Marketing Management is the analysis, planning, implementation and control of programs designed to create, build and maintain beneficial exchanges and relationships with target markets for the purpose of achieving Organisational objectives.
Marketing management is demand management or it involves the task of influencing the level, timing and composition of demand. At times the actual demand level may be below, equal to, or above the desired demand level and the major task of marketing management is to regulate the level of demand.
Consumers will favour those products that are widely available and low in cost.
Therefore increase production and cut down costs.
And build profit through volume.
(2) THE PRODUCT CONCEPT Produce Quality Products Sell Consumers Practically sells itself,if it gives most quality for money Buyers admire well-made products and can appraise product quality and performance.
The societal marketing concept holds that the organization’s task is to determine the needs, wants, and interests of target markets and to deliver the desired satisfactions more effectively and efficiently than competitors in a way that preserves or enhances the consumer’s and the society’s well being. - It addresses conflicts between consumer’s and firm’s short run wants and long term welfare.
Shifted the focus of Marketing from Product or customer to the CUSTOMER IN THE CONTEXT OF THE BROADER EXTERNAL ENVIRONMENT . To succeed, marketers must know the customer in a context including the competition, Govt. Policy& regulation and the broader economic, social and political macro forces that shape the evolution of market.
Shifted the Marketing Objectives from PROFIT TO STAKEHOLDER BENEFITS.
Stakeholders are individuals or groups who have an interest in the activity of a company . They include -----The employees and management, Customers, Society, Shareholders, Financiers/ Bankers, Government etc.
Marketing is concerned with the flow of goods and services from the points of production to the points of consumption. There is a systematic arrangement of these functions of marketing to move the goods and services to the needy persons. This system is essential to the creation of time, place and possession utilities .
The essence of marketing can be summarized in three great principles. The first identifies the purpose and task of marketing, the second the competitive reality of marketing and third the principal means for achieving the first two.
It is a form of marketing when a company recognize an emergent or latent need, and come out with an affordable solution. Evian, Perrier anticipated growing market for bottled drinking water as the quality of water deteriorated in many places.
Anticipative marketing is more risky than responsive marketing;companies may come into market too early or too late,or may even be totally wrong about thinking that such a market would develop.(eg. Dish washers in India)
Market-driven companies focus on researching current customers to identify their problems, gather new ideas, develop products that result in incremental improvements, not radical innovations.
Market-driving companies generate significantly new products, services, business formats and raise our sights and our civilization. These companies are much more than customer-led. They lead customer where they want to go, but don’t know yet.