In this essay we will discuss about ‘Marketing Management’. Find paragraphs, long and short essays on ‘Marketing Management’ especially written for college students.
Essay on Marketing Management
- Essay on the Definition of Marketing Management
- Essay on the Characteristics of Marketing Management
- Essay on the Objectives of Marketing Management
- Essay on the Nature of Marketing Management
- Essay on the Scope of Marketing Management
- Essay on the Importance of Marketing Management
- Essay on the Responsibilities of Marketing Management
Essay # 1. Definition of Marketing Management:
Some important definitions of marketing management are given below:
According to Philip Kotler:
“Marketing management is the analysis, planning, implementation and control of programmes designed to bring about desired exchanges with target audiences for the purpose of mutual or personal gain. It relies heavily on the adaptation and coordination of project, price, promotion and place of achieving effective response.”
According to Stanton:
“Marketing management is the marketing concept in action.”
According to Cundiff and Still:
“Marketing management is a branch of the broad area of management. It is concerned with the direction of purposeful activities towards the attainments of marketing goals.”
According to Davar’s:
“Marketing management is the process of ascertaining consumer needs, converting them into products or services and moving the product or services to the final consumers or users to satisfy needs and wants with emphasis on profitability ensuring the optimum use of the resources available to the organisation.”
Essay # 2. Characteristics of Marketing Management:
The important characteristics of marketing management may be outlined as under:-
1. Marketing is a specialised business function. In the early days, the selling function did not call for any specialised skills as the sales could have been affected on production-basis. But now the business environment has undergone tremendous changes in social, economic, political and cultural aspects. 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.
2. Marketing is a social function. It requires constant interaction with the various strata of society. It is instrumental in manipulating the factors of production, distribution, promotion and price, and also in influencing the patterns of consumption and consumer attitudes.
3. Marketing is an integrative function. It integrates and combines the other business functions like production, finance, personnel, R&D, etc. with a view to accomplishing the organisational objectives.
4. Marketing reflects the business mission of a firm before the public and society.
5. It is said that change is the only basic law of economics. Marketing, which is the art of distributing the products and services among the various claimants, has also only one basic law, change.
6. Marketing is a universal function. It has a universality in the sense that it can be applied to both profit-motive and non-profit motive organisations. A profit-seeking business unit is dependent on marketing. The institutions like hospital, school, university, or political association also practice marketing in popularizing the services offered by them.
7. Marketing is a management function like the management of other functions such as production, finance, personnel, etc. The business policies, strategies and prograrrmes related to marketing are mostly of managerial functions. These are needed to be planned, organised, directed, coordinated, and controlled so as to achieve the marketing objectives.
Essay # 3. Objectives of Marketing Management:
The objectives of marketing management are as follows:
1. Creation of Demand:
The first objective of marketing management is to create demand through various means. A conscious attempt is made to find out the preferences and tastes of the consumers. Goods and services are produced to satisfy the needs of the customers. Demand is also created by informing the customers the utility of various goods and services.
2. Customer Satisfaction:
The marketing manager must study the demands of customers before offering them any goods or services. Selling the goods or services is not that important as the satisfaction of the customers’ needs is. Modern marketing is customer-oriented. It begins and ends with the customer.
Marketing tries to realise long-term goals of profitability, growth and stability through satisfying customers wants. All the basic activities of a business organisation like production, finance, marketing, etc. are co-ordinated to meet the wants of customers and to earn a reasonable profit.
3. Generation of Profits:
The marketing function generates revenue for the business. Sufficient Profits must be earned as a result of sale of want-satisfying products. If the firm is not earning profits, it will not be able to survive in the market. Moreover, profits are also needed for the growth and diversification of the firm.
4. National Development:
Marketing stimulates economic growth and raises level of employment in the economy. Large-scale production with all its economies is ensured through continuous marketing of products. Marketing helps integrate various sectors of the economy. It also contributes to fuller utilisation of existing resources. Moreover, marketing also promotes development of entrepreneur and managerial class in the society.
5. Higher Standard of Living:
Marketing aims at achieving, maintaining and raising standard of living of the community. It helps expand production and adds to variety of goods and services available for consumption by people.
6. Creation of Goodwill:
Goodwill, as we know, is nothing but profits enjoyed by firm or organisation due to its reputation. By selling goods at reasonable rates and thus satisfying the consumers, the marketing functions help in building of goodwill. This in return increases sales and profits due to reliability and thus, circle goes on.
Essay # 4. Nature of Marketing Management:
Marketing management is one of the important operative functions of business. It is that functional area of business management which is concerned with the marketing of products and services. It involves planning, organising, directing and controlling the activities relating to the marketing of goods and services to satisfy the needs of customers.
It is the marketing concept in action. It includes all activities which are necessary to determine and satisfy the needs of consumers. Thus marketing research and product planning are integral parts of marketing management.
Marketing management is goal directed. It attempts to satisfy the needs of customers by offering them want-satisfying products and generate profits for the business. It determines the appropriate marketing mix of the firm. Product design, its promotion, its pricing and its distribution are synchronised so as to maximise the sales volume.
The chart below depicts the nature of marketing function at a glance:
Essay # 5. Scope of Marketing Management:
Marketing management is that part of the business management which is concerned with marketing, i.e. leading and co-coordinating the various activities of the business firm in getting its goods and services to its customers. It can, thus, be described as a specialised function having a scope to regulate the level, timing and character of demand far the goods and services in order to accomplish the stated objectives of a business firm. Its scope extends to the marketing process and involves the planning, organising, staffing, motivating, coordinating and controlling the marketing factors to achieve the organisational goals.
Accordingly, the scope of marketing management covers a cluster of activities like –
(a) Planning of marketing strategy and policy;
(b) organising sales, selling and distribution method and procedures;
(c) organising and monitoring the stocks at optimum levels such that the customer demand is met without any difficulty and without allowing the investment in stock to cross predetermined limits; and
(d) organising and maintaining the effectiveness in the activities of sales promotion, advertisement, credit control and services after sales.
The scope of marketing management, when viewed from the functional aspects, can be charted as below:-
Essay # 6. Importance of Marketing Management:
The present day business world has undergone rapid change and transformation, rather a metamorphosis, in the last few decades. Rapid growth of population, changes in tastes and preferences of buyers, emergence of income-based different classes of buyers/consumers, commercialisation of technological innovations, direct foreign investment in various parts of the world and the emergence of national strategy and pressure groups like trade associations, chambers of commerce, international and national business leaders, rising expectations of the public have all made the business environment complex.
A business firm, basically a micro-unit, is not isolated from the world around it. In other words, a thorough understanding of the economic, social, cultural, and political environments in which a business firm operates has become a major priority for management.
The marketing management of a business entity has to understand these environmental aspects. The future development of business firm in the background of these environmental factors largely depends on the importance and seriousness attached to the marketing functions.
In a modern enterprise, the objective of the marketing department is not so much to find customers for goods and services produced by the firm as it is to find ways in which the resources of the firm can be used to meet the needs of the potential consumers and maximise profit.
Thus the marketing management may recommend that the existing products of the firm be removed from production because they are no longer profitable and that new products be added. Therefore, the marketing department or management plays a key role in determining the strategy of the firm in its quest to maximise profit.
On the marketing side, economic variables along with personal tastes underlie the demand or sales forecast for a commodity. These are also the factors that determine price elasticity, income elasticity and cross elasticity of demand. In preparing a marketing strategy, it is the marketing management of a firm that must consider the structure of the market.
The chart below shows how the marketing management and operational management can come together to devise the market strategy for the firm that meets the objectives of both the consumers and business firms. Three sets of variables are shown — market structure, economic variables and technological variables. These are external to and beyond the control of the firm, but which the marketing management of a firm may seek to influence to its advantage through, research and promotional activities.
In view of what has been discussed above, we can state that the marketing activities are necessary and useful adjuncts to the survival and growth of a business enterprise. An effective and well planned marketing function is the life-blood of the organisation.
To sum up, the marketing function is considered important on account of its following contributions:
1. All economic activities like production, distribution, and consumption are dependent on marketing. An efficient marketing system can keep the factors of production fully and profitably employed which is basic to the functioning of the economy.
2. An efficient marketing set-up increases the volume of sales and thus reduces the cost of distribution of products and services.
3. A marketing function maintains a regular interaction with the existing and potential users and consumers to ascertain their needs. This way, it leads to production of socially useful goods and services.
4. It is the marketing process that makes available to the customers the products and services of their choice at the reasonable prices.
5. Through effective advertising and salesmanship, the marketing function serves to educate the people for better and newer uses of goods and for use of new products, and thereby delivers a standard of living to the customers.
6. It is the marketing function that creates an infra-structure of transportation, insurance, warehousing activities due to which employment opportunities increase.
Essay # 7. Responsibilities of Marketing Management:
Marketing management has to fulfill the following responsibilities in particular:
1. Sales and market analysis.
2. Determination of marketing goals.
3. Sales forecasting and marketing budget.
4. Formulation of marketing plans, and procedures.
5. Evolving an appropriate marketing-mix.
6. Organising of all marketing activities included in the marketing-mix. Marketing activities may be organised product-wise, area-wise or customer-wise according to specific requirements. We can also organise marketing activities on the basis of marketing functions.
7. Assembling of necessary resources, such as marketing personnel, finance, and physical facilities, etc. to execute marketing campaign.
8. Active participation in the product planning and development to establish best correlation between the product attributes and customer demands. Effective communication, proper control and co-ordination of all marketing functions.
(i) Organisation for Marketing:
The marketing department can be organised around the product to be sold if we have a line of products. It may be organised by function e.g., market research, advertising and sales promotion, pricing, and sales management.
Functional organisation is desirable when we have one or a few closely related products. When we have a national market and regional marketing problems demand special attention, organisation by territory may be preferred.
(ii) Marketing Plans:
Marketing management is responsible to formulate comprehensive marketing plans indicating objectives to be achieved, and a future course of action to accomplish the predetermined targets. A marketing plan is a main operational and control document of the marketing department.
It gives intelligent directions of marketing operations. It can inspire marketing staff to reach the targets as per plan. Progress can be measured against set goals. There will be no confusion and misunderstanding between marketing executives. All departmental plans can be integrated with each other.
Elements of Marketing Plan:
1. Marketing objective, e.g., 5% increase in market share or 20% increase in sales.
2. Marketing programme covering all elements of the marketing mix.
3. Time-bound marketing action plan.
4. Marketing budget with standards of performance.
5. Marketing controls to ensure predetermined goals.
We may have long-range plans covering five to ten or even fifteen years. Usually we have plans covering three to five years of the planning period. The first two years are covered in details. We also have project plans even for one or two years covering specific projects outside the normal marketing field e.g., introduction of a new product, launching of a special sales campaign, etc.
For each component of a marketing mix we can have individual plans, e.g., advertising and sales promotion, distribution, product pricing etc. Research and planning activities form the basis of effective distribution particularly in mass markets. Corporate plan and policies are considerably influenced by power of consumers in the market.