Definition and meaning of Marketing Management
Marketing management is a compound word ‘Marketing plus management”. Marketing is the total system of business activities while management is the art of getting things done in a coordinated and harmonious way.
According to Philip Kotler__”Marketing management is the process of planning and executing the conception,pricing and promotion and distribution of goods,services and ideas to create exchanges with target groups that satisfy customer and organizational objectives.
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 services to create exchanges that satisfy individual and organizational objectives”.
All these three goals are interrelated. Thus,marketing management is a functional area of business management which has to deal with the customer’s needs and wants in the first place,followed by promotion and pricing to create specific demand for the goods or services or idea in question,and then flow of goods or services or ideas to the customer and finally information from the customers about expected satisfaction.
Functions of Marketing Management
1. Determining Marketing Objectives: Marketing management determines the marketing management objectives. The marketing management may be short-term or long-term and need a clear approach. They have to be in coherence with the aims and objectives of the organization.
2. Planning: After objectively determining the marketing objectives,the important function of the marketing management is to plan how to achieve those objectives. This includes sales forecast,marketing programmes formulation,marketing strategies.
3. Organising: A plane once formulated needs implementation. Organising functions of marketing management involves the collection and coordination of required means to implement a plan and to achieve predetermined objectives.
4. Staffing: Employment of right and able employees is very crucial to success of a market plan. The market manager coordinates with the human resource manager of an organization to be able to hire the staff with desired capability.
5. Directing: Direction in marketing management refers to development of new markets, leadership of employees,motivation,inspiration,guiding,and supervision of the employees.
6. Coordinating: It refers to harmonious adjustment of the activities of the marketing organization. It involves coordination among various activities such as sales forecasting,product planning,product development,transportation,warehousing,etc.
7. Motivating: The successful of the management executive can well be judged how far he is able to motivate the staff under him to maximise its effort to achieve the targets of the enterprises,i.e., maximum sales and profits with maximum satisfaction of customer.
8. Promotion: The ultimate objective of all the enterprises is to maximise sales. This aim should not be over looked by the marketing executive and he should make all possible efforts to promote the sales of company for this purpose,he should employ all the new techniques and methods.
9. Research and Development: Changes in the habits,tastes,preference of the consumers are being taking place all the time. It is the duty of the marketing manager to study and carry on research and to adopt the product in conformity to the preference of the final consumers. Any slackness in the research and development of the products might cause adverse effect on the total sales of the product or products.