How to Define Marketing Management?

A marketing management is the organizational discipline which focuses on the practical application of marketing orientation, techniques and methods inside enterprises and organizations and on the management of a firm's marketing resources and activities.

Marketing management facilitates the activities and functions which are involved in the distribution of goods and services.

According to Philip Kotler, “Marketing management is the analysis, planning, implementation and control of programs designed to bring about desired exchanges with target markets for the purpose of achieving organizational objectives.

Overview to Marketing Management

It relies heavily on designing the organizations offering in terms of the target markets needs and desires and using effective pricing, communication and distribution to inform, motivate and service the market.

” Marketing management is concerned with the chalking out of a definite program, after careful analysis and forecasting of the market situations and the ultimate execution of these plans to achieve the objectives of the organization.

Further, their sales plans to a greater extent rest upon the requirements and motives of the consumers in the market. To achieve this objective, the organization has to pay heed to the right pricing, effective advertising and sales promotion, distribution and stimulating the consumers through the best services.

To sum up, marketing management may be defined as the process of management of marketing
programs for accomplishing organizational goals and objectives. It involves planning, implementation and control of marketing programs or campaigns.

Importance and scope of Marketing Management:

Marketing management has gained importance to meet increasing competition and the need for improved methods of distribution to reduce cost and to increase profits. Marketing management today is the most important function in a commercial and business enterprise.

The following are the other factors showing importance of the marketing management:

Introduction of new products in the market.

Increasing the production of existing products.

Reducing cost of sales and distribution.

Export market.

Development in the means of communication and modes of transportation within and outside the country.

Rise in per capital income and demand for more goods by the consumers.

The scope of marketing deals with the question, ‘what is market?’ According to Kotler, marketing people are involve with ten types of entities.

Goods:

Physical goods constitute the major part of a country’s production and marketing effort. Companies market billions of food products, and millions of cars, refrigerators, television and machines.

Services:

As economies advance, a large proportion of their activities is focused on the production of services. Services include the work of airlines, hotels, car rental firms, beauticians, software programmers, management consultants, and so on. Many market offerings consist of a mix of goods and services. For example, a restaurant offers both goods and services.

Events:

Marketers promote events. Events can be trade shows, company anniversaries, entertainment award shows, local festivals, health camps, and so on. For example, global sporting events such as the Olympics or Common Wealth Games are promote aggressively to both companies and fans.

Experiences:

Marketers create experiences by offering a mix of both goods and services. A product is promoted not only by communicating features but also by giving unique and interesting experiences to customers. For example, Maruti Sx4 comes with Bluetooth technology to ensure connectivity while driving, similarly residential townships offer landscaped gardens and gaming zones.

Persons:

Due to a rise in testimonial advertising, celebrity marketing has become a business. All popular personalities such as film stars, TV artists, and sportsperson have agents and personal managers. They also tie up with PR agencies for better marketing of oneself.

Places:

Cities, states, regions, and countries compete to attract tourists. Today, states and countries are also marketing places to factories, companies, new residents, real estate agents, banks and business associations. Place marketers are largely real estate agents and builders. They are using mega events and exhibitions to market places. The tourism ministry is also aggressively promoting tourist spots locally and globally.

Properties:

Properties can be categorize as real properties or financial properties. Real property is the ownership of real estates, whereas financial property relates to stocks and bonds. Properties are bought and sold through marketing.

Marketing enhances the need of ownership and creates possession utility. With improving income levels in the economy, people are seeking better ways of saving money. Financial and real property marketing need to build trust and confidence at higher levels.

Organizations:

Organizations actively work to build image in the minds of their target public. The PR department plays an active role in marketing an organization’s image. Marketers of the services need to build the corporate image, as exchange of services does not result in the ownership of anything. The organization’s goodwill promotes trust and reliability. The organization’s image also helps the companies in the smooth introduction of new products.

Information:

Information can be produce and market as a product. Educational institutions, encyclopedias, non-fiction books, specialized magazines and newspapers market information. The production, packaging, and distribution of information is a major industry. Media revolution and increased literacy levels have widened the scope of information marketing.

Idea:

Every market offering includes a basic idea. Products and services are use as platforms for delivering some idea or benefit. Social marketers widely promote ideas. Maruti Udyog Limited promoted safe driving habits, need to wear seat belts, need to prohibit children from sitting near the driver’s seat, and so on.