Marketing management

To meet all their needs our main objective is to develop a structure, a "theory", of managerial marketing around which they can organize their reading and experience in order to arrive at a better understanding of it.

This understanding can serve two objectives. First, it will help them obtain new insights from the experiences they will be acquir­ing on the job in the future. Inevitably they will develop from experience some such structure to serve this crucial need anyway, so they can profit from new experience and new knowledge. To acquire such a structure from experience alone, however, is a slow and often uncertain process. Formal education can help them to speed this up so they grow in marketing skill much faster.

Second, understanding of marketing management will permit a better grasp of the role of marketing in economic development, which many countries are so earnestly seeking. This structure is culture- free and can be applied to any environment. In general, study of marketing management leads to a better evaluation of marketing activity in terms of its performance in meeting the consumer's needs.

Marketing management is the process of decision making, planning, and controlling the marketing aspects of a company in terms of the marketing concept, somewhere within the marketing system. Before proceeding to examine some of the details of this process, com­ments on two aspects will be helpful background.

The marketing concept is simple in principle but often very diffi­cult, if not impossible, to fully implement. Adam Smith's com­ment cited above is most consistent with it. The concept is that a company can more effectively serve its own objectives if it will integrate the various aspects of its marketing activities explicitly so as to meet the preferences of its customers.

To one unfamiliar with company practice the need for implementing the concept and the capacity to do it would seem to be so obvious as not to merit discussion.

This process of marketing management takes place "some­where" within the marketing system. Having seen the marketing system portrayed, you know that "somewhere" can be within any of the many, many companies—manufacturing, wholesaling and retailing—that make it up. Marketing management is practiced in every one of them.

Assume, to simplify, that we are concerned only with the man­ufacturing level in a direct sense because the manager we are considering occupies a marketing management position there.

What is the nature of each of the three elements making up the marketing management process – decision making, planning, and control?

What is Marketing Management – Definition: Provided by Institute of Marketing Management and Philip Kotler

Traditionally, markets were viewed as a place for exchange of goods and services between sellers and buyers to the mutual benefit of both. Today, marketing is exchange of values between the seller and the buyer. Value implies worth related to the goods and services being exchanged. The buyer will be ready to pay for the goods if they have some value for him.

Marketing is the business function that controls the level and composition of demand in the market. It deals with creating and maintaining demand for goods and services of the organization.

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. It has to implement marketing programme and evaluate continuously the effectiveness of marketing-mix. It has to remove the deficiencies observed in the actual execution of marketing plans, policies, and procedures. It looks after the marketing system of the enterprise.