It had been noticed that unceasing contact to “online advertising and personal selling operation” that leads various individuals to relate marketing and selling, or to conceive marketing management functions commence once products and services have been formed. Although it has been understood that marketing management certainly involves selling and advertising, it involves much more. Marketing management also incorporates evaluating customer requirements, securing information required to design as well as produce products or services, which match potential customers’ expectations as well as creating and developing relationships with consumers and suppliers. The modified concept of marketing functions permeates all company’s functions. This process assumes that the marketing efforts would follow the entire corporate strategies and would proceed accordingly to the ethical functions along with that; the marketing management will efficiently serve the interests of both companies and society in a wider sense. The concept of marketing management also recognizes the marketing variables such as, price, distribution, product, promotion, which combine to offer consumer satisfaction. Additionally, the marketing management suggests that the company starts by recognizing as well as evaluating the customer segments, which it would later satisfy with the help of its production and marketing activities.
Meaning & Functions of Marketing Management
The concept of marketing management focuses on the physical and psychological aspects of Marketing. The marketing managers in organizations are dutiful for impacting “the level, timing and composition of consumer demands accepted the definition of the term itself”. While the psychological facts focus on discovering the wants and requirements of the customer and the altering patterns of purchasing behavior, habit and others. On the other hand, the physical facts of marketing management focus on fulfilling those demands and needs purchase better product design, several channel of distribution as well as other respective functions. From several researches it has been identified that manufacture and promotion of products along with facilities are the core of financial life cycle in any society. All companies accomplish these two fundamental purposes in order to mollify their promises to their stakeholders-the consumers, society and owners, at large. They make profits, which economists call “utility that is the want-satisfying power of a product or service”. There are four fundamental types of utility. These are “form. Time., place and ownership utility”. Although it has been identified that marketing management offers significant contributions that stipulate customer choice, the business’s manufacturing job is accountable for the concrete formation of form utility. The marketing purpose makes place, time and ownership utilities. Time and place usefulness happen when clients find products and services accessible where and when they want to purchase them.
Functions of marketing management involves activities from creating marketing objectives to analyzing and evaluation of the marketing operations. The marketing management determines organizational marketing objectives. The marketing objectives may be long term or short term depending upon the needs of the organization.
After that, the significant function of marketing management is planning according to the operations or functions in order to achieve all the objectives. The planning process includes sales forecasting, marketing programmes formulation and marketing strategic analysis.
After this step, there comes the implementation process. This stage the marketing manager collect and coordinate all the needed means to implement a plan as well as to achieve predetermined organizational objectives. Organizing involves structure of marketing, allocation of responsibilities to different members as per their expertise.
Later comes the stage in which coordination is required. Coordination process involves managing activities such as forecasting sales, planning the production process, product development, supply chain, warehousing and others.
There are other important functions of marketing management available that have significant share in achieving the goals of an organization. The next function in the marketing management process is direction. Direction suggests that a marketing manager develops prospects for new markets, leadership of workers, motivating them, guiding and supervising all the involved employees in the process.
The next stage in this process is controlling. Control suggests to the appropriateness with which a marketing plan is implemented. This includes the determination of organizational standards, examination of actual performance, adaptation of suitable reformation of strategies and adaptation of corrective strategies.
The next stage in the marketing management function is staffing. In this function, the marketing manager indulges in staffing new employees who have the expertise according to the organizational needs or on the other hand, the marketing manager provides training to their existing employees so that their expertise gets develop as per the needs of their organization currently.
Analysis and Evaluation
The last stage in the marketing management function is analyzing and evaluating all the planning process. In this stage, the marketing manager involves analysis and examination of the productivity and try to performs mace of individual workers. In this way, the whole process gets checked for a second time and the marketing manager could be able to rectify or modify the strategies if necessary.
From the above analysis of marketing management, it has been identified that this process has the duty to perform various functions in the arena of marketing like planning, organizing, motivating and directing people. All these separate functions jointly help an organization to achieve all its predetermined aims and objectives in the future. On the other hand, in this ever-changing marketing environment, it is really necessary for organizations to consider the importance of marketing management to achieve a competitive advantage. Marketing management functions also help to gather information regarding the current demands of the consumers and the market, and help organizations to perform according to the needs. In this way, marketing management helps to connect all the internal capabilities of a firm with their external possibilities and opportunities. From the above analysis and documentation of the marketing management functions, it also has been recognized that marketing functions helps to communicate with the customers majorly. In this age of digitization, it is necessary for organizations to regularly and continuously connects with their consumers. Through effective marketing management and direction, the marketing managers become capable to do so. On the other hand, it has been understood that marketing management is much more than just selling the products, rather it is the process of modifying the services and products according to the consumer needs.
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