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As the name suggests, marketing management is a combination of two terms i.e. marketing & management. Before understanding the topics, first we must have a look over these both terms individually.
According to Philip Kotler, marketing is “satisfying the needs and wants of people through an exchange process.”
Management is a function to coordinate the effort of people in order to accomplish the goals and objectives with help of the resources available.
Marketing is a function which serves as bridge between the customers and companies and brings them closer together. Kotler described that marketing is the process which is used to determine what products or services may be of interest to customers and the strategy to use in sales, communications and business development.
According to the American Association of Marketing, marketing management is a process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services in order to create, exchange and satisfy individual and organizational objectives. (Gronroos, 1989)
Marketing management is a process which facilitates the functions and objectives involved in the distribution of products and services. According to Kotler, marketing management is the analysis, planning, implementation and control of programmer designed to bring about desired exchanges with target audiences for the purpose of personal and of mutual gain. It relies heavily on the adoption and coordination of product, price, promotion and place of achieving responses. It further involves the process of planning, overseeing and managing new product programs such as product development, product advertising, promotion and sales. It is a business process. Marketing management manages the activities involved in the profit seeking and nonprofit organizations at different organizational levels. Marketing management highlights both the physical and psychological aspects of the marketing, The functions involved in marketing management such as planning, designing, directing, organizing, motivating, coordinating and controlling etc. aim at achieve the marketing goals of the organization. The psychological factors involved in the marketing management are identifying new needs and wants and changing the buying behavior and habits. The physical factors include satisfying the identified demands and needs buy offering better products, design, channel of distribution and other functions.
Functions of Marketing Management
- Marketing Objective: Marketing management identifies the short – term or long – term marketing objectives.
- Marketing Planning: Once the marketing objectives are planned the next step is to plan how to target the short – term and long – term marketing objectives. It includes sales forecast, marketing programs formulation and marketing strategies.
- Organization: Once the plans are formulated, they need implementation. This process involves the collection, coordination of required means to implement the plan and to achieve the pre – determined objectives, structuring the marketing organization, duties, responsibilities etc.
- Coordination: This process involves the harmonious adjustment of the marketing organization such as the sales forecasting, product planning, development, transportation, warehousing etc.
- Direction: New market developments, employees’ leadership, motivation, inspiration, guiding and supervision of the employees.
- Control: The effectiveness with which the marketing plan is implemented. It includes standards, performance evaluation, corrective measures adoption etc.
- Staffing: Staffing includes employing the right and able employee. There is combined coordination between the marketing management department and the human resource management department of the company.
- Analysis & Evaluation: Marketing management includes the evaluation and analysis of productivity and performs mace of the individual employees.
Marketing management is a business process as well as an art and science. In the words of Kotler, marketing management is the art and science of choosing target markets and getting, keeping and growing customers through creating, delivering and communicating superior customer value. Marketing management uses many metrics to measure progress against objectives.
Marketing management is of great importance to the business organizations. Marketing management helps in introducing new products in the markets. It increases the production of the existing products of the company in the marketing. It reduces the cost of sales and distribution. It helps in the development in the means of communication and modes of transportation within and outside the country. Marketing management does researches in the market to rise in per capita income and demand for more products by the consumers. Marketing management is helpful in moving ahead with the competition. In today’s business scenario, marketing management is the most important function. Marketing management has become the most important strategy to cope up with the challenges for changing marketing environment.
Marketing Management Assignment Help
Marketing management is a major driver of organizational performance. Marketing management assignments involves knowledge and understanding of both marketing and management. Writing marketing management assignments is a combined approach where students have to do researches on both the perspective of the subject. All the leading universities and colleges in Australia offer courses in marketing and management at graduate, post graduate and research level.
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