Marketing Management
Marketing management involves the planning, implementation, and control of marketing programs, resources, and activities to achieve organizational goals. It encompasses activities such as market research, product development, pricing, promotion, and distribution. The primary focus is on understanding customer needs and creating value through the delivery of products and services.
8 Key excerpts on "Marketing Management"
eBook - ePubMarketing Management
Text and Cases
- Robert E Stevens, David L Loudon, Bruce Wrenn(Authors)
- 2012(Publication Date)
- Routledge(Publisher)
...Chapter 1 The Marketing Management Process This chapter provides an overview of the Marketing Management process. It focuses on the tasks marketers must perform to manage the marketing activities of their organizations and the environment of marketing decisions. First, we will review the definition of marketing, the marketing concept, and the focus of effective marketing before turning our attention to these tasks. What is Marketing? The American Marketing Association defines marketing as follows: “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.” 1 Several key ideas are expressed in this definition. First, marketing is a managerial function involving both planning and execution. Thus marketing is not a group of unrelated activities but tasks that are planned and executed to attain identifiable objectives. Second, marketing involves the management of specific elements or functions: product, pricing, promotion, and distribution. These functions constitute the work or substance of what marketing is all about. To be involved in marketing means being involved in the planning, execution, and/or control of these activities. Third, marketing is goal oriented. Its aim is to create exchanges that satisfy individual and organizational objectives. Marketing’s concern is with customers and meeting a need in the marketplace. However, its concern is not just with any customers or all customers but those preselected by management as the market segment(s) on which the company will concentrate. Thus, specific customers with their specific needs become the focal point of an organization’s marketing activities. The Marketing Concept The marketing concept is a business orientation that focuses on satisfying customers’ needs at acceptable levels of revenues and costs...
eBook - ePubThe Essential Management Toolbox
Tools, Models and Notes for Managers and Consultants
- Simon Burtonshaw-Gunn(Author)
- 2009(Publication Date)
- Wiley(Publisher)
...CHAPTER 7 Marketing Management Within this chapter are a number of marketing related models, although at the strategic level there is a natural proximity between marketing, business planning and organizational strategy development as successful Marketing Management leads to sales of goods or services necessary to sustain the business through income generation. Marketing is not just about the final action of sales - it is far more than this and has implications across the whole organization. In the UK, the Chartered Institute of Marketing defines Marketing Management as ‘ the management process responsible for identifying, anticipating and satisfying customer requirements profitably ’. A similar definition comes from the American Marketing Association, which proposes this to be ‘ the process of planning and executing the concept, pricing, promotion and distribution of ideas, goods and services to create exchanges that satisfy individual and organizational objectives ’. A number of parts from the American definition can be seen in the ‘marketing mix model’ (the 4Ps) while the UK definition also shows some linkage to market research and consumer requirements management. A number of models in this chapter show a relationship between the organization and that of its current or potential customers in terms of demand, customer influence and approaches to promotion. The most famous of these is Ansoff’s product-market matrix which may be supported by other models to form a basis for business development. Linked also to the marketing of a product or service is its position on the product life cycle, which not only prompts the organization to respond with a strategy matched to its life cycle position but also relates this to the future demand from its customers and the four categories that these are likely to follow. An extension of the 4Ps model is matching the marketing mix to meet customer needs...
- Callie Daum, Vibrant Publishers(Authors)
- 2020(Publication Date)
- Vibrant Publishers(Publisher)
...Introduction to Marketing Management Marketing affects everyone, every day. We all engage in marketing on a daily basis, so it is important that we understanding what marketing is. A market can be defined by Philip Kotler as, “…all the potential customers sharing a particular need or want who might be willing and able to engage in exchange to satisfy that need or want. ” Marketing is a function of an organization. It is a group of processes or procedures for developing, connecting, and providing value to consumers. It is also for dealing with customer relations in ways that profit the organization and its stakeholders. Marketing is achieved by social and managerial processes. These processes consist of consumers and groups of consumers acquiring their needs and wants by developing and swapping products and value with one another. With the cut throat competitive conditions and the advancement of production, distribution, stocking and pricing as well as digitalization, marketing has become Managing Relationships with Customers, Distributors, facilitators (Banks, advertising and PR people,) partners and public at large. Marketing seeks to fulfill those wants, needs, and desires from the consumer both present and anticipated in future. Marketing is important because in the 21st century, with the struggling economy, organizations used marketing to help keep their companies afloat. Marketing helps to tackle the challenges faced in a failing environment. In a broader sense, marketing has brought awareness of products and services to the public that have made their lives better. When marketing is successful, demand increases for an organization’s products and services. It also helps to establish a brand in the public eye and build brand loyalty. Indirectly, successful marketing creates jobs for individuals because demand is increased and more assistance to produce and distribute the products and services is needed...
- Bonita M. Kolb(Author)
- 2016(Publication Date)
- Routledge(Publisher)
...Marketing then uses the components, product, price, distribution, and promotion, to fulfill both the mission of the organization and the needs of the customer. The process of writing a marketing plan will force the organization to answer difficult questions. An organization may have many ideas for future action, but as resources are limited, the plan will force the organization to make choices. Goals, objectives, and tactics that provide a roadmap of how to achieve these choices and how success can be measured will then be developed. The relationship between strategic planning and marketing New definitions for strategy and marketing The world is much less static than in the past resulting in a new definition of strategy. Because consumers’ wants and needs constantly change as they access the continual stream of online information, the strategic planning process must be dynamic with constant revision as the plan is being implemented. As each action takes place, consumer feedback is assessed to see if changes must be made before the next step is taken. Strategy old definition : “Create unique and sustainable value by differentiating goods and services.” Strategy new definition : “Find unique, valuable, and sustainable ways of linking together a firm’s knowledge and skills with customers that will benefit from them.” How consumers use products has also changed. In the past, a company would provide instructions on product use and expect them to be followed. Now the consumer decides how to use the product and then shares this knowledge online with others...
eBook - ePub- Sally Dibb, Lyndon Simkin(Authors)
- 2007(Publication Date)
- Routledge(Publisher)
...The core ingredients of each of these facets of marketing are explored in Marketing Briefs: A Revision and Study Guide. Conceptual overview Marketing is not a science: there is no single definition or approach to undertaking marketing. The following commonly cited definitions illustrate this variation: The aim of marketing is to make selling superfluous. The aim is to know and to understand the customer so well that the product or service fits him/her and sells itself. (management guru Peter Drucker) Marketing is the management process responsible for identifying, anticipating and satisfying customer requirements profitably. (the UK's Chartered Institute of Marketing) Marketing consists of individual and organizational activities that facilitate and expedite satisfying exchange relationships in a dynamic environment through the creation, servicing, distribution, promotion and pricing of goods, services and ideas. (the American Marketing Association) Drucker argues that if a business takes the time to first properly determine customer requirements and expectations, the products that it develops are more likely to be deemed desirable by the customers the business is targeting. The Chartered Institute of Marketing adds that marketing involves understanding customer requirements both now and in the future. Businesses must strive to satisfy their customers and make profits to invest in future products and market developments. The American Marketing Association's definition hinges on the economic exchange that occurs when an interested customer purchases a product or service in return for payment or a donation. The AMA adds that marketing occurs in a dynamic environment, and that the exchange at the heart of marketing is made possible through the marketing mix (cf. Brief 32): product, people, price, promotion and place...
eBook - ePub- Kenneth M. Eades, Timothy M. Laseter, Ian Skurnik, Peter L. Rodriguez, Lynn A. Isabella, Paul J. Simko(Authors)
- 2010(Publication Date)
- Wiley(Publisher)
...Guests often cite Disney World as being high on many of the dimensions that are important to them: fun rides, family-friendly atmosphere, excellent service, cleanliness, nostalgia, enjoyable atmosphere, and so on. In many ways, Disney World epitomizes how a company can create value for customers and build loyalty. Disney finds ways to satisfy its customers in a way that is profitable over time. In short, it does an outstanding job of marketing. The American Marketing Association defines marketing as “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.” Practicing marketers often use less formal definitions, with marketing described as (for example) “creating lasting value for customers” or “where the inside of the firm meets the outside world.” These statements all reflect fundamental points about marketing activities. First, marketing refers to an expansive set of business processes and functions; it is not limited to a single functional area within a firm. Second, marketing seeks to build more than single-exchange relationships with customers. Third and most important, marketing is driven by customer needs and desires. Exhibit 4.1 Overview of the Main Stages of the Marketing Process, with Key Activities at Each Step Successful marketing efforts focus on satisfying customer needs. Of course a firm that satisfies its customers must also profit in return, but maximal profit need not come with each transaction, and short-term profits should generally be secondary to long-term customer equity. In contrast, people unfamiliar with the practice of marketing sometimes think marketing is synonymous with advertising and sales. These are certainly distinctive activities of marketing, but they are far from its only activities. In fact, most of the marketing process takes place outside of advertising and sales efforts...
- Bonita Kolb(Author)
- 2020(Publication Date)
- Routledge(Publisher)
...Planning marketing strategically Chapter 2 The chapter will answer the following questions Why is allocating resources using strategic planning critical to marketing success? What is meant when it is said that an organization has a marketing mindset? How will using the components of marketing fulfill both the needs of the organization and those of the customer? Why should a business take the time and effort to write a marketing plan? CHANGING ROLE OF MARKETING Marketing mindset or marketing headspace? Either term will do. Some artists find it difficult to think of marketing without thinking of the “hard sell” of trying to talk someone into buying something they do not want. Unfortunately, this is not an uncommon misconception of marketing. However marketing includes activities in which all artists engage on a daily basis. Marketing is part of everyday life not a dreaded activity! Telling: Marketing is about telling a story. In this case, the story the artist is telling is about passion and vision. An artist already tells this story to other artists. Marketing is just a way of sharing this same information with the public. After all, artists can’t expect non-artists to automatically understand their work. Helping: Marketing takes this process one step further. While artists should share their passion and vision, they should also help the public understand how the art will benefit them. Will it help put their troubles into perspective? Will it make them question their basic assumptions? Will it lift their spirits? The artist needs to help the public understand how art will fit into their lives. Researching: Marketing also involves researching the public to find if there is a group of potential customers who may be interested in what the art has to offer. While this may seem arduous separate activity, it simply means that artists should not isolate themselves among other artists...
eBook - ePubStrategies for International Industrial Marketing (RLE International Business)
The Management of Customer Relationships in European Industrial Markets
- Peter W Turnbull, Jean-Paul Valla, Peter W Turnbull, Jean-Paul Valla(Authors)
- 2013(Publication Date)
- Routledge(Publisher)
...In complex cases such as illustrated in previous chapters, specific customers may even justify the design of a ‘tailored’ marketing strategy. Much like other traditional marketing concepts, the concept of ‘market’ needs to be adapted to industrial marketing characteristics. An attempt is made to do this in the following section. Three Perspectives for Industrial Marketing Management Having identified and defined five basic managerial tasks of the marketing function (industrial position, offer portfolio, customer portfolio, competitive position, marketing means), it is more important to place Marketing Management within a broader perspective. By looking at these tasks in relation to the Interaction Model, one finds that such issues really are at the border line of two different bodies of knowledge in traditional management literature: strategic management and Marketing Management. This may be related to Ames’ ideas, according to whom (1970):... Marketing in the industrial world is much more a general management responsibility than it is in the consumer-products field... For in a consumer-goods company major changes in marketing strategy can be made and carried out within the marketing department... In an industrial company, on the other hand, changes in marketing strategy are more likely to involve capital commitments for new equipment, shifts in development activities, or departures from traditional engineering and manufacturing approaches, any one of which would have company wide implications. It is clear from our research and observation of managerial practices in industry that marketing managers in the industrial firms are almost always involved in decision processes which overlap their functional responsibilities and which also impinge on corporate policy. This is not sufficiently recognised in traditional texts on the Marketing Management function...
