Marketing
management is
the organisational discipline which focuses on the practical
application of marketing
orientation,
techniques and methods inside enterprises and organisations 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 programmes designed to bring about
desired exchanges with target markets for the purpose of achieving
organisational objectives.
It
relies heavily on designing the organisations 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 programme, after careful analysis and forecasting of the
market situations and the ultimate execution of these plans to
achieve the objectives of the organisation.
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 organisation 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
programmes for accomplishing
organisational goals and objectives. It involves planning,
implementation and control of marketing programmes 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:
(i)
Introduction of new products in the market.
(ii)
Increasing the production of existing products.
(iii)
Reducing cost of sales and distribution.
(iv)
Export market.
(v)
Development in the means of communication and modes of transportation
within and outside the country.
Rise
in per capita income and demand for more goods by the consumers.
The
scope of marketing deals with the question, ‘what is marketed?’
According to Kotler, marketing people are involved with ten types of
entities.
1.
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.
2.
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.
3.
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 promoted aggressively to both companies and fans.
4.
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.
5.
Persons:
Due
to a rise in testimonial advertising, celebrity marketing has become
a business. All popular personalities such as film stars, TV artists,
and sportspersons have agents and personal managers. They also tie up
with PR agencies for better marketing of oneself
6.
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.
7.
Properties:
Properties
can be categorised 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.
8.
Organisations:
Organisations
actively work to build image in the minds of their target public. The
PR department plays an active role in marketing an organisation'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 organisation's goodwill promotes trust and reliability.
The organisation's image also helps the companies in the smooth
introduction of new products.
9.
Information:
Information
can be produced and marketed as a product. Educational institutions,
encyclopaedias, non-fiction books, specialised 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.
10.
Idea:
Every
market offering includes a basic idea. Products and services are used
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.
