Marketing management refers to all the managerial activities relating to marketing. It includes all those activities ranging from knowing.
The needs of the consumer to their satisfaction. Here we will also provide functions for some the marketing management.
On the other hand, Marketing Management includes planning, Organising, staffing, directing and controlling. Performing of all managerial functions in the context of marketing is called Management.
All main activities o Management are as under:
(i) Planning of marketing activities.
(ii) Organising of marketing activities.
(iii) Staffing for accomplishing marketing activities.
(iv) Directing of marketing activities.
(v) Controlling of marketing activities.
DEFINITIONS OF MARKETING MANAGEMENT
Main definitions of Management are as under:
(1) According to STANTON, Management is the marketing concept in action.”
(2) According to CUNDIFF and still.
It is concerned with the direction of purposeful activities towards the attainment of marketing goals.”
Marketing is the management of activities relating to marketing.
MAIN STEPS INVOLVED IN THE PROCESS OF MARKETING MANAGEMENT:
The following main steps are involved in the process of marketing management:
(1) Choosing a target market: first of all.
The marketing manager decides the types of consumer the company wants to approach.
For example, a company manufacturing ready made garments. May aim at reaching the market of children up to the age of five.
Similarly Another company may aim at a market of college going boys and girls.
(2) GROWING CONSUMERS IN TARGET MARKET:
In this stage, the marketing manager makes efforts so that:
i) the consumer of target market may purchase goods.
ii) the consumer of the target market should remain associated with the company for a long time.
iii) new consumer should get attracted towards the company.
In this stage effort made to reach the target market consumers.
To keep them associated and to increase their number.
3) CREATING SUPERIOR VALUES:
IT implies to create such special features in the company’s products. As may enable the company to surpass the competitors.
A company offering two year’s free service on its electronic products. This results in new consumer company,s products to the other people.
FUNCTIONS OF MARKETING
Marketing related to the exchange of goods and services.
Through its medium the gods and services are brought to the place of consumption. This satisfies the needs of the customers.
The following activities are undertaken in respect of the exchange of goods and services…
1_ Gathering and analysing market information.
2_ Marketing planning.
3_ Product designing and development.
4_ Standardization and Grading.
5_ Packaging and labeling.
7_ Customer support service.
8_ Pricing distribution.
10_ Physical distribution.
12_ Storage or warehousing.