WHAT IS MARKETING MANAGEMENT & ITS FEATURES

What is Marketing Management 

 

Introduction 

 

Marketing management is the process of decision making, planning, and controlling the marketing aspects of a company in terms of the marketing concept. 

 

Marketing management is “planning, organising, controlling and implementing of marketing programmes, policies, strategies and tactics designed to create and satisfy the demand for the firms’ product offerings or services as a means of generating an acceptable profit.” 

 

It deals with creating and regulating the demand and providing goods to customers for which they are willing to pay a price worth their value. 

 

Marketing Management performs all managerial functions in the field of marketing. Marketing Management identifies market opportunities and comes out with appropriate strategies for exploring those opportunities profitably. 

 

Institute of Marketing Management, England, has defined Marketing Management as “Marketing Management is the creative management function which promotes trade and employment by assessing consumer needs and initiating research and development to meet them. It co-ordinates the resources of production and distribution of goods and services, determines and directs the total efforts required to sell profitably to ultimate user”. 

 

According to Philip Kotler, “Marketing Management is the art and science of choosing target markets and building profitable relationship with them. Marketing management is a process involving analysis, planning, implementing and control and it covers goods, services, ideas and the goal is to produce satisfaction to the parties involved”. 

 

From the above definitions, we can conclude that Marketing Management is the process of management of marketing programmes for accomplishing organizational goals and objectives. 

 

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. 

 

Marketing Management is both a science as well as an art. Those responsible for marketing should have good understanding of the various concepts and practices in marketing, communication, and analytical skills and ability to maintain effective relationship with customers, which will enable them to plan and execute marketing plans. 

 

Features of marketing concept 

 

i. Focus on customer needs – The needs of the consumer are studied and these become the basis of all product related activities such as designing, pricing, distribution, packaging etc. 

 

ii. Providing consumer satisfaction – Every organization aims at providing maximum consumer satisfaction by understanding his needs and designing an appropriate product. The success of an organization is directly related to the consumer satisfaction it provides. 

 

iii. Integrated Marketing Management – Marketing management is only a part of the total managerial functions of an organization such as finance management, production management, human resources management etc. All these functions are integrated in order to provide maximum satisfaction to the consumer. Thus all the functional areas of an organization are integrated. 

 

iv. Achieving organizational goals – Modern marketing states that an organization must aim at maximizing consumer satisfaction and in the process enable itself to achieve its goals such as growth, market share and reasonable amount of profit or return on investment. 

 

v. Innovation – Innovation is an important tool to provide consumer satisfaction. Innovative methods must be used to understand the consumer, design an appropriate product and offer it to the consumer.