An effective control system is essential to measure and evaluate the actual results of the marketing strategy. Scientific and artistic aspects of marketing would influence each other, leading to a new generation of marketing managers. The creation of superior quality product cannot be a ‘be all’ strategy. This means if a customer group demands hard drugs or firearms selling the same then becomes justified. The buyer will be ready to pay for the goods if they have some value for him. You could even create promotions, create a raffle for a free product, anything to engage with the community and help build a positive image for your brand that people want to support. The function of both types of promotion—advertising and personal selling—is to provide potential buyers with informa­tion about the product—its quality, its availability, and its price. Feedback of evaluation enables marketing management to revise, adopt, or modify goals and objectives and replan on the basis of feedback of evaluation. 4. iv. It tilted the marketing situation in favour of the buyers. Marketing is the business function that controls the level and composition of demand in the market. The manager makes decisions about things he can control—the controllable. Marketing management helps in creation of new customers and retention of current customers. The followers of selling orientation have the belief that ‘it is a belief that consumers will not purchase or purchase enough of an organization’s product unless their interest is stimulated and they are persuaded to buy.’. Marketing Management performs all managerial functions in the field of marketing. Marketing management helps to prepare future course of action. The non-controllable variables are social, technological, political, cultural and legal factors which affect the marketing strategies. Providing consumer satisfaction – Every organization aims at providing maximum consumer satisfaction by understanding his needs and designing an appropriate product. The consumers are the king. Everything you need to know about marketing management. In very general terms, what does he decide? As suggested by the discussion of the marketing system, there is a complex of more or less uncontrollable forces operating on the manager. Definition of Marketing. Marketing concept makes customer supreme and seeks to achieve organizational goals through customer satisfaction. This is especially true for things that are perceived to be inessential. This can be discerned by studying the consumption basket of consumers situated at different locations. The buyer will be ready to pay for the goods if they have some value for him. 2. The processes are- (i) choice of the market (e.g., Apple operates in mobile handset market), (ii) selection of the target customer group (e.g., Apple does not cater to all customers in mobile handset market rather it targets the premium ones), (iii) determination of what customers in the target group need and want or what constitutes the concept of satisfaction (e.g., Apple understands what its target customers want in terms of usage ease, product touch and feel, instrument looks, and communication eco system), (iv) develop products or services in response to customer needs and wants (e.g., Apple devices like iPhone 6 is an outcome of product development in consonance with customer expectations), (v) plan how the product or service in question offers better satisfaction than competition (e.g., Apple devices score over its competitors in a number of customer significant ways such as aesthetics, appeal, and imagery). With Figure 6 for perspective, we will first examine each of the controllables. Assume, to simplify, that we are concerned only with the man­ufacturing level in a direct sense because the manager we are considering occupies a marketing management position there. In 2017, Pepsi released an ad showcasing Kendall Jenner ending a police brutality protect with a can of Pepsi. Every brand and product is being affected by competition. Process 7. Knowing how to connect with consumers and to get them talking about your product is fundamental to growing your company. The selling concept starts with an assumption that consumers are indifferent or reluctant to marketed products or services. Selling should be preceded by customer study, marketing research and product development. The ideas contained in these concepts give rise to different cultures in terms of how business is conducted with consumers. 2. Product planning involves new product development, product innovation, product diversification plan. The more sites that you connect to your brand, the higher the SEO score you will generate Google, allowing your site to be found easier. The absence of a strong philosophical core is likely to render a person inconsistent and confused. All marketing activities are based on overall organisational objectives. Controlling is a managerial function concerned with comparison of actual performance with the standard performance and locating the shortcomings if any, finally corrective measures are taken to overcome the shortcomings. Learn about:- 1. Five different philosophies or concepts have been distinguished, namely production concept, product concept, selling concept, marketing concept, and societal marketing concept. Marketing management is “planning, organising, controlling and implementing of marketing programmes, policies, strategies and tactics designed to create and satisfy the demand for the firms’ product offerings or services as a means of generating an acceptable profit.”. The marketing concept legitimizes every product and services if it creates customer satisfaction. Selling orientation is likely to be ineffective when an organization has to depend upon repeat business. Issues. We have to identify and evaluate unsatisfied and potential customers’ needs and desires. In considering how the individual selling unit in the marketing system operates, we will investigate the question- What is market­ing management? This can be achieved through promotion and communication about the goods and services. Content Guidelines 2. Selecting the correct channel requires careful analysis, particularly since the decision usually involves a heavy investment of time by managers and salesmen and goes far in fixing the rest of the marketing plan for some time into the future. If you want to scale up your business, marketing is the only way to do so. For instance, Fair and Handsome brand of fairness cream is targeted at the male segment of consumers. The cost reduction creates affordability and thereby expands market. The marketing concept is simple in principle but often very diffi­cult, if not impossible, to fully implement. Smoking is a major cause of a variety of health problems, which requires expensive treatment. Marketing structure depends upon the size of the enterprise, geographical coverage of the operation, number of product lines, nature of product, size of customers. Therefore, customer satisfaction becomes the first precondition to do business in a competitive scenario. This implies that an organization can choose to conduct its business or marketing activity in different ways. The marketing concept is put into practice by shifting the focus of value creation process to market or customers. Pricing is a complex function of marketing management. Plans should be flexible so as to adjust with the changing business environment. The selling concept reposed faith in the power of persuasion. Importance 5. Marketing ensures that all decisions are taken for customer satisfaction. The marketing concept holds customer satisfaction as the key to achieving organizational goals. Ideally marketing should result in a customer who is ready to buy. For instance, brands are advertised to create awareness, the effectiveness of which is assessed through control mechanism such as recall and recognition measures. Marketing management is practiced in every one of them. Second, work on the production systems to bring down cost so that more consumers could buy them. The orientation, in case of a person, influences his or her fundamental attitude, belief, feeling, and action with respect to a particular subject or issue, whereas an organization’s interaction with its market in terms of extended responses is influenced by its governing philosophy or orientation. Therefore, this logic ignores larger societal effects of such business. The product should exactly satisfy the consumer. However, soon this blind faith in the power of product quality exposed its fallacy. The Nature of Marketing (or Modern marketing) may be studied under the following points: 1. Some kind of philosophical core governs behaviours setting up moral and ethical boundaries. 7. The production concept was common to firms during the early period of industrialization when different products were born. It is a non-personal means of communication. While there is no single model for the functions a marketing organization should handle itself, insourcing usually makes sense when there is a desire for ownership of data and technology; when companies seek strong capabilities in a … The company has appropriate marketing-mix for each target market. 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. The marketer bridges the gap between overall organisational objectives of achieving high profit and maximization of sales and consumer’s interest of satisfying needs. It is for this indifference and reluctance that the sold products are pushed or offloaded on to buyers by putting in selling efforts. Go to fundraisers, help support local high school teams, throw a cookout with free food enticing people to come in and learn about your company. The constantly changing market conditions and opportunities make it imperative for the marketing management to come out with planned progammes to meet the challenges, and reap the opportunities. Revenue is not found inside an organization rather it resides outside, in the customer’s pocket. The new reality of competitive intensification and market saturation led to the discovery of marketing concept in 1950s that placed the customer at the centre of the marketing universe. Marketing Management identifies market opportunities and comes out with appropriate strategies for exploring those opportunities profitably. Humans have various ideas as to how life should be conducted. Evaluation and Controlling of Marketing Activities. Marketing process requires researcher, production engineer, different distribution intermediaries, sales personnel also creates employment opportunities in advertisement section. If this were a smaller company though, that advertisement could have been disastrous. Earlier when demand exceeded supply, there was no incentive for the firms to factor in consumers into their operation. It deals with creating and maintaining demand for goods and services of the organization. The 4Ps make up a typical marketing mix - Price, Product, Promotion and Place. Promotional and Communication Process: The ultimate objective of a firm is to maximise sales volume and profit. It is concerned with formulation of policies relating to product, price, channels of distribution, promotional measures, forecast of target sales etc. The essence of marketing concept is that the business of an organization is not what managers want it to be rather what customers want it to be. Marketing is not an expense free activity. The art of marketing management is the effective adaptation of these elements to the uncontrollable in the marketing environ­ment so as to optimize the company’s welfare. The selling orientation exclusively focuses attention on ways to push the product across with little or no regard for consumer interest. Suppose somebody manages to invent an excellent quality mouse-trap, does it mean that people would flock at his door to take it? The customers victimized by the power of seller aggression become dissatisfied and vent their anger by spreading negative word- of-mouth publicity. 4. wax candles, kerosene lights etc- Consumers found ease with electric utilities which can directly … A marketing mix is a term that created by the American Marketing Association back in the 1950s to explain how marketers make important decisions regarding how they execute a successful marketing plan. 2. Prima facie this concept makes good sense. Business Management, Marketing Management, What is. The application of this law is an art in which analytic tools from science can aid. This assumption creates strategic orientation that a firm should focus on while making the product available and affordable. Let us consider how a customer chooses a product such as a toothpaste or a mobile phone. Therefore, keeping a track of the progress of marketing activities is required for achieving the marketing goals. Commodities such as rice and wheat enjoy big size in terms of volume, whereas a product like gold does not have a big volume but has large value. 3. It is about knowing where to advertise, when to advertise, and how you want your product perceived. It is not uncommon to come across aggressive pushy salesmen in trades such as car dealerships, insurance, credit cards, real estate, fund raisers, and grocery stores. Marketing disruption evolved slowly until the 1990s when we entered the digital era. The advice given by Emerson that if you build a better mouse-trap the world would make a beaten path to your door wrongly shifts marketing focus from consumer to product. Selling is based on the premise that a consumer can be manipulated and cajoled into buying what is being sold. Marketing caters to the varied and unlimited needs of consumers. How to Ensure Your Course Will Sell Before You Create It, Scarcity & Hype: How the rise of “the drop” creates demand & exclusivity through digital avenues, How I Got 235K Impressions on Twitter in One Month, This is a Email You May Have Received Recently, How to Market and Sell a New Product on a Shoestring Budget, Prepare Your Business For 2021: A Comprehensive Guide. These are all practices that fall within the ambit of marketing. (4) Fixing and allocating the promotional budget to advertising and selling. This orientation is practised by sellers at the railway stations and places of tourist attraction. Firms such as Hindustan Unilever Limited (HUL) and Procter & Gamble (P&G) operate in consumer markets whereas Schneider Electric and Larsen & Toubro (L&T) are business to business marketers. Innovative methods must be used to understand the consumer, design an appropriate product and offer it to the consumer. Marketing is no longer just advertising a product during commercial breaks in hopes that people will see/want your product. Welcome to EconomicsDiscussion.net! This requires planning about different marketing tools and their combinations that shall be mixed to achieve desired results. Functions 6. Sure, you could start a blog. These decisions of product change and change in product line are common, since few companies in the United States produce a single product. Marketing strategy points out the level, mix, and allocation of marketing efforts in marketing action plans. But the aim of marketing is to make selling superfluous. This proposition changed the marketing focus to developing better products and improving them over time. Businesses operate in a dynamic environment. Personal selling deals with the selection, supervision, and training of salesmen; the allocation of salesmen to territories; and the evaluation of salesmen. This is a pretty broad area. For instance, air conditioner and refrigerator sellers’ market their products in tropical locations with ‘tropicalized’ compressors that are equipped to work in hot weather. We're presently preparing for a relaunch of the publication. ii. Consumers determine the future of the market .Therefore providing the best product to the consumer according to their preference is the important task of marketing. Some of the aspects include opportunity identification by evaluating market size, growth rate, competition, distribution channels, profit potential, and other trends. People are unlikely to throng to buy a superior quality product automatically. 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. The way to fight against competition is to offer better products and build a better process suc… Scope 8. All these functional areas of marketing must be effectively planned, organised and built effectively to achieve best results. An important step fo… However, the public saw the ad for what it really was. Pepsi hoped that the public would view their ad as inspiring in their promotion for peace and social justice. The increased need for disruptive marketing tactics is largely driven by technological innovation, the consumers who use that technology, and intense competition in most industries. On the other hand, societal concept introduces the concept of what economists call ‘externality’. It becomes a legitimate concern of businesses to discover what actually is critical to get the customers to keep coming back. This optimum welfare can be thought of as the maximum area attainable in the inner pentagon within the constraints of its environment, the outer hexagon. Privacy Policy3. Evaluation and Controlling of Marketing Activities: Marketing management performs the task of evaluation and controlling of the marketing activities. For instance, people who get addicted to drugs become a cost burden to either their family or the state. Rather attempt to understand it so you can adapt the controllable to the uncontrollable in such a way as to satisfy your company’s needs as effectively as possible. The constraint of repeat business changes the marketing paradigm in favour of the customer. Definition: The marketing mix refers to the set of actions, or tactics, that a company uses to promote its brand or product in the market. The ideas enshrined in production concept gradually got diffused across different firms rendering participating firms similar in their marketing approach. Such a situation is often seen in commodity markets such as sand, cement, and iron ore. Mergers and acquisitions in the field of commodities such as cement, aluminium, and steel are guided by a motive to create large production systems that become instrumental in driving the cost of production down through economies of scale and experience curve effects. Organizations can be distinguished in terms of their corporate mindset or business orientation. Roughly, he decides the kind of a product to produce, the kind of a distribu­tion system to use, the price to charge, advertising messages and media, and the salesmen’s message to customers on whom they call. Marketing management collects and analyses information related to consumer’s needs, wants and demands, competitor’s marketing strategies, changing market trends and preferences. Even if a good quality product has been created for people to make a beaten path to firm’s door, many other enabling things will have to be done to make that happen. Every aspect of marketing, starting with identifying the consumer’s need and wants, identifying the targeted customer, product planning, development, pricing, promotion, distribution process requires planning, decision making, coordination and controlling. Evaluation enables identification of effectiveness of marketing plans and actions. The earlier belief that decisions like what to produce, how to produce, how to sell, and where to distribute were the prerogative of people inside the organization and customer’s role was confined to ‘take it or leave it’. All companies must choose the set of channels they think will be most effective. Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. Product is the basic element of marketing. Societal marketing originated after it was realized that what is good for an individual customer or a select group may not be good for society. Marketing management aims at maximising the customer’s value by providing high satisfaction to the customers. Why disruptive marketing is so important today. A practitioner of selling is guided by his own self-interest rather than the interest of the buyer. First, people who could buy the product must be made aware and be informed about its superiority. Planning may be conducted on short term, medium term and long term basis depending upon the requirements. From the above definitions, we can conclude that Marketing Management is the process of management of marketing programmes for accomplishing organizational goals and objectives. Building a brand and how the general population perceives your company is extremely important for the success of your company. Marketing of firearms without adequate checks may promote crime and killings. Marketing policies cover marketing analysis and research, product analysis, marketing channels, personal selling, sales promotion and advertising, pricing and non-price competition. Marketers continuously strive to incorporate new technology and mechanism in their product to provide more satisfaction to customers than before. 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. 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. It might be called the “law” of marketing manage­ment, like other rules of behaviour such as Aristotle’s Golden Mean and the Golden Rule. Prices must be set. Marketing process is a combination of different activities like research work to assess the marketing environment, product planning and development, promotion, distribution of product to customers and after sales service. This called for revisiting the business orientation and discovering something new which would allow firms to deal with the emerged scenario effectively. Promotion and advertisement is essential to provide information to the customers about the product, to attract new customers, to provide reminder to customers about the product and to continue purchase, to provide information about product improvement or introduction of new brand. The seller may sell directly to the buyer or through intermediation of wholesalers and retailers. Today, marketing is exchange of values between the seller and the buyer. In most of the cases prices form the decision making criterion for purchase decision. The answer is no, unless they face the menace of mice. Managers must price the product to recover the costs and earn a reasonable return on capital. This requires organizing of marketing activities and their execution. 8. A market is a place or space that is made up of all present or potential buyers. It co-ordinates the resources of production and distribution of goods and services, determines and directs the total efforts required to sell profitably to ultimate user”. From social perspective, drugs are undesirable because their use causes addiction with a host of personal and family ramifications. Accordingly, proper marketing requires the following activities: Marketing begins with identification of the market in which a marketer wants to enter. Not only must a number of products be priced, but if a marketing channel other than direct-to-user is employed, consideration must often be given to the prices set at each level of the marketing channel. The channel mix identifies the path or the route through which goods are transferred from sellers to buyers. There are two problems with this limited perspective. Start blogging now. While over the long term these factors will share the nature of the uncontrollable forces, the manager is forced by such aspects as convenience and lack of adequate data to concern himself mainly with the immedi­ate uncontrollable item. Marketing programme starts from the product concept and it does not end until customer wants are adequately satisfied. A salesman may well perform other functions, such as delivery and repair, but, to simplify he will be viewed here as a conveyer and receiver of information. Marketing concept introduced a paradigm shift that the whole business has to be seen from the point of its final result, that is, customer’s point of view. These two stats tell a story of marketers who are increasingly held accountable for revenue contribution while many are still unable to accurately report … The markets gradually shifted from excess demand to surplus supply. 6. 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. Marketing Management process involves the following: 1. The earlier philosophies were centred on something that belonged inside the firm such as product, technology, production, or sales effort. Profit goals will only be achieved if customers willingly accept product or services. 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. The choice is generally based on a subtle or elaborate calculation as to which out of the available brands offers the best satisfaction. The process of dealing with the markets must be properly managed or else both effectiveness and efficiency of the process will get compromised. Marketing management aims at efficient operation of marketing activities. Having seen the marketing system portrayed, you know that “somewhere” can be within any of the many, many companies—manufacturing, wholesaling and retailing—that make it up. Motivation not only helps in better performance by the employee but also holds him back to the organisation for longer periods. The channel mix not only selects a channel of distribution, it also maintains it to ensure consistency in the selling practices followed by the sales people. The 4ps is basic in this sense, with only 4 variables. Given the complexity of marketing today and the range of capabilities needed, marketers need a new talent strategy built around three elements: Insource mission-critical roles. Promotion and advertisement are essential in order to maximise sales. In this new evolved scenario, the old mantra of availability and affordability became ineffective. Planning involves determining the future course of action. 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. What it means to be a marketing technologist today Scott: Marketing has fundamentally become a technology-powered discipline, and it’s leading to the rise of new kinds of marketing professionals. 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. Marketing innovation is critical for success; any modern marketer would agree. These concepts suggest that there are different ways to achieve organizational goals. A number of issues are connected to the concept of market such as size, consumer diversity and geographic spread, type of demand, volume and value. To acquire such a structure from experience alone, however, is a slow and often uncertain process. Customer focused marketing is the process of determining customer needs and wants in order to drive the working force behind the company's products or services. Marketing is the process of teaching consumers why they should choose your product or service over those of your competitors. Co-Ordinating Different Activities of Enterprise: Even the best of planning will not be rewarding if there is improper coordination between different activities of the organisation. More than one channel of distribution can be adopted at the same time; for example, a wholesaler can sell through retailers and also directly to consumers. In today’s world, the role of marketing in organizations is too important to be ignored. The results are evaluated against our desired objectives. Marketing management aims at providing innovative product and services to the customers. Performance according to plan is duly assured by effective marketing control. The deviations are then identified and corrective action is undertaken. These days organisations are very serious as far as their motivation policies are concerned. Direction helps in rightful performance of the work. The key ideas of availability and affordability were found to be necessary but not sufficient to succeed. 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