According to Philip Kotler, âMarketing management is the analysis, planning, implementation and control of programmes designed to bring about desired exchanges with target markets for the purpose of achieving organisational objectives.
It relies heavily on designing the organisations offering in terms of the target markets needs and desires and using effective pricing, communication and distribution to inform, motivate and service the market.â Marketing management is concerned with the chalking out of a definite programme, after careful analysis and forecasting of the market situations and the ultimate execution of these plans to achieve the objectives of the organisation.
Further, their sales plan to a greater extent rest upon the requirements and motives of the consumers in the market. To achieve this objective, the organisation has to pay heed to the right pricing, effective advertising and sales promotion, distribution and stimulating the consumers through the best services.
To sum up, marketing management may be defined as the process of management of marketing
programmes for accomplishing organisational goals and objectives. It involves planning, implementation and control of marketing programmes or campaigns.
The only way people become aware of a product, service, or idea is if itâs marketed well. A marketing manager builds that awareness by developing and executing marketing strategies to meet consumer needs â and maximize profits. Working in industries as varied as advertising, hospitality, healthcare, finance, technology, retail, and education, marketing managers are integral to a companyâs success. They manage internal teams, craft (or oversee) promotional messaging and products, and work to publish or distribute them to the public via media, advertising, and social media. Depending on the size of the company, they may be one of many marketing managers, specializing in a group of products or services, or a specific area of execution.
In this course, you will learn how businesses create value for customers. We will examine the process by which Marketing builds on a thorough understanding of buyer behaviour to create value. You will learn the major elements of the marketing mix – product policy, channels of distribution, communication, and pricing – and see how they fit within different analytical frameworks that are useful to managers. This will enhance your understanding of how marketing works in the business world.
Upon successful completion of this course, you will be able to: â¢ Define marketing and describe how marketing creates value â¢ Describe the elements of the marketing mix â¢ Explain how these elements interact to create value for consumers â¢ Use different analytical frameworks to examine how managers solve business problems â¢ Evaluate brand extensions â¢ Develop a marketing Plan proposal