Understanding Marketing Management
Understanding marketing management is a very important aspect of knowing what marketing is all about. According to the American Marketing Association, marketing can be defined as set of processes followed by the organization in order to create, communicate and deliver value to the customers to develop an effective relationship with the customers that would benefit the organization and everyone associated with that organization.
Marketing Management is the art of selecting a target market and increasing the number of customers by offering them products and services that can be used in delivering value to them for the cost they pay for it.
What can be Marketed?
There are several things that can be marketed which include :
Types of Market
- Consumer market- this market consists of the products and services that are meant for daily use and non- business use
- Business market- it consists of industrial goods and services that are used for the business purpose.
- Global market- it consists of goods and services that can be used to serve the global consumers.
- Government market – it consists of goods that can be used by non profit organization and government institutions.
Concepts in Marketing Management
- Understanding the needs, wants and demands of the consumers
- Understanding the concept of segmentation, targeting and positioning
- Product offerings and managing brands
- Value delivering and satisfaction of the customers
- Distribution channels in marketing
- Supply chain performance
- Understanding the internal and external marketing environment
Competing Concepts of Marketing
- Understanding the production capability concept
- Understanding the concept of product and services
- Knowing the concept of selling goods
- Understanding the marketing concept
- Holistic marketing approach concept
Components of Holistic Marketing
Holistic marketing is the combination of different marketing concepts which includes all type of marketing related concepts like :
- Relationship marketing – it is a marketing concept that deals with an effective relationship building with the customers through improved performance.
- Integrated Marketing – It is the integration of all the marketing activities like promotion, distribution etc.
- Internal Marketing- it is the marketing done for the employees in the organization in order to motivate them.
- Social responsibility marketing- this type of marketing is done to perform the well being of the society and its people as well as for some social cause.
Tasks performed in Marketing Management
- Creating strategies an plans to enhance the performance of marketing related activities
- Maintaining relationship with the customers
- Creating strong brands
- Capturing the insights of the market
- Identifying various market offerings