Unit No. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 Unit Title Marketing management – an introduction Marketing environment Marketing with other functional areas of management Market segmentation Market targeting and positioning Product management Brand management Pricing Channel design and management Retailing and Wholesaling Integrated Marketing Communication Advertising management Sales promotion Personal selling Public relations Understanding individual consumer behaviour Understanding industrial consumer behaviour Customer satisfaction Customer relationship management Marketing of services Rural marketing Types of marketing research Process of marketing research Tools and Techniques of marketing research Applications of marketing research Preparation of marketing research report Online marketing E-commerce Trends in marketing Page No.
Marketing management – an introduction
Unit structure: 1. Introduction
2. Learning Objectives 3. Marketing Management 3.1. Evolution of marketing management 3.2. The Role of Marketing 3.3. Marketing concepts 3.4. The Marketing Mix (The 4 P's Of Marketing) 3.5. Corporate Social Responsibility (CSR) and Ethics in Marketing 4. Have you understood type questions 5. Summary 6. Exercises 7. References 1. INTRODUCTION: The apex body in United States of America for the Marketing functions, American Marketing Association (AMA) defines marketing as “Marketing consists of those activities involved in the flow of goods and services from the point of production to the point of consumption". The AMA has since amended its definition to read as: “Marketing is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders." Hence it can be surmised that marketing is basically meeting unmet needs for target markets, identifying those unmet needs and planning how to meet them through products, services, and ideas. Communicating the value to them along with pricing which is affordable and profitable and also distributing the products so that customers have appropriate accessibility and have quick and easy delivery. Marketing is thus the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods and services to create exchanges (with customers) that satisfy individual and organizational objectives. 2. LEARNING OBJECTIVES: After reading the unit, you will understand how: • • • To learn the evolution of marketing as a discipline To understand the reasons why marketing is considered important in this era To assess the various marketing approaches and principles
3. MARKETING MANAGEMENT: Marketing has evolved into a very important functional area in management basically due to the increasing supply and lower demand over the years. This is primarily through the competitive intensity in every sphere of the market. When competition increases, as you know, every firm wants to be heard in the market. This will make the
firms to be different than the competitors. Hence marketing becomes a very important functional area for every firm where the competition is very high. In a business firm, marketing generates the revenues that are managed by financial people and used by the productions people in creating products or services. The challenge of marketing is to generate that revenue by satisfying consumers wants at a profit and in a socially responsible manner. Marketing is not limited to business. Whenever you try to persuade somebody to do something you are engaging in marketing. Thus marketing has a broad societal meaning. In fact, the societal view is more truly descriptive of marketing today. Moreover, modern business marketing activities are to a large extent, a consequence of the societal view of marketing. The essence of marketing is a...