Marketing Management

MARKETING MANAGEMENT

Introduction

·       Marketing is a social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others.

·       According to Philip Kotler: “Marketing is the science and art of exploring, creating, and delivering value to satisfy the needs of a target market at a profit.”

Nature of Marketing

1. Customer-Oriented: Marketing starts and ends with the customer—understanding and satisfying customer needs.
2. Goal-Oriented: The ultimate aim is to achieve organizational goals like profit, growth, or social welfare.
3. Dynamic: Marketing practices evolve based on technology, consumer behavior, and market trends.
4. Integrative Function: It integrates various organizational activities like production, sales, distribution, and promotion.
5. Value Creation & Exchange: It is concerned with creating value for both customers and organizations through exchange processes.
6. Universal Applicability: Marketing principles are applicable to goods, services, ideas, places, and people.
7. Continuous Activity: Marketing is not a one-time activity but an ongoing process.

Scope of Marketing

1. Market Research – Understanding market trends and consumer behavior.
2. Product Planning and Development – Designing products/services to meet customer needs.
3. Pricing – Determining price strategies that reflect value and competition.
4. Distribution – Managing channels to deliver products to customers efficiently.
5. Promotion – Advertising, sales promotion, public relations, and personal selling.
6. Customer Relationship Management – Building long-term customer relationships.
7. After-Sales Service – Enhancing customer satisfaction post-purchase.
8. E-Marketing – Online and digital marketing through web and mobile platforms.

 Importance of Marketing

1. For the Economy:
• Promotes industrial and economic growth.
• Stimulates demand and employment.
• Encourages innovation and entrepreneurship.
2. For Businesses:
• Helps in achieving business objectives.
• Increases sales, revenue, and profit.
• Builds brand value and customer loyalty.
3. For Consumers:
• Provides product awareness and choice.
• Improves quality of life by offering need-satisfying products.
• Ensures competitive pricing and better service.
4. For Society:
• Enhances standard of living.
• Promotes social welfare through ethical practices and CSR.

Approaches to the Study of Marketing

1. Product Approach:
• Focuses on the product features and quality.
• Assumes good products will automatically sell.
2. Sales/Transactional Approach:
• Emphasizes aggressive selling and promotional activities.
3. Production Approach:
• Based on mass production and economies of scale.
• Focuses on availability and low prices.
4. Consumer/Marketing Approach:
• Prioritizes customer needs and satisfaction.
• Core of modern marketing philosophy.
5. Managerial Approach:
• Views marketing as a problem-solving and decision-making process.
• Emphasizes strategic planning and control.
6. System Approach:
• Sees marketing as a subsystem of the total business system.
• Interlinks with production, finance, HR, etc.

Marketing and Economic Development

1. Creates Employment Opportunities: In production, distribution, retailing, advertising, etc.
2. Increases National Income: Through higher production and sales.
3. Stimulates Industrial Growth: By connecting industries with consumer needs.
4. Boosts Export Potential: Through global marketing strategies.
5. Enhances Standard of Living: By making modern goods available to more people.

Traditional vs Modern Concepts of Marketing

Feature	Traditional Marketing	Modern Marketing
Focus	Product-centric	Customer-centric
Orientation	Selling	Satisfying customer needs
Strategy	Mass marketing	Targeted/niche marketing
Communication	One-way (TV, radio, print)	Two-way (digital, social media)
Scope	Limited to physical products	Includes services, experiences, ideas
Value Creation	Through production	Through innovation, service & experience
Role	Passive	Strategic & integrative

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