Marketing- the world itself is a definition of all the promotions, income, outcome and almost every other thing related to the world of business. In order to know what the marketing management is, let us first understand what marketing means in general terms.
Marketing is a process through which the goods and the services move from theory to the customer. It is said that marketing follows the concept of four P’s, and they are- Product, Price, Place and Promotional strategy.
Now, moving our direction to market management, the very first question that arises in the mind is that- what is marketing management? Well, many people tend to have several definitions about marketing management, and most of them are their personal views about it rather than a theoretical definition. Talking about marketing management according to theory means that, it is the organizational discipline which has a focus on the practical applications of all the marketing orientation, techniques and the methods that are inside the enterprises and organizations and also in the management of a firm’s marketing resources and activities.
There are also a number of objectives that the marketing management follows, and they can be pointed out as:
- Creating new customers for the firm.
- Customer satisfaction by fulfilling all the requirements of what a customer needs or what the customers expects from the firm to provide them.
- To raise the standards of the living people to a new high.
- Determining the factors responsible for the marketing mix.
- To enhance the profitability of the business.
It becomes as much important to manage the market as establishing the business. Marketing management has gained importance to meet the increasing competition and the need for well and improved methods of distribution to reduce cost and to increase their profits. It has become most important in all business enterprises.