Marketing is about understanding and influencing behaviors which can be done through studies on how people react to certain motive in predictable ways and it also looks at measuring and analyzing numbers so marketing is considered a science. As an art, marketing is about appreciating the nuances of human behaviors and also creating an immediate and future product demand. Branding requires an innovative approach which is very difficult to measure and as such is the art in marketing.
For the above marketing is both art and science: The marketing concepts main focus has mostly being on customer and customer needs and the product, price, promotion and place would be able to provide the balanced marketing mix.
In eight pages this paper discusses industry competition and these firms' particularly emphasis or specialty areas. In ten pages this paper discusses RSH's marketing management as well as proposed Internet and new market expansion.
In eight pages this paper discusses Quaker Oats, Gatorade, the sports drink industry in a consideration of management, marketing s In ten pages this paper examines the commercial real estate industry, macroeconomics, and other marketing considerations, with an Fan Identification Despite the importance of having a strong fan b In five pages this paper examines marketing management, competition, and the important relationship between profitability and cust When other industries were revamping their marketing strategies, the health care industry maint Such improvements were made possible by economic policies that promoted financial stability and growth through e In fifty four pages this paper examines a British law firm with the application of some management principles and marketing strate New to eCheat Create an Account!
Professionally written essays on this topic: All the basic activities of a business organisation like production, finance, marketing, etc. The marketing function generates revenue for the business. Sufficient Profits must be earned as a result of sale of want-satisfying products. If the firm is not earning profits, it will not be able to survive in the market. Moreover, profits are also needed for the growth and diversification of the firm.
Marketing stimulates economic growth and raises level of employment in the economy. Large-scale production with all its economies is ensured through continuous marketing of products. Marketing helps integrate various sectors of the economy. It also contributes to fuller utilisation of existing resources. Moreover, marketing also promotes development of entrepreneur and managerial class in the society.
Marketing aims at achieving, maintaining and raising standard of living of the community. It helps expand production and adds to variety of goods and services available for consumption by people. Goodwill, as we know, is nothing but profits enjoyed by firm or organisation due to its reputation.
By selling goods at reasonable rates and thus satisfying the consumers, the marketing functions help in building of goodwill. This in return increases sales and profits due to reliability and thus, circle goes on. Marketing management is one of the important operative functions of business. It is that functional area of business management which is concerned with the marketing of products and services.
It involves planning, organising, directing and controlling the activities relating to the marketing of goods and services to satisfy the needs of customers. It is the marketing concept in action. It includes all activities which are necessary to determine and satisfy the needs of consumers. Thus marketing research and product planning are integral parts of marketing management.
Marketing management is goal directed. It attempts to satisfy the needs of customers by offering them want-satisfying products and generate profits for the business. It determines the appropriate marketing mix of the firm. Product design, its promotion, its pricing and its distribution are synchronised so as to maximise the sales volume. Marketing management is that part of the business management which is concerned with marketing, i. Accordingly, the scope of marketing management covers a cluster of activities like —.
The scope of marketing management, when viewed from the functional aspects, can be charted as below: The present day business world has undergone rapid change and transformation, rather a metamorphosis, in the last few decades. A business firm, basically a micro-unit, is not isolated from the world around it. In other words, a thorough understanding of the economic, social, cultural, and political environments in which a business firm operates has become a major priority for management.
The marketing management of a business entity has to understand these environmental aspects. In a modern enterprise, the objective of the marketing department is not so much to find customers for goods and services produced by the firm as it is to find ways in which the resources of the firm can be used to meet the needs of the potential consumers and maximise profit. Thus the marketing management may recommend that the existing products of the firm be removed from production because they are no longer profitable and that new products be added.
On the marketing side, economic variables along with personal tastes underlie the demand or sales forecast for a commodity. These are also the factors that determine price elasticity, income elasticity and cross elasticity of demand.
In preparing a marketing strategy, it is the marketing management of a firm that must consider the structure of the market. The chart below shows how the marketing management and operational management can come together to devise the market strategy for the firm that meets the objectives of both the consumers and business firms.
Three sets of variables are shown — market structure, economic variables and technological variables. These are external to and beyond the control of the firm, but which the marketing management of a firm may seek to influence to its advantage through, research and promotional activities.
An effective and well planned marketing function is the life-blood of the organisation. To sum up, the marketing function is considered important on account of its following contributions: An efficient marketing system can keep the factors of production fully and profitably employed which is basic to the functioning of the economy. An efficient marketing set-up increases the volume of sales and thus reduces the cost of distribution of products and services.
A marketing function maintains a regular interaction with the existing and potential users and consumers to ascertain their needs. This way, it leads to production of socially useful goods and services. It is the marketing process that makes available to the customers the products and services of their choice at the reasonable prices. Through effective advertising and salesmanship, the marketing function serves to educate the people for better and newer uses of goods and for use of new products, and thereby delivers a standard of living to the customers.
Marketing Management Uploaded by shoan on Jun 08, As an art, marketing creates interests in the consumer’s mind which becomes ones likeness. “Most people think of science is to increase the accuracy of predictions. Although this is part of it, thje ral goal is to increase understanding” (Marketing News).
The marketing managers are the responsible for directing and entering a company to different markets by setting a marketing plans and strategies based on information allocated by studying the markets and defining the needs and wants of customers and come up with products that satisfy the needs of customers and gain the market.
Essay # 4. Nature of Marketing Management: Marketing management is one of the important operative functions of business. It is that functional area of business management which is concerned with the marketing of products and services. 5. Identify and describe some problems and challenges to marketing managers in relation to change and innovation. Critically discuss the links between strategic marketing management and the change environment with particular reference to Levitt's () seminal article" Marketing Myopia".
Marketing Management is a business discipline which is focused on the practical application of marketing techniques and the management of a firm's marketing resources and activities. Rapidly emerging forces of globalization have compelled firms to market beyond the borders of their home country making International marketing highly significant. Marketing Management Words | 13 Pages. Unstated, Delight, Secret Types of Marketing Environments Task - includes the actors engaged in producing, distributing, and promoting the offering Broad – demographic, environment, economic, social-cultural, natural, and technological environment Holistic Marketing – based on the development, design and implementation of marketing programs.