INTRODUCTION
Marketing management is the organizational discipline
which focuses on the practical application of marketing orientation, techniques
and methods inside enterprises and organization and on the management of a
firm's marketing resources and activities.
Globalization has led firms to market beyond
the borders of their home countries, making international marketing highly
significant and an integral part of a firm's marketing strategy.
Marketing
managers are often responsible for influencing the level, timing, and
composition of customer demand accepted definition of the term. In part, this
is because the role of a marketing manager can vary significantly based on a
business's size, corporate culture, and industry context. For example, in a
large consumer products company, the marketing manager may act as the overall
general manager of his or her assigned product.
To create an
effective, cost-efficient marketing management strategy, firms must possess a detailed,
objective understanding of their own business and the market in which they
operate.
In analyzing
these issues, the discipline of marketing management activities often overlaps
with the related discipline of strategic planning.
Structure Marketing
management employs various tools from economics and competitive strategy to analyze
the industry context in which the firm operates. These include Porter's five
forces, analysis of strategic groups of competitors, value chain analysis and
others. Depending on the industry, the regulatory context may also be important
to examine in detail.
In competitor
analysis, marketers build detailed profiles of each competitor in the market, focusing
especially on their relative competitive strengths and weaknesses using SWOT analysis.
Marketing managers will examine each competitor's cost structure, sources of
profits, resources and competencies, competitive positioning and product
differentiation, degree of vertical integration, historical responses to industry
developments, and other factors.
DEFINITION OF MARKETING MANAGEMENT ACTIVITIES
Marketing
management activities can means management of all the activities related to
marketing or in other words we can say, it refers to planning, organizing,
directing and controlling the activities which result in exchange of goods and
services.
Philip Kotler
defined marketing management as “The art and science of choosing target markets
and getting, keeping and growing customers through creating delivering and
communicating superior customer values of management”.
Marketing management often finds it
necessary to invest in research to collect the data required to perform
accurate marketing analysis. As such, they often conduct market research (alternately
marketing research) to obtain this information.
Some of the
important activities involved in marketing management activities are as
follows:
If we break up this definition we can say
the marketing management involves the following activities:
1. Choosing a Target Market: The activities of
marketing management begin by finalising the target market for example; target
market for medicine manufacturer is hospital, doctors, chemist shops, etc.
2. Growing Customers in Target Market: After choosing a target
market the next step in marketing process
is to take steps to increase number of customers by analysing the needs, wants and
demand of customers and giving due importance to the satisfaction of customers.
3. Creating Superior Value: The next step in
marketing management process is to create some special value in the products to
make your product better than competitor’s product. Special values can be added
by offering various schemes for example, giving free insurance with car.
Most of the
time marketing managers aim at increasing demand but sometimes they have to
constrain or cut down demand due to shortage of supply by reducing expenses on
promotion etc. The situation of reducing the demand was very common before 1990
(before liberalisation and privatisation). Now the main motive of marketing
manager is to manage the demand effectively.
REFERENCES
1. Aaker, A.D., - Strategic market management, John Wiley & SONS, Inc.,
2007.
2. Abell, D.F., Hammond, J.S., - Strategic Marketing Planning,
Englewood Cliff Prentice Hall, pg.9, 1979
3. Bagozzi, R., - Marketing Management, Prentice Hall, 1998.
5. Deshpande , R., Webster, F.E., - OrganizaĊ£ional Culture and marketing: defining
the research agenda, Journal of Marketing, vol.53, January, pp.3-15,
1989.
6. Drucker, P.F., - Management: Tasks, Responsibilities and Practices, Harper
and Row, New York, 1973.
7. Drummond, G. - Strategic Marketing: Planning and Control, 2-nd edition,
Butterworth-Heinemann, Oxford, 2001.
8. Etzel, M.J., Walker, B.J., Stanton, W.J., - Fundamentals of Marketing, 9th
Editon, Mcgraw-Hill Book Company, 1999.
9. Henderson, B.D., - Henderson on Corporate Strategy, Harpercollins College Div,
pg.4, 1979, 0890115265
10. Jain S.C. - Marketing Planning & Strategy, Cincinnati, Thomson
Learning, 2000.
12. Kohli, A.K., Jaworschi, B.J. – Market Orientation: The Construct, Research
Proposition and Managerial Implications, Journal of Marketing, vol.
54, issue 2, pp. 1-18, 1990
No comments:
Post a Comment