what is marketing management meaning:- Marketing is the business purpose that identifies unaccomplished wants and needs, defines and measures their consequence, manages which target market the organisation can best assist, suit and decides on the proper products pricing and promotion and distribution programs to serve these markets to develop a market adjustment. From a societal point of view marketing is the link between a society demand and supply requirements and its economic guides of response. By exchange processes and long term building relationships, Marketing satisfies these needs and wants. It is the process of communicating the value of a product or service through positioning to customers. Marketing can be looked at as an organizational function and a set of processes for delivering, creating and demonstrating value to customers, and managing customer relationships in ways that benefit the organization and its shareholders. Marketing is the science of choosing right target markets by market analysis and segmentation, as well as understanding consumer buying behavior, test, wants, need and providing superior customer value. read more about notes of marketing management and managerial economic notes.
Meaning and definition
The American Marketing Association (AMA) offers a very comprehensive definition of marketing as “Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational goals.” To fully understand this definition, we must break it up into its key components: marketing management meaning
1. “Create exchanges that satisfy individual and organizational goals.” The individual here is the customer. The customer can be either an individual or a group of people or another business enterprise. (For the sake of simplicity, we will refer to all these entities as “the customer” throughout this book.) An organization exists because a customer’s need exists. The next step is to create something of value to meet that need, for which the customer is willing to pay. This results in an exchange between the organization and its customer. In satisfying the customer needs and creating exchanges, an organization must satisfy its own goals. The goal of all business organizations is to deliver the return to its shareholders. Unless this objective is achieved, the organization Does this mean that marketing is relevant only to commercial organizations? What about the numerous non-profit organizations? Marketing is equally relevant to them. The only difference here is that, organizational goals are not defined regarding return to shareholders. Such social organizations exist to create awareness and to change behavior on social and health related issues. An organisation that works towards creating awareness about AIDS also aims to bring about a change in the behavior of individuals. All the individuals would in this case be its customers and the organisational goals would be measured regarding awareness created or behavioral change, marketing management meaning
2. Ideas, goods and services.” It is not only physical products that satisfy customer needs. As per Phillip Kotler, marketing people are involved in marketing ten types of entities: • Goods — (motorcycle, ice-cream)
• Services — (beautician, lawyer, education)
• Experiences — (amusement parks, trekking expedition to Ladakh)
• Events — (a cricket match, Olympics)
• Persons — (all celebrities need marketing)
• Places — (marketing Kerala as a holiday destination, marketing Tamil Nadu as an ideal location to set up a new industry)
• Properties — both movable (mutual funds, equities, bonds) and immovable (real estate) • Organisations — ( the companies themselves, UNICEF, CRY)
• Information — (news magazines, websites etc.) • Ideas — (Political parties need to market their ideologies).
3. “Planning and executing the conception, pricing, promotion and distribution of ideas, goods, and services.” No exchange can be created between an organisation and a customer unless a product (whether tangible or intangible) is created to satisfy the customer need. The product has to be priced, communicated to the customer and made available to him. All this requires careful analysis, planning, and execution of programs.
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