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features of marketing management

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.” But at present, the business environment has undergone tremendous changes in social, economic, political and cultural aspects. A package is used to contain, protect and identify a product. Privacy Policy 8. 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. It indicates market operations based on some principles. Business concerns must satisfy consumer’s wants and needs for their continued existence. The important characteristics of marketing management may be obtained as under: 1. With the help of its Smart Search feature salon owners can get all the information about their clients, sales, and leads within seconds. 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. At the same time, it also addresses both the current and future consumers. Combination of variables 2. Marketing is an universal function. It is primarily entangled with following features: Customers Needs- An organization can never assume what actually a customer needs. Marketing is a management function like the management of other functions such as production, finance, personnel etc. In a competitive market, the goods that are best suited to the customer are the ones that are well-accepted. It is instrumental in manipulating the factors of production, distribution, promotion and price, and also in influencing the patterns of consumption and consumer attitudes. The main purpose of marketing is to maximize profit by satisfying the needs of customers. The success of a business concern depends considerably upon the performance of its salesmen. Marketing involves exchange of goods, services and ideas with the medium of money. Intangibility is an important consideration that complicates the functional responsibility of a marketing manager, specially while influencing and motivating the prospects/customers. This will help in achieving organiza­tional objectives. The determination of what is to be produced should not be in the hands of … 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. with a view to accomplishing the organisational objectives. Copyright 10. Marketing management employs tools from economics and competitive strategy to analyze the industry context in which the firm operates. The marketing activities must be co-ordinated with other functional areas of an organization. The marketing function of a business is customer-centred. The concept of marketing includes a bunch of social sciences such as economics, sociology, psychology and law. Hence, every activity of a business is customer-oriented. A combination of four inputs constitutes the core of a company’s marketing system—product, price, place, and promotion. Marketing management smoothen the process of exchange of ownership of goods and services from seller to the buyer. Identifying consumer needs and wants is the primary task of a marketing manager. The main features of marketing can be described as follows: 1. Marketing management represents marketing concept in action. We can not create goods and services and then try to sell them. Every department and individual contributes sufficiently towards marketing. Distribution of products is also an important function of marketing management. The important features of management are to make others work and using the efforts of others to achieve the goals of the organization. Besides, it is an important sales tool which makes a product attractive and attention-captivating. All variables equally important 4. Many consumers prefer using certain brands of clothing, deodorants or tubes of toothpaste, for example. Replies. They are influenced by consumer behaviour, trade factors, competition and government regulatory measures. Features Of Marketing. They like how these brands benefit them. Com­mercial organizations are also adopting cause-related marketing to strike long-term relations with consumers. Production activities are adapted to these consumer needs. 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. Kotler and Keller, 2006; Wedel and Kamakura, 2000), it appears highly effective to address customers based … A successful marketer needs to adapt to these changing factors and adjust marketing strategies to suit new market developments. Image Guidelines 5. A profit-seeking business unit is dependent on marketing. These are needed to be planned, organised, directed, coordinated and controlled so as to achieve the marketing objectives. Let us understand the centralization by taking an example from your home. 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. If this benefit is more than the amount paid, then the customer is satisfied. Personnel is very important component of marketing activity. 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. Channels of distribution and physical distribution play an important role in the exchange process by creating place utility. Plagiarism Prevention 4. Marketing is an activity designed to plan, price, promote and distribute products. Identifying consumer needs and wants is the primary task of a marketing manager. The process of management is the set of managerial functions, i.e., planning, implementation and control of programmes to achieve pre-determined objectives. Report a Violation, Marketing Management: Meaning and Objectives, Marketing: Meaning, Considerations and Essential Elements of Marketing. Hence, production and marketing activities are closely related to each other. The study of marketing management is nothing but the critical evaluation of various marketing functions. Needs and Wants: The main objective of marketing process is to satisfy the needs and wants of the customers. Marketing is both art and science 5. Features of Management Following image depicts fourteen important features of management. So, companies try to provide goods and services according to the needs and wants of customers. Organized and systemised method of managing: strategic management is an organized and systemized method of managing enterprises it involves two phases. Some of the most important features of marketing are as follows: 1. 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. Thus, it is a continuous process. 19 review • introduction of industrial marketing • meaning • why study industrial marketing • features of industrial markrting • importance of industrial marketing 20. Integrated approach 10. Marketing, which is the art of distributing the products and services among the various claimants, has also only one basic law, change. Co-related 7. Proper integration of marketing mix variables requires special abilities The nature, main characteristics or features of … “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”. Content Filtrations 6. Content Filtrations 6. Learn about:- 1. Need Satisfaction. Some companies concentrate on the large scale production while some concentrate only on the quality of the product etc. This helps in coming up with new products. The marketing has special significance in an organisational structure of a firm. Most of marketing activities are concerned with the exchange of goods. Salesmen play a crucial role in communicating company and product information to customers. 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 is not a function of marketing department alone. Applies to business as well as non-businesses 5. It helps achieve organizational objectives. 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. ... intelligence where systematic study is made before taking any military action MR acts as the intelligence tool of marketing management. Exchange process 7. Major Functions of Marketing Management. TOS 7. Guerilla marketing describes an unconventional and creative marketing strategy intended to get maximum results from minimal resources. Hence services cannot be touched, held, tasted or smelt. Needs and Wants 2. 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. Pricing is a very important and crucial decision as it affects all the parties involved in the production, distribution and consumption of goods. 2. Thus, marketing precedes production. With the societal marketing concept gaining importance, social marketers are finding useful new ways of applying marketing principles. For example, you were part of a centralized home if you were nev… With reference to market segmentation theory (e.g. 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. Customer satisfaction can be enhanced by providing value-added services, which includes providing additional facilities at little or no extra cost. The business existence depends on human needs. Political, technological, demographic and international, influence marketing activities must be co-ordinated with functional. Purchasing, storekeeping and public relations ( PR ) are to be planned, organised,,., and environmental factors, competition and government regulatory measures and employment assessing. Under: 1 of advertising is to satisfy the needs and initiates research development to meet them of.... 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