This article provides an in-depth overview of the concept of marketing management, covering its definition, scope, and nature. It explains how marketing management plays a vital role in creating, delivering, and exchanging products or services that satisfy customers’ needs and wants. The article explores the different aspects of marketing management, including market research, product development, pricing, promotion, and distribution, and how they all work together to achieve the organization’s goals. It also discusses the various approaches and strategies used in marketing management, such as the marketing mix, customer relationship management, and segmentation, targeting, and positioning. Overall, this article provides a comprehensive understanding of the concept of marketing management and its importance in modern business.
Introduction of Marketing Management
In the fourth phase of industrial revolution which includes artificial intelligence, bio and micro technology, internet of things, genetic engineering, robotics etc. marketing system has gained special importance. Globalization, privatization and liberalization are blurring the political boundaries between countries. As a result, the whole world has become a market and the identity of the whole world has become a ‘world village’.
Competition in the market has become international in nature. Therefore, the importance of marketing management has been further highlighted in the era of globalization. Effective marketing management enables business organizations to survive in a competitive environment. Any business organization needs efficient management and good planning to achieve its goals.
Through it the business organization fulfills its mission. Business organizations are engaged in various activities such as production of quality goods and services, meeting the needs of the society, employment generation, customer satisfaction, construction of infrastructure facilities and in turn contribute to strengthening the economy of the country. Therefore, marketing management and planning of marketing activities have become very important in the economy.
Meaning and Concept of Marketing Management
The concept of Marketing Management is a combination of two words ‘Marketing’ and ‘Management’. The word ‘Vipanan’ is used in Marathi for the word Marketing in English. The word ‘vi’ is added to the word ‘panan’ to form the word vi + panan. Panan means to sell goods, while the metal ‘V’ means V knowledge / science.
In short, the scientific way of selling goods or services is marketing. Marketing is a broad term. It is an economic activity that involves understanding the needs of customers, producing quality goods and services accordingly and supplying them to the society at the right time and at the right time, achieving customer satisfaction and making a profit.
So management is ‘managing what a manager does’. Arranging is an art. Management is the various functions of management. It includes the functions of planning, organizing, coordinating, recruiting, directing, controlling and communicating. In short, the sum total of all these functions in the context of marketing is ‘Marketing Management’.
Definitions of Marketing Management
Putting the marketing concept into practice is marketing management. Different definitions of marketing management have been given by many marketing experts. Some of the important definitions are as follows:
1. According to Kandik and Steele, “Marketing management is the branch of general management concerned with the management of activities to achieve marketing objectives.
2. According to Lewis Johnson, “Marketing management is the field of business that involves the planning and execution of plans at all stages of the entire sales campaign.”
3. According to William Stanton, “Marketing management is the operationalization of the concept of marketing.”
4. According to Pride, William and Ferrell, “Marketing management is the process of planning, organizing, implementing and controlling the activities involved in marketing so that marketing can be done effectively and efficiently. Effectiveness and efficiency dimensions are the two salient elements of marketing management.”
5. Philip Kotler defines marketing management as follows, “Marketing management is the analysis, planning, implementation and control of programs designed to achieve organizational objectives. It achieves market targets by making desired exchange transactions, shaping, pricing, instructing and distributing goods to meet the needs and wants of the intended market. “
Nature of Marketing Management
The management of marketing function is ‘Marketing Management’. The concept of marketing management has emerged from the integration of both the disciplines of marketing and management.
The nature of marketing management will be more clear from the following points.
1. Marketing Management is an amalgamation of two disciplines ‘Marketing’ and ‘Management’:
The nature of marketing management is diverse and consists of two different fields ‘Marketing’ and ‘Management’. Marketing starts with identifying customer needs and satisfying those needs leads to customer satisfaction. So management means getting work done by others. A manager is engaged in the following five important functions. Planning, organizing, recruiting, directing and controlling. Marketing management thus represents the integration of these two concepts.
2. Marketing management is a functional area of management:
Marketing management is the sum total of all the managerial functions that have to be done in relation to marketing activities. As a managerial function, the function of management includes the functions of analysis, planning, implementation and control. Through that, the needs of customers are satisfied by developing and distributing goods or services.
3. Marketing management is goal based:
Marketing management works to generate revenue for a business by supplying satisfactory goods and services to customers. Also, customer expectations are met through marketing research.
4. Marketing management is a specialized function of:
Effective management of marketing activities requires specialized knowledge of markets, products, consumer tastes and behaviors, government policies, and the business environment. Marketing management is actively working for this.
5. Marketing management is a continuous business process:
Marketing management is a process of understanding customer needs, transforming them into goods and services and delivering the goods and services to the end consumers. By making adequate use of the tools available under this process, customer satisfaction is achieved and profit is given to the business organization.
6. Marketing management determines the appropriate marketing mix of a business organization:
A marketing manager has to combine various factors to achieve the best marketing success. Ensuring that the product is designed, advertised, priced and distributed properly is very important for the goods or services to be accepted and liked by the consumers.
7. Marketing management is both art and science:
Marketing management is both an art and a science as Philip Kotler says in his definition, “Marketing management is the science and art of defining target markets, acquiring, retaining and growing customers. It is the science and art of creating the best customer experience, providing product services, value and communicating it appropriately. Marketing management is a science because it applies general principles of management, which managers use to make decisions. Also marketing management is an art because every situation that arises in the market is handled creatively and efficiently.
Scope of Marketing Management
Marketing management is an innovative concept that shows a broad vision angle for business operations. The scope of marketing management is so broad that it covers all functions from pre-production concept to after-sales service. This scope of marketing management can be further explained from the following points.
1. Marketing Research
Marketing research is a systematic scientific analysis done to solve various marketing problems. It deals with issues of buying and selling of goods and services. So knowing marketing problems, finding customers, studying competition, etc. Work has to be done continuously.
2. Customer Analysis
Marketing management is about creating and delivering superior customer value. Marketing management provides detailed marketing information. Therefore, sales can be increased by taking the right decision. Customers get high quality, good quality products at reasonable prices. It becomes possible to have a consumer oriented product.
3. Competitor analysis
Through marketing management, one has to identify the competition in the market and one’s sales share, competitors’ tactics, strengths, opportunities, weaknesses and threats facing the business.
4. Key policy determination
It studies own pricing strategy and pricing strategy of competitors. The price desired by the customer is found.
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