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. These include Porter's five forces, analysis of strategic groups of competitors, value chain analysis and others.. Thus, marketing precedes production. 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. Kotler and Keller, 2006; Wedel and Kamakura, 2000), it appears highly effective to address customers based … 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. Need Satisfaction. Let us understand the centralization by taking an example from your home. Marketing management employs tools from economics and competitive strategy to analyze the industry context in which the firm operates. The major areas in which marketing research helps management to formulate its policies are: products, markets, marketing policies and sales methods. This helps in coming up with new products. Hence, every activity of a business is customer-oriented. With reference to market segmentation theory (e.g. Economic policies, market conditions, and environmental factors, such as political, technological, demographic and international, influence marketing activities. We can not create goods and services and then try to sell them. Marketing helps in the distribution of the goods which follows production. Marketing management, in fact, represents an important functional area of business management efforts under which goods and services flow from the producers to consumers. A customer expects some services or benefits from the product for which payment is made. Production Concept: Production concept lays emphasis on availability and affordability of products Customer satisfaction is gained, and it greatly depends upon the manner in which the marketing functions are organised. Main features of marketing are: 1. It requires constant interaction with the various strata of society. Besides, it is an important sales tool which makes a product attractive and attention-captivating. Hence, product planning is a very important function. 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. Marketing Management: Meaning and Essential Characteristics! ... debt management plans. Marketing Managers today are very different to a marketing manager 10 years ago. Plagiarism Prevention 4. One of the features of good packaging is that it should be convenient. The important features of management are to make others work and using the efforts of others to achieve the goals of the organization. It is instrumental in manipulating the factors of production, distribution, promotion and price, and also in influencing the patterns of consumption and consumer attitudes. Channels of distribution and physical distribution play an important role in the exchange process by creating place utility. Precedes and follows production. It is the process of storing out goods into a number of grades or classes according to some characteristics such as quality and size. Distribution of products is also an important function of marketing management. Thus, it is a continuous process. A producer or firm can serve its share-holders, management and workers, when the firm is successful in its marketing. 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. 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, which is the art of distributing the products and services among the various claimants, has also only one basic law, change. Marketing is both art and science 5. In a competitive market, the goods that are best suited to the customer are the ones that are well-accepted. Grading is a part of the process of standardization. Structure. It involves the decision to channels of distribution and their management. Image Guidelines 5. Customer oriented concept 8. Marketing management represents marketing concept in action. Exchange takes place between sellers and buyers. Price of the product affects volume of production and the amount of profit. Disclaimer 9. Different objectives are fixed at different levels, but the main objective is to earn profit from business along with the satisfac­tion of human wants. Business organizations such as educational institutions, hospitals, religious institu­tions and charitable trusts have also found meaningful applications of marketing. The process of management is the set of managerial functions, i.e., planning, implementation and control of programmes to achieve pre-determined objectives. Organized and systemised method of managing: strategic management is an organized and systemized method of managing enterprises it involves two phases. Needs and Wants 2. Fulfilling objectives 6. This will help in achieving organiza­tional objectives. It makes an attempt to study the customer needs, and goods are produced accordingly. 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. 7. Hence, production and marketing activities are closely related to each other. ADVERTISEMENTS: As we know, every company has different idea regarding philosophy of marketing. The marketing function of a business is customer-centred. 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. Marketing management aims at efficient operation of marketing activities. Such communication includes information about business institution, its products, product qualities, the time and place of availability etc. They are influenced by consumer behaviour, trade factors, competition and government regulatory measures. Marketing mix 9. Good and attractive packing is a plus- point in facilitating the sale of a product. Some companies concentrate on the large scale production while some concentrate only on the quality of the product etc. Customer satisfaction 3. Important Features of Marketing 1. The marketing has special significance in an organisational structure of a firm. The institutions like hospital, school, political association also practise marketing in popularizing the services offered by them. Thus, it ensures the uniformity of size, shape, design, colour and physical properties of the product. B… The achievements of marketing objectives are two-fold-customer satisfaction and profitable sale. Commercial and non-commercial organizations 11. Content Filtrations 6. 5. 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. At the same time, it also addresses both the current and future consumers. Personnel is very important component of marketing activity. They like how these brands benefit them. Before publishing your articles on this site, please read the following pages: 1. 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. Brand management is a function of marketing that uses techniques to increase the perceived value of a product line or brand over time. Plagiarism Prevention 4. 2. Marketing helps in the distribution of the goods which follows production. Also, it poses a unique challenge to those engaged in marketin… The marketing activities must be co-ordinated with other functional areas of an organization. Production activities are adapted to these consumer needs. Business concerns must satisfy consumer’s wants and needs for their continued existence. “Marketing management is the creative management function which promotes trade and employment by assessing consumer needs and initiates research development to meet them. 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. 4. Privacy Policy 8. The main object of advertising is to promote the sale of products. A marketer has to consistently monitor environment. A long series of middlemen-sole selling agent, wholesalers and retailers etc. Marketing environment 8. Otherwise, it will result in organizational conflicts. Privacy Policy 8. Hence, the company should have a trained sales force. 3. Marketing is an integrative function. Features of strategic management. Customer focus 2. Marketing is not a function of marketing department alone. Functions such as distribution, after-sale services and packaging help in the exchange process. With the societal marketing concept gaining importance, social marketers are finding useful new ways of applying marketing principles. The study of marketing management is nothing but the critical evaluation of various marketing functions. ... intelligence where systematic study is made before taking any military action MR acts as the intelligence tool of marketing management. The concept of marketing includes a bunch of social sciences such as economics, sociology, psychology and law. The main purpose of marketing is to maximize profit by satisfying the needs of customers. Report a Violation, Marketing Management: Meaning and Objectives, Marketing: Meaning, Considerations and Essential Elements of Marketing. 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. It is the source of income to the distributors of the product. This is most defining feature of a service and that which primarily differentiates it from a product. Customer satisfaction can be enhanced by providing value-added services, which includes providing additional facilities at little or no extra cost. Most of marketing activities are concerned with the exchange of goods. with a view to accomplishing the organisational objectives. 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. 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. Salesmen play a crucial role in communicating company and product information to customers. It integrates and combines the other business functions like production, finance, personnel etc. Marketing is a social function. Marketing Management focuses upon the psychological and physical factors of Marketing. 2. Its main aim is to provide management with factual information as a basis for marketing decisions and actions. It indicates market operations based on some principles. 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 … The receptionist, the first point of contact, is the image bearer. 6. It helps achieve organizational objectives. Co-related 7. 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. The following are the main features. 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 … 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. Identifying consumer needs and wants is the primary task of a marketing manager. Guerilla marketing describes an unconventional and creative marketing strategy intended to get maximum results from minimal resources. Some of the most important features of marketing are as follows: 1. Direct marketing is one of the most effective marketing methods and it has many benefits, like clearly measurable results. 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