Marketing Management UNIT 1

MARKETING

MANAGEMENT
UNIT 1
Meaning Of Marketing Management
• Marketing management is the process of planning, organizing, and
controlling a company's marketing activities. It is a critical business
area that involves the strategic application of marketing techniques,
methods, and resources. The goal of marketing management is to
increase sales and profits by building customer relationships.
• Marketing management focuses on creating a balance between
satisfying customer needs and achieving business goals like
profitability, market share growth, and brand loyalty.
• Philip Kotler - "Marketing management is the art and science of
choosing target markets and getting, keeping, and growing customers
through creating, delivering, and communicating superior customer
value".
• Peter Drucker - "Marketing management is looking at the business
from the customer's point of view".
Scope And Nature Of Marketing
Management
SCOPE:
• Study of Consumer Behavior.
• Identify Their Wants and Requirements.
• Planning & Product Development.
• Pricing and Policy Determination.
• Consumer Satisfaction.
NATURE:
• It is a Process of Communication.
• Marketing is a Managerial Function.
• Marketing is a Social Process.
• Marketing is a Philosophy.
Importance Of Marketing Management

• Understand customers:
Marketing management helps businesses understand their customers' needs,
demographics, and buying behaviors.
• Generate revenue:
Marketing management helps businesses generate revenue by attracting new
customers, increasing sales, and driving customer acquisition.
• Build brand awareness:
Marketing management helps businesses build brand awareness and
loyalty by developing unique value propositions and effective branding
techniques.
• Improve customer interactions:
Marketing management helps businesses improve
customer interactions and increase customer satisfaction.
Recent Trends And Challenging Markets
• Artificial intelligence (AI):
A leading technological trend that is increasingly popular with
marketers and sales professionals. AI can help brands provide
a personalized customer experience.
• Influencer marketing:
A popular trend that brands use to improve their visibility,
engagement, and sales.
• Chatbots:
A technology that has become increasingly popular, with over
80% of brands planning to use chatbots by 2020.
• Market research and surveys:
Businesses can use these to learn about consumer
preferences, behavior, and market patterns.
Core Concepts Of Marketing
CONTD---
• Needs:
Needs refer to the basic human requirements for survival and
well-being. These can include necessities like food, shelter,
clothing, and healthcare.
• Wants:
Wants are desires or preferences for specific products or
services that go beyond basic needs.
• Demands:
Demands arise when wants are supported by the ability and
willingness to pay for a product or service.
• Products:
Products refer to tangible items or intangible services
that fulfill customer needs or wants.
Company Orientation Towards The Marketplace
CONTD---
• Production Concept-The concept is mainly based on
the principle that, “as the productivity levels increase, cost
of production decreases, and as a result, customer will be
able to purchase a product at a cheaper rate, which in
turn accelerates the sales of the company.”
• Selling concept-The selling concept believes that
customers will not buy products unless persuaded to do
so. As we know, this is true even today in case of certain
products such as insurance.
• Product Concept- The product concept says that customers
will always buy products which are better in terms of quality
performance and features. The concept is especially applicable
in terms of electronics and other techno gadgets nowadays.
CONTD---
• Marketing Concept – Just like selling is a necessity,
similarly branding and marketing are a necessity in some
products. The marketing concept proposes that the
success of a firm depends on the marketing efforts of the
company in delivering a value proposition.

• Societal Marketing Concept – The societal marketing

concept leads to a company orientation which believes in
giving back to the society what it had received from the
society. This concept believes that the company is
profiting because of society and hence it should also take
measures to make sure the society also benefits from the
company.
Concept Of Value
• In marketing, value is the perceived benefit of a
product or service compared to its cost. It's also
known as customer-perceived value.
• The concept of value in marketing is based on the
idea that customers demand products and
services that provide the most value and
satisfaction.
• There are some value in marketing are:
1. Human Needs.
2. Customer Satisfaction.
3. Customer Loyalty.
Value Creation and Delivery
• Value creation is the process of producing
products or services that are more valuable than
the resources used to create them, while value
delivery is the act of getting those products or
services to the customer.
• Value creation is important because it can lead to

customer loyalty, which increases profits. It can
also lead to stakeholders receiving high returns
on their investments, which can lead to them
contributing more capital.
Contd---
• Here are some tips for creating value:
1. Understand customer needs: Focus on what

the customer's fundamental needs are, rather
than what competitors consider important.
2. Use innovation: Use emerging technologies
and innovative business models to serve
customers better.
3. Create a value chain: Create a relationship-
focused offering that adds value for all parties.
THANK YOU

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MARKETING

• Societal Marketing Concept – The societal marketing

• Value creation is important because it can lead to

1. Understand customer needs: Focus on what

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