Task And Philosophies Of Marketing Management Pdf
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- Evolution of Marketing Concept (With Diagram)
- Marketing Management Philosophies – 5 Marketing Concepts
- 5 Marketing Concepts: Marketing Management Philosophies
Marketing concepts or marketing management philosophies are the philosophies used by the businesses to guide their marketing efforts. Same philosophy cannot result in a gain for every business, hence different businesses use different marketing concepts also called marketing management philosophies. There are five marketing concepts.
Evolution of Marketing Concept (With Diagram)
Everything you need to know about marketing management. Marketing Management performs all managerial functions in the field of marketing. Marketing Management identifies market opportunities and comes out with appropriate strategies for exploring those opportunities profitably. It has to implement marketing programme and evaluate continuously the effectiveness of marketing-mix. It has to remove the deficiencies observed in the actual execution of marketing plans, policies, and procedures.
It looks after the marketing system of the enterprise. Management is the process of getting things done in an organised and efficient manner. Marketing management aims at efficient operation of marketing activities. Marketing management smoothen the process of exchange of ownership of goods and services from seller to the buyer. Marketing management, like all other areas of management comprises of the function of planning, organising, directing coordinating and controlling.
Learn about:- 1. Definition of Marketing Management 2. Marketing Concept 3. Features 4. Importance 5. Functions 6. Process 7. Scope 8. Marketing Mix 9. Marketing Decision Making Orientation This understanding can serve two objectives. Inevitably they will develop from experience some such structure to serve this crucial need anyway, so they can profit from new experience and new knowledge.
To acquire such a structure from experience alone, however, is a slow and often uncertain process. Formal education can help them to speed this up so they grow in marketing skill much faster. Second, understanding of marketing management will permit a better grasp of the role of marketing in economic development, which many countries are so earnestly seeking.
This structure is culture- free and can be applied to any environment. Marketing management is the process of decision making, planning, and controlling the marketing aspects of a company in terms of the marketing concept, somewhere within the marketing system. The concept is that a company can more effectively serve its own objectives if it will integrate the various aspects of its marketing activities explicitly so as to meet the preferences of its customers.
To one unfamiliar with company practice the need for implementing the concept and the capacity to do it would seem to be so obvious as not to merit discussion. Marketing management is practiced in every one of them. What is the nature of each of the three elements making up the marketing management process — decision making, planning, and control? Traditionally, markets were viewed as a place for exchange of goods and services between sellers and buyers to the mutual benefit of both.
Today, marketing is exchange of values between the seller and the buyer. Value implies worth related to the goods and services being exchanged. The buyer will be ready to pay for the goods if they have some value for him.
Marketing is the business function that controls the level and composition of demand in the market. It deals with creating and maintaining demand for goods and services of the organization. It deals with creating and regulating the demand and providing goods to customers for which they are willing to pay a price worth their value. From the above definitions, we can conclude that Marketing Management is the process of management of marketing programmes for accomplishing organizational goals and objectives.
Marketing Management is both a science as well as an art. Those responsible for marketing should have good understanding of the various concepts and practices in marketing, communication, and analytical skills and ability to maintain effective relationship with customers, which will enable them to plan and execute marketing plans. Continuous practice in the areas of personal selling, sales promotion, advertising, etc. Scientific and artistic aspects of marketing would influence each other, leading to a new generation of marketing managers.
This concept advocates that a manufacturer should begin his task with the consumer focus. He has to primarily study the consumer and understand the needs, desires, requirements and conveniences of the latter. A manufacturer should design a new product or improve an existing one strictly keeping in mind the needs, desires etc. The product should exactly satisfy the consumer. Therefore, a manufacturer should design and manufacture a product which will be accepted by the consumer rather than the one which can be manufactured by him easily.
A consumer is basically fastidious and fickle minded. This makes that task of understanding the consumer and designing an appropriate product much more difficult, however this is the only way a manufacturer can succeed in a competitive market. Selling should be preceded by customer study, marketing research and product development. The entire focus should be on the consumer and his needs.
But the aim of marketing is to make selling superfluous. The aim of marketing is to know and understand the consumer so well that that the product or service fits him and sells itself. Ideally marketing should result in a customer who is ready to buy. The marketing concept which is also called the modern marketing concept as practised by most of the firms in the present situation is actually a combination of all the other concepts. The modern marketing concept consists of an integrated effort on the part of the marketer to identify the consumer needs and satisfy them through appropriately designed products and for this task use all the marketing techniques related to product, selling, market study, consumer behavior, product designing, pricing etc.
The following are the features of marketing concept modern marketing concept, integrated marketing concept, customer orientation :. Focus on customer needs — The needs of the consumer are studied and these become the basis of all product related activities such as designing, pricing, distribution, packaging etc.
Providing consumer satisfaction — Every organization aims at providing maximum consumer satisfaction by understanding his needs and designing an appropriate product. The success of an organization is directly related to the consumer satisfaction it provides. Integrated Marketing Management — Marketing management is only a part of the total managerial functions of an organization such as finance management, production management, human resources management etc.
All these functions are integrated in order to provide maximum satisfaction to the consumer. Thus all the functional areas of an organization are integrated. Achieving organizational goals — Modern marketing states that an organization must aim at maximizing consumer satisfaction and in the process enable itself to achieve its goals such as growth, market share and reasonable amount of profit or return on investment. Innovation — Innovation is an important tool to provide consumer satisfaction.
Innovative methods must be used to understand the consumer, design an appropriate product and offer it to the consumer. Managerial Process :. Marketing management is a managerial process involving planning, organising, decision making, forecasting, directing, coordinating and controlling. Stanley Vance defines management as the process of decision making and controlling.
Consumer Centric :. All marketing activities are consumer centric. The consumers are the king. The principal objective of marketing is to create new customers and to retain current customer. Marketing management performs the task of converting the potential customers into actual customer.
Research Analysis :. This requires continuous and systematic collection of data, analysis and reporting of data relevant to marketing activities. This helps in forecasting and planning future course of action.
Planning and Development :. Marketing involves planning and development of goods and services. Organizations make a continuous endeavour towards planning, development and innovation of product and services so as to meet the changing demand, taste and preferences of the consumers.
Building Marketing Framework :. Marketing activities are not just selling and distribution of ownership of goods and services from the producer to the ultimate consumer. But it involves a series of activities like research analysis, production, development and innovation, advertisement and promotion pricing decision, selling and distribution, customer relationship and after sales service.
All these functional areas of marketing must be effectively planned, organised and built effectively to achieve best results. Marketing structure depends upon the size of the enterprise, geographical coverage of the operation, number of product lines, nature of product, size of customers. Organizational Objectives :. All marketing activities are based on overall organisational objectives. Promotional and Communication Process :.
The ultimate objective of a firm is to maximise sales volume and profit. This can be achieved through promotion and communication about the goods and services. This function of marketing management enables the firm to provide information about the product to the customers. Controlling of Activities :. Marketing management performs the function of controlling of marketing activities. Marketing management evaluates the effectiveness of marketing activities, to judge the efficiency of marketing personnel and the plans.
This process involves measuring the actual performance with the standard and identifying the deviations and taking corrective actions. Analysing Market Opportunities :. This helps to identify market opportunities.
Marketing Management Philosophies – 5 Marketing Concepts
Everything you need to know about marketing management. Marketing Management performs all managerial functions in the field of marketing. Marketing Management identifies market opportunities and comes out with appropriate strategies for exploring those opportunities profitably. It has to implement marketing programme and evaluate continuously the effectiveness of marketing-mix. It has to remove the deficiencies observed in the actual execution of marketing plans, policies, and procedures. It looks after the marketing system of the enterprise.
markets & delivering superior value. Page Societal Marketing Concept. Societal. Marketing. Concept. Company.
5 Marketing Concepts: Marketing Management Philosophies
There are 5 marketing concepts that organizations adopt and execute. These are; 1 production concept, 2 product concept, 3 selling concept, 4 marketing concept, and 5 societal marketing concept. Marketing is a department of management that tries to design strategies that will build profitable relationships with target consumers. There are five alternative concepts under which organizations design and carry out their marketing strategies to answer these.
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