Marketing Management

"Marketing management is "the art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value" (Kotler and Keller, 2008: 5)."

Marketing management is the organizational discipline which focuses on the practical application of marketing orientation, techniques and methods inside enterprises and organizations and on the management of a firm's marketing resources and activities. According to Philip Kotler, “Marketing management is the analysis, planning, implementation and control of programs designed to bring about desired exchanges with target markets for the purpose of achieving organizational objectives.



Importance of Marketing Management:

Marketing management has gained importance to meet increasing competition and the need for improved methods of distribution to reduce cost and to increase profits. Marketing management today is the most important function in a commercial and business enterprise.

  • Introduction of new products in the market.
  • Increasing the production of existing products.
  • Reducing cost of sales and distribution.
  • Export market.
  • Development in the means of communication and modes of transportation within and outside the country.
  • Rise in per capita income and demand for more goods by the consumers.

Marketing Management has the responsibility of to perform many functions in the field of marketing such as planning, organizing, directing, motivating, coordinating and controlling. All these function aim to achieve the marketing goals. Following is a brief summary of functions of Marketing

    1).Marketing Objectives:

    Marketing management determines the marketing objectives. The marketing objectives may be short term or long term and need a clear approach. They have to be in coherence with the aims and objectives of the organization.

    2). Planning:

    After objectively determining the marketing Objectives, the important function of the marketing Management is to plan how to achieve those objectives. This includes sales forecast, marketing programs formulation, marketing strategies.

    3).Organization:

    A plan once formulated needs implementation. Organizing functions of marketing management involves the collection and coordination of required means to implement a plan and to achievepre-determined objectives. The organization involves structure of marketing organization, duties, responsibilities and powers of various members of the marketing organization.

    4). Coordination:

    Coordination refers to harmonious adjustment of the activities of the marketing organization. It involves coordination among various activities such as sales forecasting, product planning, product development, transportation, warehousing etc.

    5). Direction:

    Direction in marketing management refers to development of new markets, leadership of employees, motivation, inspiration, guiding and supervision of the employees.

    6).Control:

    Control refers to the effectiveness with which a marketing plan is implemented. It involves the determination of standards, evaluation of actual performance, adoption of corrective measures,

    General Advantages of Marketing

    An obvious advantage of marketing is the promotion of your business; getting the recognition and attention of your target audience across a wide ranging or specific market.

    Going hand-in-hand with this is the enhanced brand recognition. Over time potential customers and members of the public will begin to associate your logo and your brand with your business. Every business needs to ‘spend money to make money’. Investing in marketing is no different. The most important advantage of marketing is therefore quite simply improving the businesses profits by boosting sales.

    General Disadvantages of Marketing

    The first disadvantage of marketing in general is the cost. Adverting and marketing costs money. If you don’t do the proper research then you might end up throwing money away. Wasting marketing efforts by targeting the wrong audience using an inappropriate medium would be a serious and costly mistake. So it is important to do your research beforehand and keep your costs to a minimum.

    As well as the financial cost, marketing your business will require investment of time. Researching the appropriate marketing strategy, designing and writing the adverts, getting them published, dealing with any response. It’s important to spend time keeping track of how successful or not your marketing campaign is. A potential disadvantage of marketing here is the risk of time wasted for an unsuccessful campaign.