What is marketing management ,defination process ,objective
Meaning & Definition of Marketing Management.
Objectives of Marketing Management.
Process of Marketing Management.
Functions of Marketing Management.
What is Marketing Management ?
Marketing management is a composition of two terms 'Marketing' and 'Management'. Where, the term 'marketing' is a set of actions and processes of a company associated with buying and selling of goods or services. "Management" is a function of coordinating the integrated efforts of people towards a common goal by effective utilization of available resources.
Marketing management is an organisational approach which focuses towards the accomplishment of marketing objectives of the organisation such as achieving customer satisfaction, securing high sales and profit, etc.
Therefore, it includes various techniques and processes aimed at fulfilling all the inter-related marketing objectives.
Definition of Marketing Management
According to the American Marketing Association :
"Marketing Management is the process of planning and executing the conception, pricing promotion and distribution of ideas, goods and service to create exchanges that satisfy individual and organisational objectives".
Consequently, marketing management is the most practical aspect of business management which deals with needs and wants of consumers, determines the promotion and pricing strategies to generate demand for goods and services or new product development, then distribute these products or services to final consumers, and lastly to collect customer feedback and other information regarding the customer satisfaction.
Objectives of Marketing Management
The main objective of all enterprises is to satisfy the customer needs and attain maximum profit. In the similar way, marketing management aims to accomplish these business objectives effectively. Some of the basic objectives of marketing management are as follows :
Creating New Customers :
The prime objective of marketing manager is to build new customers for the company's product. Managers Use different techniques like advertisement, sales promotion, etc., to attract new customers. This objective helps in increasing sales of the organisation.Satisfying Customer's Needs and Wants :
Marketing managers should carefully determine the needs and demands of the customers in order to satisfy them with its products and services. The process of marketing management is customer-oriented and all its marketing activities revolve around customers.Increasing the Business Profitability :
Marketing department is the main source of income for the organisation. The productivity and profitability of marketing department ensures long-term survival and success of the organisation. Hence, profit-making is one of the major aims of marketing management which can be guaranteed through high sales volume.
