Definition of Marketing Management

Definition of Marketing Management- Introduction:

Marketing management is an organizational method that focuses on fulfilling the organization’s marketing objectives, such as achieving customer satisfaction, ensuring high sales and profit, and so on. In this article lets see the Definition of Marketing Management, Its Process, Marketing Management Roles and Responsibilities With examples.

Definition of Marketing Management

Marketing (management) is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, services to create exchanges that satisfy individual and organizational goals.

In the Definition of Marketing Management, Marketing management is a composition of two terms marketing and management, where marketing refers to a company’s actions and processes related to the purchase and sale of goods and services. Management is the process of organizing people’s efforts to achieve a common objective through the efficient use of available resources.

Must Read: IMPACT OF MARKETING ON SOCIETY

The Process of Marketing Management

The Process of Marketing Management takes place when at least one party to a potential exchange thinks about the means of achieving desired responses from other parties. We see marketing management as the art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value.

Philip Kotler about Marketing

Philip kotler Marketing Definition

According to Philip Kotler, Marketing is a Societal process by which individuals and groups obtain what they need and want through creating, offering and freely exchanging products and services of value with others.

The Importance of Marketing

The first decade of the 21st century challenged firms to prosper financially and even survive in the face of an unforgiving economic environment. Marketing is playing a key role in addressing those challenges. Finance, operations, accounting, and other business functions won’t really matter without sufficient demand for products and also services so the firm can make a profit.
In other words, there must be a top line for there to be a bottom line. Thus financial success often depends on marketing ability.
Marketing’s broader importance extends to society as a whole. Marketing has helped introduce and gain acceptance of new products that have eased or enriched people’s lives. It can inspire enhancements in existing products as marketers innovate to improve their position in the marketplace.
Successful marketing builds demand for products and services, which, in turn, creates jobs. By contributing to the bottom line, successful marketing also allows firms to more fully engage in socially responsible activities.

Marketing Management Roles and Responsibilities

Marketing management plays many important role to Business, NGO’s , Customer & Society. The following are some Marketing Management Roles and Responsibilities

Marketing Management Role

The following are the marketing management role:

Developing marketing strategies and plans
Capturing marketing insights and performance Connecting with customers
Building strong brands
Shaping the market offerings
Delivering and communicating value
Creating successful long-term growth

Marketing Management Responsibilities

1) Marketing Management Responsibilities to Business

Accomplishment of objectives:

Proper marketing management helps the organization to achieve its objectives. By having effective marketing activities firm can achieve its various objectives like increase in profits, increase in market share, customer satisfaction, earning goodwill etc.

To face market competition:

Marketing management facilitates use of effective marketing strategies by business firms. With the help of these strategies firm can face the market competition successfully.

Goodwill and reputation:

With the help of proper marketing activities, business firms are able to maintain good and long term relationships with their customers. This helps the firms to maintain and also enhance their corporate image in the market.

Market information:

Marketing management involves collection of market information through market research, reports from dealers, customers etc. This information is used by the firms to make important business decisions relating to pricing, promotion, distribution etc.

Introduction of new products:

Customers always prefer to purchase the products of those companies in which they have confidence and faith. Marketing management facilitates sound and long term customer relationships. This results into easy purchase of products by the customers. Thus with the help of marketing management firm can easily introduce new products in the market.

Market expansion:

With the help of marketing management firm can easily expand its market area. With the help of proper advertising, sales promotion and distribution strategies firm can expand its market from local level to regional level, from regional level to national level and also from national level to international level.

2)Non-Profit Organizations:

To build image
To educate the people
To gain public support
To expand the scope of activities
To provide information
To accomplish objectives

3)Customers:

Satisfaction of wants
Reasonable price
Quality products
Utility creation
Regular supply of goods and services
Higher standard of living

4)Society:

Employment generation
Spread effect
Higher standard of living
Economic growth

Marketing Management Examples

Let’s see the Marketing Management Examples with its core concepts

Core concepts in marketing management:

1. Needs, Wants and Demands

a) Needs: A need is basically a requirement of items which are necessities of life. For e.g. need for food, clothing, shelter which come at basic level in human life. Whenever a person felt lack of goods and commodities to satisfy these requirements, need emerges. As needs emerge on their own, there is no need for marketing to create them. People have to satisfy these needs and therefore marketing has very little role to play.

b) Wants: Want may be referred as deficiency of something. Need can be translated into want. For example) if there is need for food, the want can be to have pizza, burger etc. If there is need for clothing, the want can be to have jeans, belts etc. Marketing provides variety of products to the customers out of which they can select as per their choice. So marketing tries to convert customer needs into customer wants.

c) Demands: Demand emerges after need and want. People demand the product when they know that they have ability to purchase that. Demand depends upon purchasing power of the customers. As purchasing power of the people increases, demands also increase. For example) if there is need for shelter, then want can be to have a big flat and finally when purchasing power increases the same customer may demand bungalow

2. Value, cost and satisfaction:

a) Value: Value can be defined as capacity of the product to satisfy the customer wants. If the level of satisfaction derived from use of product is high, value of that product to the customers will be more. Whereas if a customer derives less satisfaction from use of product, value will be less.

b) Cost: Cost is monetary value of the product. If the product is offered free of cost or at fewer prices, many customers will purchase it. The concept of cost is very important n marketing as many a times cost is sacrifice by the customers of one alternative with another one. For example) if a customer wants to purchase a car and his son wants to go for some educational course which is having equal cost, then that person will mostly sacrifice the alternative of purchasing a car and will use that money for his son’s educational course.

c) Satisfaction: Satisfaction is measured in terms of fulfillment of customer needs and wants from use of product. If customer is able to fulfill more of his wants with the product use, satisfaction level will be high and vice a versa. Satisfaction is related with the minds of customers. It is a relative term. Customer satisfaction will change from customer to customer, from time to time, from situation to situation etc. For example). if a customer gets less satisfaction from a use of a particular pen, another customer may get higher satisfaction from the same pen.

3. Exchange and Transaction:

Marketing involves give and take process. Exchange is the basic requirement of marketing transaction. For a marketing transaction to take place there should be give and take process between buyer and also seller. Buyer should have money to pay to seller and seller should have product to offer to buyer. Marketing transaction is meaningless without exchange between buyer and seller. Cases of charity, gifts and also donations are not covered by marketing as there is no exchange. Moreover when a person arranges for his own requirements, there is no question of marketing. For example) a person may grow the required vegetables in his own garden for his own use.

Conclusion:

Thus, we saw about Definition of Marketing Management, Its Process, Marketing Management Roles and Responsibilities With examples. Marketing management is the most practical aspect of business management, as it deals with consumer needs and wants, determines promotion and pricing strategies to generate demand for goods and services or new product development, distributes these goods and services to final consumers, and finally collects customer. Marketing Management encompasses a variety of tactics and processes targeted at achieving all of the interconnected marketing goals.

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Definition of Marketing Management

Definition of Marketing Management- Introduction:

Definition of Marketing Management

The Process of Marketing Management