WHAT IS MARKETING MANAGEMENT?

Marketing management is the process of planning, executing, and overseeing marketing strategies and activities to achieve organizational goals. It involves analyzing market opportunities, developing and implementing marketing plans, and evaluating their effectiveness.

Key components of marketing management include:-

1. Market Research: Gathering and analyzing data about market trends, consumer preferences, and competitive dynamics to make informed decisions.

2. Strategy Development: Creating a strategic plan that defines target markets, sets objectives, and outlines the approach for achieving those goals.

3. Marketing Mix: Designing and managing the 4 Ps—Product, Price, Place, and Promotion—to meet customer needs and company objectives.

   4. Implementation: Executing marketing plans through various channels and tactics, such as advertising, sales promotions, and      digital marketing.

   5. Monitoring and Evaluation: Assessing the performance of marketing activities against set goals, using metrics and feedback to adjust strategies as needed. Marketing management aims to create value for customers while achieving business objectives, balancing long-term growth with short-  term performance.

 

MARKETING MANAGEMENT PHILOSOPHIES 

 

(1) Production Concept :  it focuses only on lowering the cost of production by means production and distribution but the drawback of this concept is that customers don’t always buy products which are inexpensive and available.
(2) Product concept : The way to realize business goal is by making products that are of high quality and also they must keep in mind customers need and preferences with high quality standards.

(3)Selling Concept: they believe that in order to make a customer buy a product he or she need to be convinced. Customers can be convinced in the following ways:-

• undertaking aggressive selling and promotional efforts.
• make customer buy something even customer has no intention of buying it .
• It make use of advertising powers and other persuasion techniques to influence the customers.
• To sell whatever is produced by using intensive promotional techniques.

(4) Marketing Concept: It concentrates on the need of the customers. It says product should be designed and produced keeping in mind
the need of customer and by to satisfy the need better than the competitor, so here customer’s satisfaction is the pre-condition
for realizing firms goal and objectives.
Process of marketing concept :-
a) Identification of market.
b) Understanding needs or wants of the customers in target market.
c) Development of product or services for satisfying the needs of the target market
d) satisfying the needs of target market better than the competitors
e) Doing all this at a profit for Customer Satisfaction and try to satisfy needs on most affordable way.

(5) Societal Concept: It argues that companies should not blindly follow the goal of customer satisfaction . These may lead to
many social and environmental ills . Customer’s satisfaction must be within the ethical ecological aspects of our society.