satisfaction of
customer’s needs and wants by delivering them,
appropriate goods and services according to their
needs and wants, at right time and through
convenient channel.
Research Analysis:
• The basis function of marketing is
identification of consumer’s needs and
wants .This requires continuous and
systematic collection of data, analysis and
reporting of data relevant to marketing
activities. This helps the management to
understand consumer’s needs, wants,
preferences and behaviour of the consumer
towards firm’s marketing mix strategies. This
helps in forecasting and planning future course
of action.
•
Planning and Development:
1. Marketing involves planning and
development of goods and services.
Organizations make a continuous endeavour
towards planning, development and innovation
of product and services so as to meet the
changing demand, taste and preferences of
consumer.
Building Marketing Framework:
1. Marketing activities are not just selling
and distribution of ownership of goods and
services from the producer to the ultimate
consumer. But it involves a series of
activities like research analysis, production,
development and innovation,
advertisement and promotion pricing
decision, selling and distribution, customer
relationship and after sales service.
• All these functional areas of marketing
must be effectively planned, organised and
built effectively to achieve best results.
Marketing structure depends upon the size
of the enterprise, geographical coverage of
the operation, number of product lines,
nature of product, size of Customers, etc.

Organizational Objectives:
1. All marketing activities are based on overall
organisational objectives. The marketer bridges
the gap between overall organisational objectives
of achieving high profit and maximization of
sales and consumer’s interest of satisfying needs.
Promotional and Communication
Process:
The ultimate objective of a firm is to
maximise sales volume and profit. This can
be achieved through promotion and
communication about the goods and
services. This function of marketing
management enables the firm to provide
information about the product to the
customers.

Controlling of Activities:
Marketing management performs the
function of controlling of marketing
activities. Marketing management evaluates
the effectiveness of marketing activities, to
judge the efficiency of marketing personnel
and the plans. This process involves
measuring the actual performance with the
standard and identifying the deviations and
taking corrective actions.

Planning and Decision Making:


1. Marketing management helps to prepare
future course of action. Planning relates to
product introduction, diversification. Decision
making regarding pricing, selection of
promotional mix, selection of distribution
channel is taken by the marketing managaement.
Creation of Customer:
Consumers determine the future of the
market .Therefore providing the best product
to the consumer according to their preference
is the important task of marketing. Marketing
management helps in creation of new
customers and retention of current
customers.
Helps in Increasing Profit:
1.Marketing caters to the varied
and unlimited needs of
consumers. Marketing
management helps to increase
profit and sales volume. This
is achieved by expansion of
market and increasing
customer.
Improvement in Quality of Life:
Marketing management aims at
providing innovative product and
services to the customers. Marketers
continuously strive to incorporate new
technology and mechanism in their
product to provide more satisfaction to
customers than before. This improves
quality of life and makes life of
consumers easier than before.

Employment Opportunities:
1. Marketing process is a combination of
different activities like research work to
assess the marketing environment, product
planning and development, promotion,
distribution of product to customers and after
sales service. Marketing process requires
researcher, production engineer, different
distribution intermediaries, sales personnel
also creates employment opportunities in
advertisement section. Thus marketing
management opened up different
employment avenues thus creating
employment opportunities
Marketing management process
The marketing management
process consists of the
activities marketing managers do to optimize
the marketing mix, including sourcing
new marketing mix ideas, implementing them,
analyzing the results, and doing it all over
again. ... The marketing management
process simply facilitates this flow of
information.

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