In the long run, customer satisfaction helps to retain market demand. Reply Delete. Marketing environment 8. Science refers to a systematic body of knowledge, based on facts and principles. It is the source of income to the distributors of the product. The important characteristics of marketing management may be obtained as under: 1. Good and attractive packing is a plus- point in facilitating the sale of a product. They like how these brands benefit them. This will help in achieving organiza­tional objectives. Exchange takes place between sellers and buyers. Many consumers prefer using certain brands of clothing, deodorants or tubes of toothpaste, for example. The management of a firm, therefore, has to develop a particular organisation with a view to absorbing new ideas, new approaches and new market demands. A combination of four inputs constitutes the core of a company’s marketing system—product, price, place, and promotion. B… ... debt management plans. Standardization is the process of setting up standards, and manufacturing products in conformity with those standards and includes the process by which this conformity is assured. If this benefit is more than the amount paid, then the customer is satisfied. The marketing has special significance in an organisational structure of a firm. Marketing Management: Meaning and Essential Characteristics! Organized and systemised method of managing: strategic management is an organized and systemized method of managing enterprises it involves two phases. 4. The business existence depends on human needs. Thus, it is a continuous process. In the words of Pride and Farrel, “Marketing management is a process of planning, organizing, implementing and controlling marketing activities in order to effectively and efficiently facilitate and expedite exchanges. 20 BIBLIOGRAPHY • Essentials of marketing management author :Philip kotler • Marketing management author: s.a.sharleker Himalaya publishing house Marketing is an integrative function. 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. Structure. Objective-oriented 4. Hence, the company should have a trained sales force. FEATURES OF MARKETING MIX 1. 4 Ps of Marketing Product. The following are some of the major functions of marketing management − Selling Continuous and regular activity 6. The success of a business concern depends considerably upon the performance of its salesmen. Marketing Managers today are very different to a marketing manager 10 years ago. Marketing management aims at efficient operation of marketing activities. We can not create goods and services and then try to sell them. “Marketing management is the creative management function which promotes trade and employment by assessing consumer needs and initiates research development to meet them. Marketing is not a function of marketing department alone. Needs and Wants 2. Main features of marketing are: 1. Image Guidelines 5. Turning marketing into a science is a passion of ours, so in this article I'll explain the benefits of digital direct marketing , show a few examples, and walk through the steps for a … Report a Violation, Marketing Management: Meaning and Objectives, Marketing: Meaning, Considerations and Essential Elements of Marketing. Combination of variables 2. Prohibited Content 3. A package is used to contain, protect and identify a product. With the help of its Smart Search feature salon owners can get all the information about their clients, sales, and leads within seconds. Dynamic concept 3. Marketing is an activity designed to plan, price, promote and distribute products. Therefore, under the marketing philosophy, there are following five concepts: 1. Plagiarism Prevention 4. Besides, it is an important sales tool which makes a product attractive and attention-captivating. Identifying consumer needs and wants is the primary task of a marketing manager. Such communication includes information about business institution, its products, product qualities, the time and place of availability etc. 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. Centralization is a process where the power of making an all-important decision related to all the activities taking place in an organization is either in the hands of an individual or a central location. There are 5 marketing concepts that organizations adopt and execute. Thus, marketing precedes production. work between the producer and consumer. Price of the product affects volume of production and the amount of profit. Plagiarism Prevention 4. Marketing management, like all other areas of management comprises of the function of planning, organising, directing coordinating and controlling. Thus, marketing precedes production. Marketing reflects the business mission of a firm before the public and society. Com­mercial organizations are also adopting cause-related marketing to strike long-term relations with consumers. It makes an attempt to study the customer needs, and goods are produced accordingly. It requires constant interaction with the various strata of society. It indicates market operations based on some principles. 2. The major areas in which marketing research helps management to formulate its policies are: products, markets, marketing policies and sales methods. Brand loyalty is the highest achievement or apex of any company. The important features of management are to make others work and using the efforts of others to achieve the goals of the organization. The study of marketing management is nothing but the critical evaluation of various marketing functions. 6. A customer expects some services or benefits from the product for which payment is made. Creating a Market Offering 3. Marketing activities are inseparable from such environmental factors. Marketing is a management function like the management of other functions such as production, finance, personnel etc. Exchange process 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: Product planning is the act of making out and supervising the search, screening development and commercialization of new products, the modification of existing lines and discontinuance of unprofitable products. Marketing is a social function. The institutions like hospital, school, political association also practise marketing in popularizing the services offered by them. Distribution of products is also an important function of marketing management. The main object of advertising is to promote the sale of products. 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. The effectiveness and efficiency dimensions are two important components.”. Marketing activities undertaken by sellers make an attempt to find out the weaknesses in the existing system, and measures are taken to improve the shortfalls so that the objectives are achieved. Marketing involves exchange of goods, services and ideas with the medium of money. Markets are not created by God, nature or economic forces, but by businessmen. Guerilla Marketing . with a view to accomplishing the organisational objectives. Marketing Management focuses upon the psychological and physical factors of Marketing. Every department and individual contributes sufficiently towards marketing. The receptionist, the first point of contact, is the image bearer. Strategic management is a modern approach to manage business enterprise successfully and to face future challenges. Disclaimer 9. Production Concept: Production concept lays emphasis on availability and affordability of products The process of management is the set of managerial functions, i.e., planning, implementation and control of programmes to achieve pre-determined objectives. Hence, production and marketing activities are closely related to each other. Different objectives are fixed at different levels, but the main objective is to earn profit from business along with the satisfac­tion of human wants. Marketing is an universal function. Let us understand the centralization by taking an example from your home. Before publishing your articles on this site, please read the following pages: 1. These are needed to be planned, organised, directed, coordinated and controlled so as to achieve the marketing objectives. A marketer has to consistently monitor environment. The Marketing managers are responsible for influencing the level, timing, and composition of customer demand accepted definition of the term. It is primarily entangled with following features: Customers Needs- An organization can never assume what actually a customer needs. This is most defining feature of a service and that which primarily differentiates it from a product. This existence is assured by offering products and services that meet consumer requirements. Marketing is both art and science 5. With the societal marketing concept gaining importance, social marketers are finding useful new ways of applying marketing principles. They are influenced by consumer behaviour, trade factors, competition and government regulatory measures. Production activities are adapted to these consumer needs. Marketing mix is a flexible combination of vari­ables. Needs and Wants: The main objective of marketing process is to satisfy the needs and wants of the customers. Features of Marketing Research. The following are the main features. Guerilla marketing describes an unconventional and creative marketing strategy intended to get maximum results from minimal resources. Packaging is also an important marketing function. Content Guidelines 2. Marketing helps in the distribution of the goods which follows production. Most of marketing activities are concerned with the exchange of goods. It involves the decision to channels of distribution and their management. “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”. The marketing function of a business is customer-centred. These include Porter's five forces, analysis of strategic groups of competitors, value chain analysis and others.. So, companies try to provide goods and services according to the needs and wants of customers. Commercial and non-commercial organizations 11. 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. 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. Marketing, which is the art of distributing the products and services among the various claimants, has also only one basic law, change. 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. 2. Replies. Hence, the marketing manager has to take decision regarding the type and material of packing, its shape, size, design and colour etc. Exchange Mechanism! Hence, every activity of a business is customer-oriented. Proper integration of marketing mix variables requires special abilities 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. Customer satisfaction can be enhanced by providing value-added services, which includes providing additional facilities at little or no extra cost. We need to understand the major functions of marketing management in order to understand and groom our organization. CRM: Marketing Automation: Marketing Lead DatabaseA marketing lead database is the system of record for your most important marketing asset: your leads and contacts.A marketing lead database goes beyond the data in your CRM system to include a rich view of all marketing interactions between each prospect and your company, including website visits, email clicks, scoring changes, data … 19 review • introduction of industrial marketing • meaning • why study industrial marketing • features of industrial markrting • importance of industrial marketing 20. Prohibited Content 3. Image Guidelines 5. Otherwise, it will result in organizational conflicts. ADVERTISEMENTS: As we know, every company has different idea regarding philosophy of marketing. It is said that change is the only basic law of economics. At the same time, it also addresses both the current and future consumers. Pricing is a very important and crucial decision as it affects all the parties involved in the production, distribution and consumption of goods. The marketing activities must be co-ordinated with other functional areas of an organization. Marketing mix 9. It helps achieve organizational objectives. Intangibility is an important consideration that complicates the functional responsibility of a marketing manager, specially while influencing and motivating the prospects/customers. Hence services cannot be touched, held, tasted or smelt. Learn about:- 1. Hence, the marketing manager has to take pricing decisions very carefully. The concept of marketing includes a bunch of social sciences such as economics, sociology, psychology and law. 7. It is the process of storing out goods into a number of grades or classes according to some characteristics such as quality and size. The production department has to see that products do not falter after sale. The term functions of marketing management means the main role of this type of management in any organization. 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 marketing Management refers to planning, organizing, directing, control of the activates which facilitate the exchange of goods and services between the producers to end consumers. The main features of marketing can be described as follows: 1. The determination of what is to be produced should not be in the hands of … Need Satisfaction. A producer or firm can serve its share-holders, management and workers, when the firm is successful in its marketing. Hence, product planning is a very important function. Features of Management Following image depicts fourteen important features of management. Customer satisfaction is gained, and it greatly depends upon the manner in which the marketing functions are organised. 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. Disclaimer 9. A long series of middlemen-sole selling agent, wholesalers and retailers etc. Also, it poses a unique challenge to those engaged in marketin… Integrated approach 10. Customer Value 4. Advertising is a method of business communication to the prospective customers. Customer oriented concept 8. ... intelligence where systematic study is made before taking any military action MR acts as the intelligence tool of marketing management. Identifying consumer needs and wants is the primary task of a marketing manager. The marketing manager has to manage all these distribution channels. In the early days, the selling function did not call for any specialized skills as the sales could have been effected on production-basis. Functions such as distribution, after-sale services and packaging help in the exchange process. Salesmen play a crucial role in communicating company and product information to customers. 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. If you are born and brought up in a house where all the important decisions related to the family is made by your father, then you were born and brought up in a centralized home. Fulfilling objectives 6. TOS 7. “Marketing management is the creative management function which promotes trade and employment by assessing consumer needs and initiates research development to meet them. It has an universality in the sense that it can be applied to both profit-motive and non-profit motive organizations. Customer satisfaction 3. But at present, the business environment has undergone tremendous changes in social, economic, political and cultural aspects. Marketing is a specialized business function. The main purpose of marketing is to maximize profit by satisfying the needs of customers. Personnel is very important component of marketing activity. Marketing management employs tools from economics and competitive strategy to analyze the industry context in which the firm operates. Marketing manager will be intimately concerned with the task of selection, orientation, training, supervision, motivation, compensation and evaluation of the sales force of the company. Business concerns must satisfy consumer’s wants and needs for their continued existence. Applies to business as well as non-businesses 5. All marketing activities are objective-oriented. Thus, it ensures the uniformity of size, shape, design, colour and physical properties of the product. Some companies concentrate on the large scale production while some concentrate only on the quality of the product etc. Marketing helps in the distribution of the goods which follows production. Report a Violation, 5 Characteristics of Marketing Concept | Marketing Management, Marketing: Meaning, Considerations and Essential Elements of Marketing. Privacy Policy 8. Some of the most important features of marketing are as follows: 1. 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. Marketing management represents marketing concept in action. With reference to market segmentation theory (e.g. Functions such as production, finance, research, purchasing, storekeeping and public relations (PR) are to be integrated with marketing. In a competitive market, the goods that are best suited to the customer are the ones that are well-accepted. 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. Brand management is a function of marketing that uses techniques to increase the perceived value of a product line or brand over time. Economic policies, market conditions, and environmental factors, such as political, technological, demographic and international, influence marketing activities. A customer who buys the product of a particular company extensively is known as a brand loyalist. 1. The business policies, strategies and programmes related to marketing are mostly of managerial functions. The nature, main characteristics or features of … Features Of Marketing. Content Filtrations 6. A product is defined as a bundle of attributes (features, functions, benefits, and uses) capable of exchange or use, usually a mix of tangible and intangible forms. Hence, marketing is an art as well as a science. Important Features of Marketing 1. Direct marketing is one of the most effective marketing methods and it has many benefits, like clearly measurable results. One of the features of good packaging is that it should be convenient. Business organizations such as educational institutions, hospitals, religious institu­tions and charitable trusts have also found meaningful applications of marketing. For example, you were part of a centralized home if you were nev… This helps in coming up with new products. Co-related 7. Art refers to a specific skill that is required in marketing activities of any type of business. Content Filtrations 6. Customer focus 2. It coordinates the resources of production and distribution of goods and services, determines and directs the nature of efforts required to sell profitably by maximum production to the ultimate user.” Therefore marketing management is the functional area of business management which deals with the problems of consumers satisfaction. 5. It integrates and combines the other business functions like production, finance, personnel etc. Content Guidelines 2. TOS 7. The salient features of the marketing concept are: Consumer Orientation: The most distinguishing feature of the marketing concept is the importance assigned to the consumer. The achievements of marketing objectives are two-fold-customer satisfaction and profitable sale. The functions necessary to determine consumer wants and needs and to supply necessary goods and services to meet those demands can be broadly classified as follows: Marketing research is the careful and objective study of product design, markets and other activities such as physical distribution, warehousing, advertising and sales management. It is instrumental in manipulating the factors of production, distribution, promotion and price, and also in influencing the patterns of consumption and consumer attitudes. Before publishing your articles on this site, please read the following pages: 1. Hence, production and marketing activities are closely related to each other. Marketing management smoothen the process of exchange of ownership of goods and services from seller to the buyer. Grading is a part of the process of standardization. Needs and wants: Satisfaction of the needs and wants of individuals and organizations. Copyright 10. Features of strategic management. 3. Marketing management, in fact, represents an important functional area of business management efforts under which goods and services flow from the producers to consumers. Channels of distribution and physical distribution play an important role in the exchange process by creating place utility. It helps not only the producer but the sellers and consumers also. Production activities are adapted to these consumer needs. All variables equally important 4. Copyright 10. Major Functions of Marketing Management. Thus, marketing is applicable to both business and non-business organizations. Kotler and Keller, 2006; Wedel and Kamakura, 2000), it appears highly effective to address customers based … Its main aim is to provide management with factual information as a basis for marketing decisions and actions. Precedes and follows production. Privacy Policy 8. A successful marketer needs to adapt to these changing factors and adjust marketing strategies to suit new market developments. 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