Marketing

Marketing is a very important aspect in business since it contributes greatly to the success
of the organization. Production and distribution depend largely on marketing. Many
people think that sales and marketing are basically the same. These two concepts are
different in many aspects. Marketing covers advertising, promotions, public
relations, and sales. It is the process of introducing and promoting the product or
service into the market and encourages sales from the buying public. Sales refer to
the act of buying or the actual transaction of customers purchasing the product or
service.
Importance of Marketing Management
The marketing management realizes the characteristics and other variables of each group.
They are geographical location, demographic, customer behavior pattern and need.
ike a group of people can be recognized who can be less price sensitive, purchases
often and are growing. Such groups can be worked on by heavy investments as they
are worth the money and time. They cannot only retain such customers and make
new customers in this group but they can go to the very e!tent of turning back
customers who don"t belong to this group. #nderstanding the needs makes
customer"s e!pectations to be met per their satisfaction, better than the competitors,
which will lead to higher sales and obvious profit.
Marketing management involves choosing target markets that not only get new
customers but also retain the e!isting ones. It is a business sub$ect, which is based on
research and study of practical applications of marketing techni%ues and
management of the marketing resources. The one who e!cels in this field is known
as marketing manager. The $ob of the marketing manager is to influence the timing
and level of customer demand so as to help the sales. It actually depends on the size
of the business and environment in the corporate industry. ike if he is working in a
huge production company, he will be the general manager of a particular product
category assigned to him and he will be responsible for profit and loss with respect to
the product. &nd in small business there is no marketing manager as his $ob is taken
over by the partners of the company.
'reating and communicating best customer values can increase the number of customers.
The steps taken and resources utilized to maintain e!isting customers and get new
customers fall under marketing management. The scope is %uite large because it not
only consists of developing a product, but also retaining it. The term marketing
management has many definitions. It actually depends on individual firms and how
the marketing department functions and activities of other departments like
operations finance, pricing and sales.
(efore deciding about a marketing strategy, the company must do an in)depth study
about their business, and the market. This is where marketing management merges
with strategic planning. #sually the marketing strategies are of three types, customer
analysis, company analysis and competitor analysis. #sing the customer analysis, the
market is broken down into different types of customers.
'ompany analysis highlights the cost structure and resources of the company and
cost position when compared to competitors. The accounting e!ecutives use it to
learn about the profit earned by a particular product. *rom time to time, audits are
conducted to study about the strengths of various brands of the company.
The marketing management to do marketing analysis carries out marketing research. The
most common of such researches are %ualitative marketing research, %uantitative
marketing research, e!perimental techni%ues and observational techni%ues.
Scope Of Marketing Management
Marketing management is the sum totals of those various types of activities which
are performed to flow the goods and services from the producer to the ultimate
consumers.
Marketing management is the sum totals of those various types of activities which are
performed to flow the goods and services from the producer to the ultimate consumers.
&ll the activities comprising from the initiation of demand for goods to its distribution,
i.e. which types of goods are to be produced according to the demand of consumers, how
much price is to be fi!ed for sale, how and to whom the goods will be distributed, etc. are
the functions of marketing management.
The scope of marketing management is inherited within its functions. &s the functions of
marketing management are of various types, so its scope is very wide. If the definition
given by Philip Kotler is analyzed, a general idea about the scope of marketing
management can be formed. &s such, the matters included in the scope of marketing
management are + i, &nalysis of schedule- ii, *ormulation of plan- iii, &ctualization of
plans- iv, 'ontrol- v, Performance of desired e!change with the customers- and vi,
Provisions for harmonization among the different elements of marketing mi!.