Marketing Management Meaning & definition, nature or features, objectives & cocepts

1. Marketing
Management
By Vishnu Pujari
Department of Commerce
S.V.S. College, Bantwal.

2. Contents
• Meaning & definition of Marketing
Management
• Nature of marketing management
• Objectives of marketing management
• Marketing management philosophies or
concepts

3. Marketing Management is an important
operative management function performing
all managerial functions like planning,
organising, directing and controlling the
marketing activities.
“ Marketing management is concerned
with the direction of purposeful activities
towards the attainment of marketing goals.”
-- E.W. Cundiff & R.R. Still

4. Nature of MarketingManagement
• Marketing management is a functional area of
management.
• It is Goal directed,
• It determines the appropriate marketing-mix of
the firm,
• It is a specialised job,
• It is the marketing concept in action.

5. Objectives of MarketingManagement
• Determination of customers’ needs,
• Creation of customers for the business,
• Customer satisfaction,
• Generation of profits for the business,
• Earn Goodwill for the business,
• Contribution to national development,
• Raising the standard of living of the people.

6. Marketing Philosophies
or
Marketing Concepts
Marketing concept or marketing philosophy means the
attitude or course of business thinking of the management of a
firm which guides its marketing efforts.
There are 6 important marketing philosophies or concept. They
are:
1. The production concept
2. The product concept
3. The selling or sales concept
4. The marketing concept
5. The societal or social concept
6. The holistic Concept

7. ProductionConcept
The philosophy holds that high production efficiency and
wide distribution coverage would sell the product offered to
the market.
According to Philip Kotler, the production concept
suggests that “ Consumers will favour those products that are
widely available and low in cost. Managers of production-
oriented organisations concentrate on achieving high
production efficiency & wide coverage”.

8. Features:
• Uninterrupted product availability
• Concentrates on production efficiency
• Large scale production
• Low cost
• Not appreciated by consumers
Best suited for mass consumption products
Like food articles, fertilizers, stationery etc.

9. Product Concept
The emphasis on production concept led to
the difficulty in selling the products, which
eventually forced the business to go for
product differentiation.
According to Philip Kotler, the product
concept holds that “ Consumers will favour
those products that offer the most quality,
performance, & features. Managers in product-
oriented organisations focus their energy on
making good products and improving them
over time”.

10. Features:
• Concentration on quality & performance of
products
• Continuous product planning and development
• No effort required for marketing the product
This philosophy is best suited for companies that
are technology-driven.

11. SellingConcept
Product concept further led to
Selling Concept, when selling became
difficult even after having a good
product at a cheaper price.
According to Philip Kotler, the
selling concept holds that “ Consumers,
if left alone, will ordinarily not buy
enough of the organisation’s products.
The organisation must therefore take
aggressive selling promotion effort”.

12. Features:
• Undertake aggressive selling promotion efforts.
• Build profit through quick turn over
• Marketers have to be knowledgeable, energetic
and imaginative for selling the products.
This concept is common for any marketing effort,
but generally practiced for insurance business and
new products.

13. MarketingConcept
With the increasing competition, the business
started to discover that it is useful to produce what
the customer want; rather than what can be
produced by the company.
According to Philip Kotler, the marketing
concept holds that “ the key to achieve
organisational goals consists in determining the
needs & wants of target markets & delivering the
desired satisfactions more effectively &
efficiently than competitors”.

14. Features:
• Determining customer needs and wants
• Satisfying Customers needs and wants
• Identifying customers as a group of coherent
unit of market segments based on their
behaviour.

15. SocietalConcept
Some marketing experts argue that the
marketing concept ignores the potential
conflicts among consumer wants, consumer
interests and long run social welfare. For
instance, a fast food hamburger firm offers
tasty but unhealthy food.

16. This is why, experts have suggested
societal marketing concept (also known as
human concept & ecological concept) which
holds that the firm’s task is to determine the
needs, wants & interest of target markets in
such a way that preserves and enhances the
consumer’s & society’s well-being.
Features:
• Preserving & enhancing customers’ as
well as society’s well being.
• Long term consumer & Public welfare
Are considered

18. HolisticConcept
Holistic marketing concept takes into account a
broad, integrated perspective. It is based on internal
marketing, integrated marketing, relationship
marketing and socially responsible marketing.

19. • Internal Marketing deals with the relationship and co-
ordination among the marketing department with the senior
management & other departments like finance, human
resource, information technology etc.
• Integrated Marketing tries to build synergy among the
product and services, channels of distribution &
communications. It tries to integrate the marketing mix.
• Relationship Marketing deals with effective implementation
of CRM (Customer Relationship Management) & PRM (
Partner Relationship Management); while performing
marketing calls for marketing activities as well as broader
concern of the society.
• Socially Responsible Marketing deals with consumers and
public welfare.

20. Books Referred
• Marketing Management by T.N. Chabra & S.K.
Grover – Dhanpat Rai & Co.(Pvt.) Ltd.
• Marketing Management by Prof. Vijay Prakash
Anand – Biztantra Publishers
• Marketing Management by K.D. Basava –
Vidyavahini Prakashan