marketing management introduction

“Promotion” is also often used in the trade literature in a restricts sense of special pricing arrangements to retailers and consumers. People are unlikely to throng to buy a superior quality product automatically. Company analysis is figuring out how the business can thrive in a competitive market and the industry it functions. A positive customer response affirms that the managers’ decisions regarding that particular brand were right. Innovative methods must be used to understand the consumer, design an appropriate product and offer it to the consumer. This is especially true for things that are perceived to be inessential. People are not interested in products, rather they want a solution to their problems. Marketing structure depends upon the size of the enterprise, geographical coverage of the operation, number of product lines, nature of product, size of customers. The process of satisfying consumer needs and wants cannot be haphazard and instinctual. This helps to identify market opportunities. Promotion and advertisement are essential in order to maximise sales. Size is also related to the number of buyers in a market. A manufacturer should design a new product or improve an existing one strictly keeping in mind the needs, desires etc. This concept is also called customer orientation. This will help him in knowing the deficiencies if any, which can be corrected beforehand only and proper adjustments can be made with the changing environment. Value implies worth related to the goods and services being exchanged. 3. Marketing management is a broad scope of the study of marketing focusing on the practical application of the techniques and marketing activities of a certain company or business. This business discipline encompasses marketing planning and strategy, orientations, and processes needed in attaining company goals by providing value to clients. In the field of marketing, once a business is finally able to adequately profile its customers and competitors, along with its competitiveness in a particular industry, marketing managers can design marketing strategies that are important in capitalizing on company profits and resources. A decision is right only if it creates a satisfied customer. Other decisions concern dropping or adding an item to the product line. This process involves measuring the actual performance with the standard and identifying the deviations and taking corrective actions. All marketing activities are consumer centric. Consumers can be either psyched out or lured into giving a favourable response. Prices must be set. Marketing management is a broad scope of the study of marketing focusing on the practical application of the techniques and marketing activities of a certain company or business. Evaluating and Controlling Marketing Efforts: In order to have a profitable venture, marketing manager must on a continuous basis, evaluate the marketing efforts. All that should be needed then is to make the product or service available” – Peter Drucker. The cost reduction creates affordability and thereby expands market. Ownership of the product gives a sense of pride and satisfaction to the consumer and, therefore, the product should be properly designed, coloured and packed. This implies that an organization can choose to conduct its business or marketing activity in different ways. Control is needed to ensure that actual execution is done as planned. A practitioner of selling is guided by his own self-interest rather than the interest of the buyer.

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