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All marketing activities are based on overall organisational objectives. The marketer bridges the gap between overall organisational objectives of achieving high profit and maximization of sales and consumer’s interest of satisfying needs. 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. The basis function of marketing is identification of consumer’s needs and wants. This requires continuous and systematic collection of data, analysis and reporting of data relevant to marketing activities. This helps the management to understand consumer’s needs, wants, preferences and behaviour of the consumer towards firm’s marketing mix strategies. This is possible through satisfaction of customer’s needs and wants by delivering them, appropriate goods and services according to their needs and wants, at right time and through convenient channel.
In making these decisions he learns from experience to use an operating principle which simplifies his task and avoids substantial frustration. It might be called the “law” of marketing management, like other rules of behaviour such as Aristotle’s Golden Mean and the Golden Rule. Marketing management performs the task of evaluation and controlling of the marketing activities. Evaluation enables identification of effectiveness of marketing plans and actions. Planning helps in accomplishment of objectives in a systematic manner.
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. 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.
Planning of marketing activities relates to determining product line strategies, planning for product diversification, advertisement and promotional activities, planning related to selling and distribution process. Marketing action plans or programmes are to be implemented through proper communication, coordination as well as motivation of marketing personnel.
Marketing strategy points out the level, mix, and allocation of marketing efforts in marketing action plans. Once the company has full information regarding marketing opportunities, they can formulate marketing strategies in the form of dynamic action-oriented formal plans to achieve mission, goal, and objectives. A strategy is a pattern of purposes and policies, a planned course of action in pursuit of clearly stated objectives in the face of limited resources, and intelligent competition. Marketing management collects and analyses information related to consumer’s needs, wants and demands, competitor’s marketing strategies, changing market trends and preferences. 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.
Finally, some buyers may receive a different price, based on such factors as the quantity they purchase. Other decisions concern dropping or adding an item to the product line. These decisions of product change and change in product line are common, since few companies in the United States produce a single product. A marketing manager must be constantly on the alert to exploit new-product opportunities and to avoid continuing an unprofitable item.
To meet all their needs our main objective would be to create a structure, a “theory”, of managerial marketing close to which they can arrange their reading and encounter to be able to arrive at the better understanding of this. Marketing management smoothen the exchange of ownership of products and services from vendor to the buyer. Administration will be the process of obtaining things required for an organized and efficient manner.