The study of marketing management is nothing but the critical evaluation of various marketing functions. Important Features of Marketing 1. 1. All marketing activities are objective-oriented. Functions such as production, finance, research, purchasing, storekeeping and public relations (PR) are to be integrated with marketing. Thus, marketing is applicable to both business and non-business organizations. But at present, the business environment has undergone tremendous changes in social, economic, political and cultural aspects. Report a Violation, Marketing Management: Meaning and Objectives, Marketing: Meaning, Considerations and Essential Elements of Marketing. Grading is a part of the process of standardization. Exchange takes place between sellers and buyers. This will help in achieving organiza­tional objectives. So, companies try to provide goods and services according to the needs and wants of customers. The main purpose of marketing is to maximize profit by satisfying the needs of customers. 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. ADVERTISEMENTS: As we know, every company has different idea regarding philosophy of marketing. Marketing Management focuses upon the psychological and physical factors of Marketing. Marketing is a social function. It indicates market operations based on some principles. 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. Kotler and Keller, 2006; Wedel and Kamakura, 2000), it appears highly effective to address customers based … 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. Privacy Policy 8. Therefore, under the marketing philosophy, there are following five concepts: 1. Disclaimer 9. Marketing management, like all other areas of management comprises of the function of planning, organising, directing coordinating and controlling. The main features of marketing can be described as follows: 1. Different objectives are fixed at different levels, but the main objective is to earn profit from business along with the satisfac­tion of human wants. The achievements of marketing objectives are two-fold-customer satisfaction and profitable sale. Such communication includes information about business institution, its products, product qualities, the time and place of availability etc. With reference to market segmentation theory (e.g. We can not create goods and services and then try to sell them. The Marketing managers are responsible for influencing the level, timing, and composition of customer demand accepted definition of the term. Marketing management employs tools from economics and competitive strategy to analyze the industry context in which the firm operates. In the early days, the selling function did not call for any specialized skills as the sales could have been effected on production-basis. Marketing is a management function like the management of other functions such as production, finance, personnel etc. Otherwise, it will result in organizational conflicts. Some of the most important features of marketing are as follows: 1. This is most defining feature of a service and that which primarily differentiates it from a product. “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 involves the decision to channels of distribution and their management. Marketing management represents marketing concept in action. Guerilla Marketing . With the help of its Smart Search feature salon owners can get all the information about their clients, sales, and leads within seconds. Hence, the company should have a trained sales force. Needs and Wants: The main objective of marketing process is to satisfy the needs and wants of the customers. Hence, production and marketing activities are closely related to each other. TOS 7. Direct marketing is one of the most effective marketing methods and it has many benefits, like clearly measurable results. Price of the product affects volume of production and the amount of profit. Good and attractive packing is a plus- point in facilitating the sale of a product. 4 Ps of Marketing Product. Economic policies, market conditions, and environmental factors, such as political, technological, demographic and international, influence marketing activities. work between the producer and consumer. The major areas in which marketing research helps management to formulate its policies are: products, markets, marketing policies and sales methods. 20 BIBLIOGRAPHY • Essentials of marketing management author :Philip kotler • Marketing management author: s.a.sharleker Himalaya publishing house 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. Reply Delete. Marketing involves exchange of goods, services and ideas with the medium of money. Marketing is an integrative function. Customer satisfaction can be enhanced by providing value-added services, which includes providing additional facilities at little or no extra cost. 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. It is instrumental in manipulating the factors of production, distribution, promotion and price, and also in influencing the patterns of consumption and consumer attitudes. 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. Thus, it is a continuous process. The institutions like hospital, school, political association also practise marketing in popularizing the services offered by them. The marketing manager has to manage all these distribution channels. Main features of marketing are: 1. Report a Violation, 5 Characteristics of Marketing Concept | Marketing Management, Marketing: Meaning, Considerations and Essential Elements of Marketing. 3. Organized and systemised method of managing: strategic management is an organized and systemized method of managing enterprises it involves two phases. The main object of advertising is to promote the sale of products. Creating a Market Offering 3. Content Filtrations 6. Marketing Management: Meaning and Essential Characteristics! For example, you were part of a centralized home if you were nev… All variables equally important 4. It makes an attempt to study the customer needs, and goods are produced accordingly. One of the features of good packaging is that it should be convenient. B… Pricing is a very important and crucial decision as it affects all the parties involved in the production, distribution and consumption of goods. Marketing helps in the distribution of the goods which follows production. Needs and wants: Satisfaction of the needs and wants of individuals and organizations. Production activities are adapted to these consumer needs. 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 both art and science 5. A producer or firm can serve its share-holders, management and workers, when the firm is successful in its marketing. Strategic management is a modern approach to manage business enterprise successfully and to face future challenges. Customer satisfaction is gained, and it greatly depends upon the manner in which the marketing functions are organised. 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. Features Of Marketing. The important features of management are to make others work and using the efforts of others to achieve the goals of the organization. Content Guidelines 2. It is the source of income to the distributors of the product. The following are some of the major functions of marketing management − Selling Proper integration of marketing mix variables requires special abilities Guerilla marketing describes an unconventional and creative marketing strategy intended to get maximum results from minimal resources. Distribution of products is also an important function of marketing management. The success of a business concern depends considerably upon the performance of its salesmen. Need Satisfaction. 2. Hence, every activity of a business is customer-oriented. The marketing function of a business is customer-centred. A successful marketer needs to adapt to these changing factors and adjust marketing strategies to suit new market developments. Let us understand the centralization by taking an example from your home. Thus, marketing precedes production. Business concerns must satisfy consumer’s wants and needs for their continued existence. Exchange Mechanism! Objective-oriented 4. Image Guidelines 5. FEATURES OF MARKETING MIX 1. Content Guidelines 2. Structure. “Marketing management is the creative management function which promotes trade and employment by assessing consumer needs and initiates research development to meet them. The nature, main characteristics or features of … The process of management is the set of managerial functions, i.e., planning, implementation and control of programmes to achieve pre-determined objectives. TOS 7. A profit-seeking business unit is dependent on marketing. Firms today need to spend money to create time, place and ownership utilities .The main features of modern marketing are as follows: Prohibited Content 3. Brand management is a function of marketing that uses techniques to increase the perceived value of a product line or brand over time. Hence, marketing is an art as well as a science. 5. Hence, the marketing manager has to take pricing decisions very carefully. ... intelligence where systematic study is made before taking any military action MR acts as the intelligence tool of marketing management. Before publishing your articles on this site, please read the following pages: 1. Needs and Wants 2. Hence, the marketing manager has to take decision regarding the type and material of packing, its shape, size, design and colour etc. Customer satisfaction 3. 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. The business policies, strategies and programmes related to marketing are mostly of managerial functions. It helps not only the producer but the sellers and consumers also. Salesmen play a crucial role in communicating company and product information to customers. Replies. A customer expects some services or benefits from the product for which payment is made. Major Functions of Marketing Management. Personnel is very important component of marketing activity. Brand loyalty is the highest achievement or apex of any company. Plagiarism Prevention 4. In a competitive market, the goods that are best suited to the customer are the ones that are well-accepted. 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. Advertising is a method of business communication to the prospective customers. Packaging is also an important marketing function. The marketing has special significance in an organisational structure of a firm. In the long run, customer satisfaction helps to retain market demand. Every department and individual contributes sufficiently towards marketing. 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. The effectiveness and efficiency dimensions are two important components.”. 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. Marketing is a specialized business function. Co-related 7. Copyright 10. Hence, production and marketing activities are closely related to each other. Many consumers prefer using certain brands of clothing, deodorants or tubes of toothpaste, for example. ... debt management plans. Channels of distribution and physical distribution play an important role in the exchange process by creating place utility. Hence services cannot be touched, held, tasted or smelt. The production department has to see that products do not falter after sale. Marketing is an activity designed to plan, price, promote and distribute products. We need to understand the major functions of marketing management in order to understand and groom our organization. Dynamic concept 3. Applies to business as well as non-businesses 5. Marketing helps in the distribution of the goods which follows production. Image Guidelines 5. 4. Prohibited Content 3. Most of marketing activities are concerned with the exchange of goods. The following are the main features. Art refers to a specific skill that is required in marketing activities of any type of business. Marketing activities are inseparable from such environmental factors. Thus, marketing precedes production. 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