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Marketing Management - Lecture 1

The document provides definitions and explanations of marketing and marketing management. It defines marketing as the process of moving goods and services from concept to customer through the coordination of the 4 P's: product, price, place, and promotion. Marketing management is defined as the application and management of a company's marketing resources and activities to create, deliver, and communicate superior customer value. The document then discusses the importance of marketing, noting how it helps transfer goods, raise standards of living, create employment, generate income/revenue, act as a basis for business decisions, and act as a source of new ideas, all of which are important for economic development. It describes the nature of marketing management as a process involving analysis, planning, execution, and

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Mehedul Islam Sabuj
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469 views6 pages

Marketing Management - Lecture 1

The document provides definitions and explanations of marketing and marketing management. It defines marketing as the process of moving goods and services from concept to customer through the coordination of the 4 P's: product, price, place, and promotion. Marketing management is defined as the application and management of a company's marketing resources and activities to create, deliver, and communicate superior customer value. The document then discusses the importance of marketing, noting how it helps transfer goods, raise standards of living, create employment, generate income/revenue, act as a basis for business decisions, and act as a source of new ideas, all of which are important for economic development. It describes the nature of marketing management as a process involving analysis, planning, execution, and

Uploaded by

Mehedul Islam Sabuj
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Definition of Marketing:

The management process through which goods and services move from
concept to the customer. It includes the coordination of four elements
called the 4 P's of marketing:
(1) Identification, selection and development of a product,
(2) Determination of its price,
(3) Selection of a distribution channel to reach the customer's place, and
(4) Development and implementation of a promotional strategy.
The process by which company creates value for customer and build
strong customer relationship in order to capture value from customer in
return.
Marketing is the process used to determine what products or services may
be of interest to customers and the strategy to use in sales,
communications and business development
Marketing is the activity, set of institutions, and processes for creating,
communicating, delivering, and exchanging offerings that have value for
customers, clients, partners, and society at large.
Definition of Marketing management:
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.
The application, tracking and review of a company's marketing resources
and activities.
"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)."
The American Association of Marketing define marketing management as
the process of planning and executing the conception, pricing, promotion
and distribution of ideas, goods and services in order to create, exchange
and satisfy individual and organizational objectives

Importance of marketing can be studied as follows:

(1) Marketing Helps in Transfer, Exchange and Movement of


Goods:
Marketing is very helpful in transfer, exchange and movement of goods.
Goods and services are made available to customers through various
intermediaries viz., wholesalers and retailers etc. Marketing is helpful to
both producers and consumers.
To the former, it tells about the specific needs and preferences of
consumers and to the latter about the products that manufacturers can
offer. According to Prof. Haney Hansen Marketing involves the design of
the products acceptable to the consumers and the conduct of those
activities which facilitate the transfer of ownership between seller and
buyer.
(2) Marketing Is Helpful In Raising And Maintaining The Standard
Of Living Of The Community:
Marketing is above all the giving of a standard of living to the community.
Paul Mazur states, Marketing is the delivery of standard of living.
Professor Malcolm McNair has further added that Marketing is the
creation and delivery of standard of living to the society.
By making available the uninterrupted supply of goods and services to
consumers at a reasonable price, marketing has played an important role
in raising and maintaining living standards of the community. Community
comprises of three classes of people i.e., rich, middle and poor. Everything
which is used by these different classes of people is supplied by
marketing.
In the modern times, with the emergence of latest marketing techniques
even the poorer sections of society have attained a reasonable level of
living standard. This is basically due to large scale production and lesser
prices of commodities and services. Marketing has infact, revolutionised
and modernised the living standard of people in modern times.
(3) Marketing Creates Employment:
Marketing is complex mechanism involving many people in one form or
the other. The major marketing functions are buying, selling, financing,
transport, warehousing, risk bearing and standardisation, etc. In each
such function different activities are performed by a large number of
individuals and bodies.
Thus, marketing gives employment to many people. It is estimated that
about 40% of total population is directly or indirectly dependent upon

marketing. In the modern era of large


industrialisation, role of marketing has widened.

scale

production

and

This enlarged role of marketing has created many employment


opportunities for people. Converse, Huegy and Mitchell have rightly
pointed out that In order to have continuous production, there must be
continuous marketing, only then employment can be sustained and high
level of business activity can be continued.
(4) Marketing as a Source of Income and Revenue:
The performance of marketing function is all important, because it is the
only way through which the concern could generate revenue or income
and bring in profits. Buskirk has pointed out that, Any activity connected
with obtaining income is a marketing action. It is all too easy for the
accountant, engineer, etc., to operate under the broad assumption that
the Company will realise many dollars in total sales volume.
However, someone must actually go into the market place and obtain
dollars from society in order to sustain the activities of the company,
because without these funds the organisation will perish.
Marketing does provide many opportunities to earn profits in the process
of buying and selling the goods, by creating time, place and possession
utilities. This income and profit are reinvested in the concern, thereby
earning more profits in future. Marketing should be given the greatest
importance, since the very survival of the firm depends on the
effectiveness of the marketing function.
(5) Marketing Acts as a Basis for Making Decisions:
A businessman is confronted with many problems in the form of what,
how, when, how much and for whom to produce? In the past problems
was less on account of local markets. There was a direct link between
producer and consumer.
In modern times marketing has become a very complex and tedious task.
Marketing has emerged as new specialised activity along with production.
As a result, producers are depending largely on the mechanism of
marketing, to decide what to produce and sell. With the help of marketing
techniques a producer can regulate his production accordingly.
(6) Marketing Acts as a Source of New Ideas:
The concept of marketing is a dynamic concept. It has changed altogether
with the passage of time. Such changes have far reaching effects on
production and distribution. With the rapid change in tastes and
preference of people, marketing has to come up with the same.

Marketing as an instrument of measurement, gives scope for


understanding this new demand pattern and thereby produce and make
available the goods accordingly.
(7) Marketing Is Helpful In Development Of An Economy:
Adam Smith has remarked that nothing happens in our country until
somebody sells something. Marketing is the kingpin that sets the
economy revolving. The marketing organisation, more scientifically
organised, makes the economy strong and stable, the lesser the stress on
the marketing function, the weaker will be the economy.

NATURE OF MARKETING MANAGEMENT


Marketing as a process:Marketing is a process that marketing managers execute. In a number of
instances, a marketing manager does not manage people, but manages
the marketing process. A product manager is an example of such a
marketing manager; s/he manages the marketing process for a product
within a larger marketing organization. We, as consumers, see the results
of that process in the form of products, stores, shopping malls,
advertisements, sales pitches, promotions, prices, etc. This process
usually involves four phases.
Analysis:Markets must be understood, and this understanding flows from analysis.
Marketing managers spend weeks analyzing their markets before they
undertake the development of marketing plans for influencing those
markets.
Planning:Once a market is understood, marketing programs and events must be
designed for influencing the market's customers and consumers, and even
the firm's competitors.
Execution:The marketing events are executed in the markets: advertisements are
run, prices are set, sales calls are made, etc.
Monitoring:-

Markets are not static entities and thus must be monitored at all times.
After events execute, they need to be evaluated. The planning
assumptions upon which the upcoming events are based must be
continually tested; they are not longer true then the events may need
modification.
The D Roles of a marketing manager:Marketing managers play many roles, and we can describe them with
words that begin with the letter D:
Detective:The marketer is charged with understanding markets, and thus must
spend considerable time learning about consumers, competitors,
customers, and conditions in the markets. This learning takes many forms:
formal marketing research studies, analysis of market data, market visits,
and discussions with people in the markets. The result of these studies
include insights about market conditions, and the identification of
problems and opportunities in the various markets.
Designer :Once a problem or opportunity has been identified, the marketer turns
her/his attention to designing marketing programs that solve the problems
and/or capture the opportunities.
Decision maker:Marketing is a group process that involves many different people, each of
whom may be designing marketing programs and events. Thus the
marketer must make decisions about which programs to execute.
Decision Influencer:Marketers exist in corporate structures that require higher level executives
to approve the marketing plans, programs, and events that come out of
the marketing group's work. Thus the marketer must influence the
decisions of these senior executives.
Diplomat:Marketers design marketing events that others must execute: the sales
force must execute the sales plan; the advertising agency must execute
the advertisements, etc. These units do not usually "report to" the
marketing managers, and they are undertaking tasks given to them by
multiple marketing managers. Thus, each manager must plays a

diplomatic role while inducing these units to execute his/her program in a


timely and high quality way.
Discussant:All of these roles require considerable discussion among many parties
within and outside the company. Thus the marketing manager spends
most of his/her time in discussions with others.

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