What Is Marketing Management Concept?
- The role of marketing management in the business world
- The Production Concept
- Marketing Management Concepts and Procedure for Hiring Talented Employee
- The Marketing Concept
- Marketing Management Philosophy
- Marketing in a Social and Management Environment
- Management of a large enterprise
- The Marketing Concepts
- A Different Philosophy of a Company
- The Role of Suppliers in Customer Relationship Management
- Marketing Management of a Company
The role of marketing management in the business world
Markets were once seen as a place for exchange of goods and services between sellers and buyers. Exchange of values is what marketing is all about. The value is related to the goods and services being exchanged.
If the buyer has some value for him, he will pay for the goods. Marketing Management is a science and an art. The person responsible for marketing should have good understanding of the various concepts and practices in marketing, communication, and analytical skills, which will enable them to plan and execute marketing plans.
Marketing activities are more than just selling and distributing goods and services from the producer to the consumer. It involves a lot of activities like research analysis, production, development and innovation, advertisement and promotion pricing decision, selling and distribution, customer relationship and after sales service. Marketing management helps to plan the future.
Product introduction and diversification are related to planning. The marketing management takes decisions regarding pricing, promotional mix, distribution channel and other matters. The future of the market is determined by consumers.
The marketing of the best product to the consumer is important. Retention of current customers and creation of new customers are aided by marketing management. Marketing process includes research work to assess the marketing environment, product planning and development, promotion, distribution of product to customers and after sales service.
The Production Concept
The production concept states that a company should focus on those items that it can produce most efficiently and also create low-cost items that will create demand for the products.
Marketing Management Concepts and Procedure for Hiring Talented Employee
Marketing management is about controlling, planning, organizing, and implementation. The implementation of strategies made to satisfy the needs of the customers and services is done by marketing management. Marketing management performs all the functions in marketing.
It identifies the current marketing opportunities and strategies. The main purpose of marketing management is to remove the deficiencies observed in the marketing plans. It can be considered simply in which a company has a goal of selling its products.
It doesn't prioritize making products orvailing services for its target consumer. It is clear that giant selling policies are prone to lose as they have a high level of risks. Students find marketing concepts confusing.
They have a striking contrast. They are both unique and different from one another. It is the procedure of hiring a number of skilled personnel and employees for several positions in an organization.
After they are selected through an interview, skilled employees are put in different positions that suit them the best. The human resource manager and the marketing manager train personnel and employees to provide their best for the organization. Managers ensure that the organization gets the best benefit from the employees they recruit.
The Marketing Concept
The marketing concept is a set of strategies that the firms adopt where they analyse the needs of their customers and implement strategies to fulfill those needs which will result in an increase in sales, profit maximisation and also beat the existing competition. Marketing is a process of acquiring customers and maintaining relations with them, and at the same time matching needs and wants with the services or product offered by the organisation, which ensures that the organisation will become profitable. Basic requirements enable a healthy and active life.
Disability or death can result from the system's malfunctioning if needs are not fulfilled. It can be objective and in need of food, water and shelter. The selling concept is focused on selling.
Customers will only buy products from the company that is aggressively marketing them. It doesn't focus on building relationships with customers and is not required to have customer satisfaction. A marketing concept focuses on the customer.
Marketing Management Philosophy
You can understand that marketing management involves analysis, planning, implementation, and control of goods, services, and ideas. Exchange is the idea behind the marketing management process. He is trying to find prospects and to get them to buy his products.
It doesn't explain the job being done by a marketing manager. You know that marketing managers do activities to achieve desired exchange outcomes. You should know which philosophy will guide you in your work as a marketing manager.
You should know how to look at your own interests, as well as the interests of your firm, customers, and society where you work. There could be conflicts in the interests of the parties. A marketing manager should be guided by a marketing management philosophy.
The philosophy that a company selects must be effective, efficient, socially responsible and appropriate. There has been a lot of use of marketing management. It is now a growing interest in all sizes of organizations.
It is only used by organizations of the developing countries. Producers of steel, chemicals, and paper realized the importance of marketing later on. It is not a surprise that some companies are not aware of the importance of marketing.
Marketing in a Social and Management Environment
The core concept of marketing is a social and managerial process in which individuals and firms obtain what they need or want through creating, offering, exchanging products of value with each other. The wants are ahead of needs and dependent on the human needs. A need becomes a want when directed to a specific object.
The wants are designed according to the tastes of the society. The needs in the market are already there. It can be said that Need and Want are relative terms because a product may be considered to be a need by someone.
It may be perceived as a want by others. To have a food is a basic need of humans but to have biscuits for food is a desire created by marketers. A demand is created when a customer is willing to pay for a product.
A company should study how many people would be able to afford a product. There is a small segment of people who can afford to buy a car like a Ferrari, which reflects the demand for the car in the market. It is an act of getting something from another in exchange for something else.
Individuals decide to satisfy their needs and wants through exchange. Exchange of value can take place when marketing helps to create a business environment. There is a difference between customers and consumers.
Management of a large enterprise
In monetary terms, marketing is a process of selling and buying that is used to make money. It is part of the management phenomenon. The easiest way to follow the management is from the initial step to the implementation process.
The management is the only thing that is important in achieving the ultimate goal of an organization. The production orientation period is over. The organization and sales grew in the 19th century.
The quality of the product is the most important thing. If the quality is good, it doesn't need promotions or discounts. Customer orientation period.
The customers were important in the 1950s. The organizations should focus on their customers. The product is designed and manufactured after they understand their requirement.
The Marketing Concepts
Marketing is the process of building, managing and maintaining an exchange relationship, where you start with attracting customers, establishing a relationship with them, and finally satisfying their needs. Marketing can be done to other businesses or consumers depending on the situation. The ultimate function of marketing is to establish a relationship with customers and meet their needs by meeting their demands.
The marketing concept is to anticipate and satisfy the needs of customers better than the competitors. The marketing concepts were created from the book Wealth of Nation. It was unknown to the world until the 21st century.
There are many marketing concepts. Some of those concepts are still around, but others are no longer around. There are five core marketing concepts.
The production concept is a marketing concept that focuses on efficiency. To make it available to the mass population, it is necessary to produce the products cheaper. The quality of the products is not the focus of the production concept.
The law became popular because people used to travel less and there was no technology. The only manufacturers in the market were the salesman in the shop. The market used to have a limited variety of products that would be sold.
A Different Philosophy of a Company
Every company has a different philosophy. A company can have an idea that if production is done on a large scale, the cost will be less and the product will be sold automatically. The customers take care of the price of the products.
The Role of Suppliers in Customer Relationship Management
Customers benefit from stable relationships with suppliers. Business buyers have found that partnerships with their suppliers are essential to producing high-quality products. Customers are loyal to firms that provide them more value and satisfaction than they expect from their competitors.
Marketing Management of a Company
It is important to stand out in a market that is very competitive. It helps you to reduce the cost of products. Exchange and transfer of goods have become a significant source of marketing management.
A good reputation will help the company grow. Good and reliable companies do not compromise on reputation. Companies with a good reputation are more likely to be market competent and economically strong.
Marketing management can help overcome the market competition. When the products are displayed, they are on the radar to be seen and known by the public. The public is not familiar with the recently launched products of the company.
It allows the product advertisement to be more effective in getting a large public crowd to buy the product. Public reputation is an important factor in the growth of a company. If the company has stood its ground, it has more chances to grow and expand, but it will not survive if it has a bad reputation.
The reputation of a company can be made better by marketing. Marketing management should look at the strong and weak aspects of the company and work on them to overcome them by changing their paradigms. Consumers are trying out experiences more than ever before.