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Friday, 14 September 2012

MBA Notes - Nature and Scope of Marketing Management

Question - What do you mean by marketing management? Explain nature and scope of marketing management.

Answer

Definition of Marketing

According to American Marketing Association, "Marketing is an organisational function and a set of processes for creating, communicating and delivering value to customers and for managing customer relationships in ways that benefit the organisation and its stakeholders."

Definition of Management

According to Harold Koontz, "Management is the art of getting things done through and with people in formally organised groups."

Management consists of the interlocking functions of creating corporate policy and organising, planning, controlling, directing an organisation's resources in order to achieve the objectives of the policy.

Definition of Marketing Management

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 personal and of mutual gain. It relies heavily on the adoption and coordination of product, price, promotion and place for achieving responses.".

Marketing management is a business process, to manage marketing activities in profit seeking and non profit organisations at different levels of management. Marketing management decisions are based on strong knowledge of marketing functions and clear understanding and application of supervisory and managerial techniques.

Nature of Marketing Management

It Combines the Fields of Marketing and Management
As the name implies, marketing management combines the fields of marketing and management. Marketing consists of discovering consumer needs and wants, creating the goods and services that meet those needs and wants; and pricing, promoting, and delivering those goods and services. Doing so requires attention to six major areas - markets, products, prices, places, promotion, and people.

Management is getting things done through other people. Managers engage in five key activities - planning, organising, staffing, directing, and controlling. Marketing management implies the integration of these concepts.

Marketing Management is a Business Process
Marketing management is a business process, to manage marketing activities in profit seeking and non profit organisations at different levels of management, i.e. supervisory, middle-management, and executive levels. Marketing management decisions are based on strong knowledge of marketing functions and clear understanding and application of supervisory and managerial techniques. Marketing managers and product managers are there to execute the processes of marketing management. We, as customers, see the results of such process in the form of products, prices, advertisements, promotions, etc.

Marketing Management is Both Science and Art
“Marketing management is art and science of choosing target markets and getting, keeping and growing customers through creating, delivering and communicating superior customer value.” (Kotler, 2006). Marketing management is a science because it follows general principles that guides the marketing managers in decision making. The Art of Marketing management consists in tackling every situation in an creative and effective manner. Marketing Management is thus a science as well as an art.

7 comments:

  1. This is good information about marketing management,for who want join in mba, in india we have lots of business schools, select one best b school.

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  2. well, thank you for the great effort

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  3. Well Looking at the AMA definition they surely made it more what marketing should be about while Respected Sir Philip Kotler still stick with north American approach which is kind of sad, considering his caliber.

    Enotesmba, I have to say that you shouldn't confuse your readers by giving to different rather conflicting definitions. There many things that I find troubling with both of these definitions.

    1: AMA marketing is all about managing relationships with customers to benefit company and its stakeholders so by logic that means customers aren't part of any worth until everything goes okay for the company and its stakeholders.

    2: Sir kotler definition doesn't even consider relationship management rather sticks with his own "north american" concept of several p's and that's all. Which is kind of confusing as AMA focusing on relationship building while it focuses on several Ps.

    How would a student or anyone understanding marketing at all if such big names in marketing doesn't agree on single definition. lastly to me marketing completes with adding "making sense to your target (buyer,supplier,consumer,government etc). plus it's all about thinking out of the box. If you are wondering how then you better check in here http://marketing-theories-and-my-theories.blogspot.com/

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  4. AMA defined about marketing............and sir kotler defined about marketing management i see a small diffrence in both the defination.....am i correct?

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    Replies
    1. You are right Krishna, both the definitions are different, one is about marketing and other is about marketing management.

      we have made little change in this post to make it more clear and understanding.

      Delete

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