Marketing Management Basics

01:03 Amit Nagar 0 Comments

What is Marketing Management and concept of marketing management

Marketing is a management process, activity or we can call it as a Managed set of activities that leads to customer satisfaction. Marketing as Management part or process can be seen with every company or product niche. May be different in within activities, Marketing always aims at delivering or exchange of any physical product or a service with some monetary transactions.

Marketing is that much a broader term that almost every activity from 'product idea' till 'product being sold' is covered in it. The concept of Marketing came into existence in 1970s till when a mere 'product development' was no more satisfactory. During this period, when Marketing evolved, customers were active and aware of what they were using and paying for. During this period, the market was on a boom and the competition was increasing so it became necessary to know 'what to sell (product quality)', 'to whom to sell (potential customer)' and 'where to sell (potential market and product placement)'.

Why Marketing so needed?

If asked to anyone who is into any business or profession or is in market, the probable answer would be "what will you do if not marketing?". The obvious reason for this answer is that everyone is aware of customer choice and competition. Today you need to know what to produce or develop and where to sell it and to whom to sell it. To be a successful businessman or a professional you need to make people know of your presence in the market and that you are full of potential to serve them.

Marketing is not just an activity but a study of the market, competition, customers within the policies of company. Even the company policies are designed as per the marketing competition. The scope of marketing activities covers:
  • Study of Customer Needs/Wants.
  • Study of Customer behavior.
  • Product Pricing.
  • Product planning and development
  • Product Distribution and Promotional Techniques.
Above activities are carried out in a very precise and managed way, keeping in control all the business activities from starting a new venture till its successful end.

If  you are into some Marketing Activities then you need to get involved into above activities as only then your Marketing Activity will be called as Completed. Different with Sales Activities, Marketing is a managed approach to the customers or potential customers. In mere Sales the personnel are involved in selling the product or services to the customers, but this may lead to improper access and incomplete sales as Marketing covers not only the product planning and sales but also after sales services, that is, Customer Support.

Phases of Marketing Management:

In Marketing Management, the Marketing Professionals are keen to concentrate on some basic Marketing concepts/phases so as to avoid any loopholes. Lets have them below:
  1. Marketing Concepts: It includes the basic terms like Marketing Process, Marketing Environment, Marketing Organizations, Marketing Challenges, Customer approach, Customer needs, etc. These concepts are the very first things that are required to study before going forward for any activities. The market in which marketing personnel is approaching, customer behavior for any new service or towards purchasing or trying any new services are the key elements that can't be ignored as we need to know whom and where we are taking to.
  2. Marketing Planning: Once analyzed the Customer behavior and Market trend, one can start with planning the entire marketing activities that what will be his approach toward the customers will be, what other competitors are present in the market that can affect his efforts. Approach without planning is something waste of all the efforts. One can design his own competitive strategy fort better results.
  3. The Marketing P's: The Marketing P's refer to: Product(what product/service are offering), Price(whether the price of that product is competitive enough and acceptable to the target customers), Place(where the marketing activities are going on and whether the market is correct one as per the product) , Promotion(what promotional activities are carried on including advertisements, social activities), Packaging(design and packaging of the product), Positioning(approach to the market and what costumers think about you) and People(not only customers but all those who will be involved with you in the marketing activities including your staff).
  4. Know your Customers: Factors influencing customer buying behavior, Consumer decision making process are included in this phase. Making strategy for demand forcasting.
  5. Define Marketing Strategies: Some strategies are required like Market Segmentation, Approach Target market, Product Positioning, Creating Brand value.