Introduction to MarketingManagement Definition 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.”
Definition According to American Marketing Association, “ Marketing Management is process of Planning and executing the conception, pricing, promotion, and distribution of goods, ideas and services to create exchanges that satisfy individual and organizational objectives.”
Definition According to Cundiff and Still, “Marketing Management as a branch broad area of management. Marketing management is concerned with direction of purposeful activities towards the attainment of marketing goals.” There are three kinds of Goals,4. Satisfaction of Customers Needs.5. Increase in sales Volume.6. Increase in Organizational profits.
Objectives of Marketing Management Creating New Customers. Satisfying the Needs of Customers. Enhancing the Profitability of Business. Raising the standards of living People. Determining the Marketing Mix.
Steps in Marketing Management Process Setting the Marketing Objectives. Analyzing Marketing Opportunities. Researching and selecting Targets Markets. Designing Marketing Strategies. Planning Marketing Programmes. Organizing, Implementing and Controlling the Marketing Efforts.
Marketing Mix. Meaning and Definition of Marketing Mix Marketing Mix means to collect and mix the resources of marketing in the manner that objects of the enterprise may be achieved and maximum satisfaction may be provided to the customers. According to Stanton, “Marketing mix is the term used to describe the combination of the four inputs which constitute the core of companies marketing system- the product the price structure, the promotional activities and the distribution system.”
Marketing Mix The Marketing Mix Principles (also known as the 4p’s) are used by business as tools to assist them in pursuing their objectives. The marketing mix principles are controllable variables, which have to be carefully managed and must meets the needs of the defined target group. The marketing mix is apart of the organizational planning process and consists of analyzing the defined2. Product Strategies:- How will you design, package add value to the product?3. Price Strategies:- what pricing strategies is appropriate to use?4. Place Strategies:- Where will the firm locate?5. Promotion Strategies:-How will the firm promote its product?
4P’s of Marketing Mix Product Price Place Promotion
Extended/Augmented Service Mix People. Physical Evidences. Process.
Factors Affecting Marketing Mix. Uncontrollable Factors.3. Consumers Buying Behavior.4. Competition.5. Pattern of distribution System.6. Government Control.
Importance of Marketing Mix inCompetitive Environment. Guide For Resource Allocation. Allocation of Accountability. Provide Opportunity to Analyze cost Benefits Analysis. Facilitation of Communication Process.