Question - What do you mean by marketing management? Explain the nature and scope of marketing management.
Answer
Definition of Marketing
Definition of Management
According to Harold Koontz, "Management is the art of getting things done through and with people in formally organized groups."
Management consists of the interlocking functions of creating corporate policy and organizing, planning, controlling, directing an organization'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 organizations at different levels of management. Marketing management decisions are based on strong knowledge of marketing functions and a 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, organizing, 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 organizations 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 a 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 a 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 guide marketing managers in decision-making. The Art of Marketing management consists of tackling every situation in a creative and effective manner. Marketing Management is thus a science as well as an art.
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