Every role in our present business world requires us to know and apply at least some elements of marketing in it. It is no longer about using marketing and sales interchangeably as terms, but setting a clear context about what marketing actually entails. There are many marketing courses in India that help one to know more about marketing management, its concepts as well as its applications. Marketing analytics program works amazingly to enhance your marketing analytics skill. This knowledge is of great value in any organization or role that you work in.
What is meant by marketing management?
Management Expert Philip Kotler describes marketing as “Marketing Management is the analysis, planning, implementation & control of programmes aimed to bring about the desired exchanges with target audiences for the purpose of personal & mutual gain”.
Why marketing management is so important?
Marketing Management is so important for any business because with the help of it businesses can understand the exact need of their customers. Improving the product and/or service to satisfy customer needs. Expand the technique to reach potential customers.
What are the 5 marketing concepts?
- Societal Marketing Concept
- Marketing Concept
- Selling Concept
- Production Concept
- Product Concept
Let us take a quick look at the main elements of marketing management:
What are the 7 principles of marketing?
- Product or Service – This is about the features, strengths and core value that the products or services, provided by the organization has and is perceived to have. Marketing ensures that they are shared with the target customers in the best way possible.
- Price – The price point at which a product is sold is a marketing discussion, because not only does it need to capture the cost incurred, but it has to reflect the positioning of the brand itself.
- Place – The place or channels through which a product is sold is critical. One has to ensure that it is distributed via places that are accessible to potential buyers.
- Promotion – The persona of the brand is defined by the promotion. It is targeted towards boosting brand recognition and sales. Advertising, sales promotion and public relations are part of this element.
- People – This covers all people who are associated with the organization in some form or role, that is, the Board or management, employees, customers, vendors and so on. They define the culture and business goals, and whether the organization will grow to the next level or not.
- Process – The actual systems and operational processes of the organization are core to the way the final product goes out into the hands of the consumer. Great processes will ensure that costs are minimized. Keeping operational excellence in mind and designing the processes is important. That will also result in profit maximization.
- Physical Evidence – The physical presence or evidence has a huge role to play particularly in the service industries. It helps the customer connect at a different level with the brand and also reflects how the organization and its products are perceived.
These are the core elements that together form marketing management. They are equally important from an organizational perspective and there are long term implications of each of these. Organizations need to work on their marketing mix and strategy with these in mind.