3. If you are born and brought up in a house where all the important decisions related to the family is made by your father, then you were born and brought up in a centralized home. Hence, the marketing manager has to take decision regarding the type and material of packing, its shape, size, design and colour etc. These include Porter's five forces, analysis of strategic groups of competitors, value chain analysis and others.. Content Filtrations 6. Production activities are adapted to these consumer needs. This is most defining feature of a service and that which primarily differentiates it from a product. Marketing management, like all other areas of management comprises of the function of planning, organising, directing coordinating and controlling. B… The business policies, strategies and programmes related to marketing are mostly of managerial functions. Therefore, under the marketing philosophy, there are following five concepts: 1. Organized and systemised method of managing: strategic management is an organized and systemized method of managing enterprises it involves two phases. It coordinates the resources of production and distribution of goods and services, determines and directs the nature of efforts required to sell profitably by maximum production to the ultimate user.” It is said that change is the only basic law of economics. In the words of Pride and Farrel, “Marketing management is a process of planning, organizing, implementing and controlling marketing activities in order to effectively and efficiently facilitate and expedite exchanges. Customer Value 4. It is instrumental in manipulating the factors of production, distribution, promotion and price, and also in influencing the patterns of consumption and consumer attitudes. Thus, marketing precedes production. Creating a Market Offering 3. The salient features of the marketing concept are: Consumer Orientation: The most distinguishing feature of the marketing concept is the importance assigned to the consumer. Concepts of Strategic Marketing Strategic marketing is a methodology of analysis and knowledge of the market, with the aim of detecting opportunities that help the company to meet the needs of consumers in a more optimal and efficient way, than other competitors. Marketing, which is the art of distributing the products and services among the various claimants, has also only one basic law, change. Hence, every activity of a business is customer-oriented. The receptionist, the first point of contact, is the image bearer. Business organizations such as educational institutions, hospitals, religious institu­tions and charitable trusts have also found meaningful applications of marketing. Strategic management is a modern approach to manage business enterprise successfully and to face future challenges. Marketing is not a function of marketing department alone. Needs and Wants: The main objective of marketing process is to satisfy the needs and wants of the customers. The main purpose of marketing is to maximize profit by satisfying the needs of customers. Proper integration of marketing mix variables requires special abilities The nature, main characteristics or features of … Let us understand the centralization by taking an example from your home. 2. Production activities are adapted to these consumer needs. The business existence depends on human needs. Disclaimer 9. Marketing involves exchange of goods, services and ideas with the medium of money. It is primarily entangled with following features: Customers Needs- An organization can never assume what actually a customer needs. They like how these brands benefit them. The process of management is the set of managerial functions, i.e., planning, implementation and control of programmes to achieve pre-determined objectives. 6. ... debt management plans. This existence is assured by offering products and services that meet consumer requirements. Features Of Marketing. This helps in coming up with new products. Marketing management smoothen the process of exchange of ownership of goods and services from seller to the buyer. There are 5 marketing concepts that organizations adopt and execute. 5 Marketing Concepts: Marketing Management Philosophies The marketing concept is the strategy that firms implement to satisfy customers’ needs, increase sales, maximize profit, and beat the competition. A customer expects some services or benefits from the product for which payment is made. The marketing function of a business is customer-centred. Features of Management Following image depicts fourteen important features of management. Distribution of products is also an important function of marketing management. CRM: Marketing Automation: Marketing Lead DatabaseA marketing lead database is the system of record for your most important marketing asset: your leads and contacts.A marketing lead database goes beyond the data in your CRM system to include a rich view of all marketing interactions between each prospect and your company, including website visits, email clicks, scoring changes, data … All variables equally important 4. Learn about:- 1. Salesmen play a crucial role in communicating company and product information to customers. “A company’s marketing environment consists of the actors and forces outside of marketing that affect marketing management ability to build and maintain successful relationships with target customers”. It helps not only the producer but the sellers and consumers also. Exchange Mechanism! Customer focus 2. The important features of management are to make others work and using the efforts of others to achieve the goals of the organization. With reference to market segmentation theory (e.g. Good and attractive packing is a plus- point in facilitating the sale of a product. Marketing environment 8. The marketing manager has to take a number of decisions relating to advertising such as selection of a suitable and economical medium, planning advertising programme, preparing the advertising budget etc. These are needed to be planned, organised, directed, coordinated and controlled so as to achieve the marketing objectives. Marketing Management focuses upon the psychological and physical factors of Marketing. The package should be made in a way that the product could be conveniently taken from one place to another and can be handled easily. We can not create goods and services and then try to sell them. Marketing helps in the distribution of the goods which follows production. A customer who buys the product of a particular company extensively is known as a brand loyalist. With the societal marketing concept gaining importance, social marketers are finding useful new ways of applying marketing principles. Need Satisfaction. Customer satisfaction can be enhanced by providing value-added services, which includes providing additional facilities at little or no extra cost. Needs and Wants 2. Content Guidelines 2. Needs and wants: Satisfaction of the needs and wants of individuals and organizations. Standardization is the process of setting up standards, and manufacturing products in conformity with those standards and includes the process by which this conformity is assured. Important Features of Marketing 1. Also, it poses a unique challenge to those engaged in marketin… Content Guidelines 2. Major Functions of Marketing Management. Different objectives are fixed at different levels, but the main objective is to earn profit from business along with the satisfac­tion of human wants. Image Guidelines 5. The Marketing managers are responsible for influencing the level, timing, and composition of customer demand accepted definition of the term. Marketing Managers today are very different to a marketing manager 10 years ago. Product planning is the act of making out and supervising the search, screening development and commercialization of new products, the modification of existing lines and discontinuance of unprofitable products. Hence, production and marketing activities are closely related to each other. We need to understand the major functions of marketing management in order to understand and groom our organization. Identifying consumer needs and wants is the primary task of a marketing manager. Personnel is very important component of marketing activity. Marketing is a specialized business function. The American Marketing Association defines services as - “Activities, benefits and satisfactions which are offered for sale or are provided in connection with the sale of goods.” The defining characteristics of a service are: Intangibility:Services are intangible and do not have a physical existence. This will help in achieving organiza­tional objectives. The effectiveness and efficiency dimensions are two important components.”. Kotler and Keller, 2006; Wedel and Kamakura, 2000), it appears highly effective to address customers based … Marketing mix is a flexible combination of vari­ables. It has an universality in the sense that it can be applied to both profit-motive and non-profit motive organizations. The importance of marketing has been widened through many evolutionary processes and shaped as consumer-orientation stage, in which the existence of a firm is measured of its ability to satisfy the consumers. In the long run, customer satisfaction helps to retain market demand. with a view to accomplishing the organisational objectives. Plagiarism Prevention 4. “Marketing management is the creative management function which promotes trade and employment by assessing consumer needs and initiates research development to meet them. A producer or firm can serve its share-holders, management and workers, when the firm is successful in its marketing. TOS 7. Economic policies, market conditions, and environmental factors, such as political, technological, demographic and international, influence marketing activities. Marketing reflects the business mission of a firm before the public and society. Features of strategic management. Customer satisfaction 3. The important characteristics of marketing management may be obtained as under: 1. Science refers to a systematic body of knowledge, based on facts and principles. Features of Marketing Research. Exchange process 7. The management of a firm, therefore, has to develop a particular organisation with a view to absorbing new ideas, new approaches and new market demands. Business concerns must satisfy consumer’s wants and needs for their continued existence. Applies to business as well as non-businesses 5. Privacy Policy 8. Thus, marketing is applicable to both business and non-business organizations. Such communication includes information about business institution, its products, product qualities, the time and place of availability etc. Objective-oriented 4. Customer Relationship Management is a strategy which is customized by an organization to manage and administrate its customers and vendors in an efficient manner for achieving excellence in business. A combination of four inputs constitutes the core of a company’s marketing system—product, price, place, and promotion. Precedes and follows production. Customer oriented concept 8. Brand management is a function of marketing that uses techniques to increase the perceived value of a product line or brand over time. It integrates and combines the other business functions like production, finance, personnel etc. The achievements of marketing objectives are two-fold-customer satisfaction and profitable sale. Many consumers prefer using certain brands of clothing, deodorants or tubes of toothpaste, for example. One of the features of good packaging is that it should be convenient. Marketing helps in the distribution of the goods which follows production. Marketing activities are inseparable from such environmental factors. 19 review • introduction of industrial marketing • meaning • why study industrial marketing • features of industrial markrting • importance of industrial marketing 20. The concept of marketing includes a bunch of social sciences such as economics, sociology, psychology and law. Salonist is CRM based salon management system software for Hair, Bridal, Barber shops, Massage center & Nail salon Owners to run their salon in an easy way. Marketing is a management function like the management of other functions such as production, finance, personnel etc. The marketing activities must be co-ordinated with other functional areas of an organization. work between the producer and consumer. A profit-seeking business unit is dependent on marketing. 7. 1. The success of a business concern depends considerably upon the performance of its salesmen. Hence services cannot be touched, held, tasted or smelt. A long series of middlemen-sole selling agent, wholesalers and retailers etc. At the same time, it also addresses both the current and future consumers. It requires constant interaction with the various strata of society. It makes an attempt to study the customer needs, and goods are produced accordingly. Turning marketing into a science is a passion of ours, so in this article I'll explain the benefits of digital direct marketing , show a few examples, and walk through the steps for a … Dynamic concept 3. 2. The main object of advertising is to promote the sale of products. Brand loyalty is the highest achievement or apex of any company. Marketing management employs tools from economics and competitive strategy to analyze the industry context in which the firm operates. The marketing manager has to manage all these distribution channels. Its main aim is to provide management with factual information as a basis for marketing decisions and actions. Packaging is also an important marketing function. Direct marketing is one of the most effective marketing methods and it has many benefits, like clearly measurable results. Report a Violation, 5 Characteristics of Marketing Concept | Marketing Management, Marketing: Meaning, Considerations and Essential Elements of Marketing. Functions such as production, finance, research, purchasing, storekeeping and public relations (PR) are to be integrated with marketing. Continuous and regular activity 6. 4. The determination of what is to be produced should not be in the hands of … Structure. Content Filtrations 6. With the help of its Smart Search feature salon owners can get all the information about their clients, sales, and leads within seconds. The study of marketing management is nothing but the critical evaluation of various marketing functions. Otherwise, it will result in organizational conflicts. FEATURES OF MARKETING MIX 1. TOS 7. Image Guidelines 5. ... intelligence where systematic study is made before taking any military action MR acts as the intelligence tool of marketing management. 20 BIBLIOGRAPHY • Essentials of marketing management author :Philip kotler • Marketing management author: s.a.sharleker Himalaya publishing house Functions such as distribution, after-sale services and packaging help in the exchange process. All marketing activities are objective-oriented. Marketing is both art and science 5. The goods of tangible nature can be displayed, the prospects or buyers can have a view and they can even test and make a trial before making the buying decisions. The production department has to see that products do not falter after sale. 6) Tool for managerial decisions:- MR acts as a tool in the hands of management for identifying and analysing marketing problem and finding out solution to them. Prohibited Content 3. Intangibility is an important consideration that complicates the functional responsibility of a marketing manager, specially while influencing and motivating the prospects/customers. The marketing Management refers to planning, organizing, directing, control of the activates which facilitate the exchange of goods and services between the producers to end consumers. Some of the most important features of marketing are as follows: 1. Prohibited Content 3. The marketing has special significance in an organisational structure of a firm. Besides, it is an important sales tool which makes a product attractive and attention-captivating. Copyright 10. Integrated approach 10. They are influenced by consumer behaviour, trade factors, competition and government regulatory measures. Thus, marketing precedes production. Guerilla Marketing . It helps achieve organizational objectives. Hence, production and marketing activities are closely related to each other. The size and shape of the package also should be convenient for retailers to keep in the shop or for consumers to keep at their homes. Report a Violation, Marketing Management: Meaning and Objectives, Marketing: Meaning, Considerations and Essential Elements of Marketing. Plagiarism Prevention 4. Com­mercial organizations are also adopting cause-related marketing to strike long-term relations with consumers. It is the source of income to the distributors of the product. Marketing is a social function. But at present, the business environment has undergone tremendous changes in social, economic, political and cultural aspects. The following are some of the major functions of marketing management − Selling Hence, marketing is an art as well as a science. The term functions of marketing management means the main role of this type of management in any organization. A successful marketer needs to adapt to these changing factors and adjust marketing strategies to suit new market developments. The institutions like hospital, school, political association also practise marketing in popularizing the services offered by them. Reply Delete. Replies. Every other employee of the organization such as an engineer, an accountant, a salesman, or sales analyst has a specific role to play whereas the role of a manager is to integrate the activities of all these employees to achieve the goal. Guerilla marketing describes an unconventional and creative marketing strategy intended to get maximum results from minimal resources. It coordinates the resources of production and distribution of goods and services, determines and directs the nature of efforts required to sell profitably by maximum production to the ultimate user.” Therefore marketing management is the functional area of business management which deals with the problems of consumers satisfaction. A package is used to contain, protect and identify a product. Privacy Policy 8. The major areas in which marketing research helps management to formulate its policies are: products, markets, marketing policies and sales methods. Before publishing your articles on this site, please read the following pages: 1. Marketing management represents marketing concept in action. Customer satisfaction is gained, and it greatly depends upon the manner in which the marketing functions are organised. Marketing Management: Meaning and Essential Characteristics! Advertising is a method of business communication to the prospective customers. Hence, the marketing manager has to take pricing decisions very carefully. Price of the product affects volume of production and the amount of profit. Before publishing your articles on this site, please read the following pages: 1. 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