Marketing management is the analysis, planning, implementation and control of programs designed to create, build, and maintain beneficial exchanges with target buyers for the purpose of achieving organizational objectives. The various management philosophies are:
a. The production concept: This concept is one of the oldest philosophies that guides sellers. The first occurs when the demand for a product exceeds the supply. The second situation occurs when the product’s cost is too high and improved productivity is needed to bring it down. b. The product concept: This concept holds that cosumers will favor products that offer the most quality, performance, and innovative features and that an organization should thus devote energy to making continuous product improvements. c. The selling concept: Many organizations follows the selling concept, which holds that consumers will not buy enough of the organization’s products unless it undertakes a large scale selling and promotion effort. d. The marketing concept: This holds that achieving organizational goals depends on determining the needs and wants of target markets and delivering the desired satisfactions more effectively and efficiently than competitors do. The selling concept and the marketing concept are frequently misunderstood as same but they are two different concepts .The selling concept takes an inside-out perspective. It starts with the factory, focuses on the company’s existing products, and calls for heavy selling and promotion to obtain profitable sales. In contrast, the marketing concept takes an outside-in perspective. It starts with a well-defined market, focuses on consumer needs, co-ordinates all the marketing activities affecting customers, and makes profits by creating customer satisfaction. Under the marketing concept, companies produce what consumers want, thereby satisfying consumers and making profits. The societal marketing concept holds that the organization should determine the needs, wants and interests of target markets. It should then deliver the desired satisfactions more effectively and efficiently than competitors in a way that maintains or improves the consumer’s and the society’s well being. The societal marketing concept is the five marketing management philosophies. Such concerns and conflicts led to the societal marketing concept. The societal marketing concept calls upon marketers to balance three considerations in setting their marketing policies: company profits, consumer wants, and society’s interests. Originally, most companies based their marketing decisions largely on short-run company profit. Eventually, they began to recognize the long-run importance of satisfying consumer wants, and the marketing concept emerged. Now many companies are beginning to think of society’s interests when making their marketing decisions.
The marketing process consists of analyzing market opportunities, researching and selecting target markets, designing marketing strategies, planning marketing programs, and organizing, implementing, and controlling the marketing effort. The four steps in the marketing process are: 1. Analyzing market opportunities. The marketer’s initial task is to identify potential longrun opportunities given the company’s market experience and core competencies. To evaluate its various opportunities, assess buyer wants and needs, and gauge market size, the firm needs a marketing research and information system. Next, the firm studies consumer markets or business markets to find out about buying behavior, perceptions, wants, and needs. Smart firms also pay close attention to competitors and look for major segments within each market that they can profitably serve.
2. Developing marketing strategies. In this step, the marketer prepares a positioning strategy for each new and existing product’s progress through the life cycle, makes decisions about product lines and branding, and...