Market:-
Marketing:-
It is a total system of
business activities design to plan promote and distribute wantsatisfying goods
and services to target market.
Marketing management:-
It can be define as a art
and science of choosing target volume and getting keeping andgrowing customer
to creating delivering and communicating superior customer value.
Explanation:-
1) Science and art2) Choosing
target market3) Getting, keeping, growing customer (4ps)
1)
Marketing Management is both a Science as well as an Art:-
Marketing Management is both
a science as well as an art. The science of marketingmanagement
provides certain general principles which can guide the managers in
their professional effort. The Art of Marketing management consists
in tackling every situation in aneffective manner. As a Matter of fact, science
should not be over-emphasized nor should art bediscounted the science and
the art of marketing management go together and are both mutuallyinterdependent
and complimentary. Marketing Management is thus a science as well as an
art. Itcan be said that-"the art of Marketing management.
2)
Choosing target Market:-
A marketer can rarely
satisfy everyone in a market. Not everyone likes the same softDrink,
automobile, college, and movie. Therefore, marketers start with market
segmentation.They identify and profile distinct groups of buyers who might
prefer or require Varying productsand marketing mixes. Market segments can
be identified by examining Demographic, psychographic, and
behavioral differences among buyers. The firm then decides which
segments present the greatest opportunity—those needs the firm can meet in
a superior fashion.
Marketers use numerous tools to
elicit the desired responses from their target markets.These tools
constitute a marketing mix Marketing mix is the set of marketing tools
that the firmuses to pursue its marketing objectives in the target market.
As shown in Figure 1-3, McCarthyclassified these tools into four broad
groups that he called the four Ps of marketing: product, price, place, and
promotion.Figure 1-3 The Four P Components of the Marketing Mix
Nature & Importance of Marketing
Management
It would be difficult to
imagine the world without marketing. But it may be equallydifficult
to appreciate the importance effective marketing plays most aspect of our
lives. We takefor granted the media that are largely supported by
advertising. The vast assortment of goodsdistributed through stores close to
your homes, and the ease with which we can make purchases.Lets
consider for a moment how marketing plays a major role in the global
economy , in theAmerican socioeconomic system in any individual
organization and in your life.
1)
Globally:-
Profit and growth objectives
are most likely to be achieved through a combination of domestic and
international marketing rather then solely from domestic marketing.Until the
late 1970s American firms had a large and secure domestic market. The
onlysignificant foreign competition was in selected industries, Such as
agriculture, or for relativelynarrow markets, such as luxury automobiles. But this
change domestically through the 1980s asmore foreign firms developed attractive
products, honed their marketing expertise, and thensuccessfully entered the US
market. Imported products in some industries, such as officeequipment,
autos, apparel, watches and consumer electronics, have been very successful. As
aresult in recent years the U.S. has been importing more then its exports,
creating large annualtrade deficits.
2)
Domestically:-
Aggressive, effective marketing
practices have been largely responsible for the highstandard of living in
the United States. The efficiency of mass marketing – extensive and
rapidcommunication with customers through wide verity of media and a
distribution system thatmakes products rapidly available- Combined with mass
production brought the cost of many products within reach of most
customers.
a)
Employment and costs:-
When we get an idea of
significant marketing in the U.S. economy by looking at howmany of us are
unemployed in same way in marketing and how much of what we spend coversthe
cost of marketing. Between one third and one fourth of the U.S. civilian labor
force isengaged in marketing activities.
b)
Creating Utility:-
A customer purchases a
product because it provides satisfaction. The Want satisfying power
of a product is called its utility and it becomes in many forms. It
is through marketing thatmuch of a products utility is created.
3)
Organizationally:-
Marketing consideration should
be integral part of all short and long range planning in anycompany.
Here’s why:
The success of any business
comes from satisfying the wants of its customers which is the social and
economic basis for the existence of all organizations.
Although many activities are
essential to a company’s growth , marketing is the only onethat produce
revenue directly.
a)
Services marketing:-
The U.S has gone through from
primarily manufacturing economy to the world’s firstservice economy. As opposed
to goods, services are activities that are the object of a transaction.For
example transportation, communication entertainment, medical
care, financial services,education and repair services account of over two
third of the nation’s gross domestic product.
b)
Not for profit marketers:-
During 1980s and early
1990s many not for profit organizations realized thy neededeffective
marketing programs to make up for shrinking government subsidies a
decrease incharitable contribution and other unfavorable economic.
Not for profit
organizations need to improve their image and gain greater acceptanceamong
donors, government agencies, news, media, and consumers all of which
collectivelydetermine an organization’s success.
4)
Personally:-
Consider how many marketers
view you as a part of their market. With people like you inmind,
firms such as Nike, VSA, and Microsoft have designed products, set prices,
createdadvertisement and chosen the best methods of marketing their
product available to customers. Inresponse customers watches TV. With its
commercials buy various articles over internet and instores etc.Marketing
occupies a large part in our daily life. Studying marketing will make
you better informed. You will have a better idea for why some firms are
successful and other seemingly run business fail. More especially you will
discover how firms go about deciding what products to offer, and what
price is to charge. Marketing will help you understand the manyforms
of promotion and how they are used to inform and persuade customers. And
it will helpyou the modern miracle of efficient distribution that make
product available when and where buyers want them.
NATURE OF MARKETING MANAGEMENT
Marketing
as a process:-
Marketing is a process
that marketing managers execute. In a number of instances, amarketing manager
does not manage people, but manages the marketing process. A productmanager is
an example of such a marketing manager; s/he manages the marketing process
for a product within a larger marketing organization. We, as consumers,
see the results of that processin the form of products, stores, shopping malls,
advertisements, sales pitches, promotions, prices,etc. This process usually
involves four phases.
Analysis:-
Markets must be
understood, and this understanding flows from analysis. Marketingmanagers
spend weeks analyzing their markets before they undertake the development
of marketing plans for influencing those markets.
Planning:-
Once a market is
understood, marketing programs and events must be designed for influencing
the market's customers and consumers, and even the firm's competitors.
Execution:-
The marketing events
are executed in the markets: advertisements are run, prices are set,sales
calls are made, etc.
Monitoring:-
Markets are not static
entities and thus must be monitored at all times. After eventsexecute,
they need to be evaluated. The planning assumptions upon which the upcoming
eventsare based must be continually tested; they are not longer true then
the events may needmodification.
The
D Roles of a marketing manager:-
Marketing managers play
many roles, and we can describe them with words that begin withthe letter D:
Detective:-
The marketer is charged
with understanding markets, and thus must spend considerabletime learning
about consumers, competitors, customers, and conditions in the markets.
Thislearning takes many forms: formal marketing research studies, analysis of
market data, marketvisits, and discussions with people in the markets. The
result of these studies include insightsabout market conditions, and
the identification of problems and opportunities in the variousmarkets.
Designer
:-
Once a problem or opportunity
has been identified, the marketer turns her/his attention todesigning marketing
programs that solve the problems and/or capture the opportunities.
Decision
maker:-
Marketing is a group
process that involves many different people, each of whom may bedesigning
marketing programs and events. Thus the marketer must make decisions about
which programs to execute.
Decision
Influencer:-
Marketers exist in
corporate structures that require higher level executives to approve
themarketing plans, programs, and events that come out of the marketing
group's work. Thus themarketer must influence the decisions of these senior
executives.
Diplomat:-
Marketers design
marketing events that others must execute: the sales force must executethe
sales plan; the advertising agency must execute the advertisements, etc. These
units do notusually "report to" the marketing managers, and they are undertaking
tasks given to them bymultiple marketing managers. Thus, each manager must
plays a diplomatic role while inducingthese units to execute his/her program in
a timely and high quality way.
Discussant:-
All of these roles
require considerable discussion among many parties within and outsidethe
company. Thus the marketing manager spends most of his/her time in
discussions withothers.
Managing
the Marketing Mix
Marketing managers can
control or influence four aspects of the firm's output: its products, promotions,
prices, and the places that all of these are offered.
Product
Product management involves the
design of the physical product along with its packagingand warranties, the
positioning of that product in terms of the benefits it delivers, and
thedevelopment of the product's brand identify.
Promotion:-
It is generally not true
that consumers will beat a path to your door if you have a
superior product; they must be told about it and induced to buy
it ... thus the need for promotion.Promotion includes personal selling,
advertising, sales promotions, and public relations.
Price:-
Pricing strategies and
tactics must be determined for the product, and then followed to
set prices for all the sizes and variants of the product. The result is
usually a price schedule thatincludes the regular price, volume discounts,
payment terms, seasonal prices, introductory prices,etc.
Place:-
Marketing managers are
involved in decisions about where the product is offered to theconsumer in
terms of the channels of distribution.
Operating
within constraints:-
Marketing managers must
undertake all of the above activities within various constraints, allof which
start with the letter C. None of these constraints are under the direct control
of themarketing managers; some can be influenced; all can be understood.
Competition:-
Other companies are
competition for the same consumers and channels of distribution.
Channels:-
Retail stores, electronic
markets, communications media exist to serve the marketer. Inthe short run,
they must be accepted as constraints; in the long run, the marketer
can exert somecontrol over them ... even vertically integrate into the
channels.
Consumers:-
Consumers have
needs and wants
. The marketers must understand
those
needs
beforethey can design
marketing programs aimed at impacting consumer
wants
.
Conditions:-
Markets are not static
but in constant evolution under the influences of the economy,changing
tastes and fashions, population dynamics, etc.
Company:-
Company policies,
procedures, practices, and cultures place constraints upon themarketing
resources and programs that the marketer can deploy.
Marketing
is Collaboration:-
The nature
of marketing requires marketing managers and professionals to work
together on all aspects of marketing. It is common for the marketing
manager to be at the center of a setof activities being worked on by people
within the company (sales force, promotion manager, product development
teams, etc.) and outside the company (ad agencies, consultants,
marketingresearch firms, etc.). Thus marketing managers must spend considerable
time in consultation andcollaboration with other people.
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