According to Philip Kotler, “marketing management is the analysis, planning, implementation and control of a programme designed to create, build and maintain beneficial exchanges and relationships with the target market for the purpose of achieving organisational objectives.”
Marketing management is defined as the process of management of marketing programmes for accomplishing organisational goals and objectives. The process of management is the set of managerial functions known as planning, implementation and control of programmes to achieve predetermined objectives.
Marketing Management Definition
Marketing management may be defined as the process of planning, organising, directing and controlling the activities relating to the marketing of goods and services to satisfy the wants of consumers. The marketing manager looks after various aspects of marketing to achieve the objectives of marketing namely, creation of customers and satisfaction of their wants, and earning of profits.
Philip Kotler, “Marketing management is the analysis, planning, implementation and control of programmes designed to create, build, and maintain mutually beneficial exchanges and relationships with target markets for the purpose of achieving organisational objectives.”
Marketing management is the analysis, planning, implementation, and control of programs designed to create, build, and maintain mutually beneficial exchanges and relationships with target markets for the purpose of achieving organisational objectives.
It relies on a disciplined analysis of the need, wants, perceptions, and preferences of target and intermediary markets as the basis for effective product design, pricing, communication, and distribution.
Marketing management can occur in an organisation in connection with any of its markets. Consider an automobile manufacturer. The vice president of personnel deals in the labour market; the vice president of purchasing, the raw materials market; and the vice president of finance, the money market. They have to set objectives and develop strategies for producing satisfactory results in these markets.
Traditionally, however, these executives have not been called marketers or trained in marketing. Instead, marketing management is historically identified with tasks and personnel dealing with the customer market. We shall follow this convention, although what we shall say about marketing concepts and principles applies to all markets.
Marketing work in the customer market is carried out by sales managers, sales representatives, advertising and promotion managers, marketing researchers, customer service managers, product managers, market managers, and the marketing vice president. Each of these job positions goes along with well-defined missions and responsibilities.
Many of these job positions centre on the management of particular marketing resources, such as advertising, sales force, or marketing research. On the other hand, product managers, market managers, and the marketing vice president manage programs. Their job is to analyse, plan, and implement programs that will produce a desired level of transactions with specified target markets.
Marketing Management Definition by Philip Kotler
Marketing management represents marketing concepts in action, i.e., preplanned demand management — under customer-oriented marketing philosophy. The American Management Association defines marketing management as follows –
“Marketing management is the process of planning and executing the conception, pricing, promotion and distribution of goods, services and ideas to create exchanges with target groups that satisfy customer and organisational objectives.”
According to Philip Kotler, “marketing management is the analysis, planning, implementation and control of a programme designed to create, build and maintain beneficial exchanges and relationships with the target market for the purpose of achieving organisational objectives.”
Thus, marketing management may be defined as the process of management of marketing programmes for accomplishing organisational goals and objectives. The process of management is the set of managerial functions known as planning, implementation and control of programmes to achieve predetermined objectives.
Marketing management is directly in charge of:
- The setting of marketing goals and objectives,
- Developing the marketing plan,
- Organising the marketing function,
- Putting the marketing plan into action, and
- Controlling the marketing programme.
We have the management cycle of planning-action-control-replanning.
Marketing management would be influenced by:
- The forces operating in the marketing system, and
- The philosophy and objectives of the organisation.
At present the philosophy and objective of the organisation are reflected in the broadened marketing concept, i.e., societal marketing concept, wherein, we have socially responsible marketing.
As an agency of demand management, marketing management is in charge of regulating the level, timing and character of market demand in such a manner that the enterprise will be enabled to achieve its objectives, viz., productivity, customer and social satisfaction.
Marketing management involves the understanding of the marketing environment, market segmentation, market targeting, positioning and effective implementation of “Ps” of marketing. These issues are planned, organised and controlled.
Marketing Management Definition by Cundiff and Still
Marketing management may be defined as the application of management principles, tools and techniques for the effective utilisation of the marketing resources of the organisation. In simple words, marketing management is the management of marketing activities of the organisation to attain specific objectives.
According to E.W. Cundiff and R.R. Still, “Marketing management is concerned with the direction of purposeful activities towards the attainment of marketing goals.”
The basic goals of marketing are satisfaction of needs of customers and generation of revenue for the business. Most of the big business enterprises organise the marketing activities separately under the charge of a marketing manager. The marketing manager looks after various aspects of marketing to achieve the objectives of marketing, namely, creation of customers and satisfaction of their wants, and earning of profits.
Marketing management is an important function of business and it is intended to contribute to the attainment of business objectives. It deals with planning, organising, directing and controlling the activities related to marketing of goods and services to satisfy the customers’ needs and thereby earn services for the business.
Marketing Management Definition by American Marketing Association
The American marketing association defines marketing management as follows:
Market management is the process of planning and executing — the conception, pricing, promotion and distribution of goods, services and ideas to create exchanges with target groups that satisfy customer and organisational objectives.
This definition acknowledges the significance of the exchange process of goods, services and ideas. It recognises that marketing management is a process of planning and implementation. Analysis precedes planning and controlling follows implementation. The ultimate aim is consumer satisfaction.
Marketing management, traditionally has been associated with consumer or customer markets, though there can be dealings in labour market, money or capital market and raw materials market.
The American Management Association defines marketing management as follows:
“Marketing management is the process of planning and executing the conception, pricing, promotion and distribution of goods, services and ideas to create exchanges with target groups that satisfy customer and organisational objectives.”
According to Philip Kotler, “marketing management is the analysis, planning, implementation and control of a programme designed to create, build and maintain beneficial exchanges and relationships with the target market for the purpose of achieving organisational objectives.”
From the above definitions, marketing management may be defined as the process of management of marketing programmes for accomplishing organisational goals and objectives.
The process of management is the set of managerial functions known as planning, implementation and control of programmes to achieve predetermined objectives. Marketing management involves planning, implementation and control of marketing programmes or campaigns.
Marketing management is directly in charge of:
- The setting of marketing goals and objectives,
- Developing the marketing plan,
- Organising the marketing function,
- Putting the marketing plan into action, and
- Controlling the marketing programme.
We have the management cycle of planning-action- control-replanning.
Marketing management would be influenced by:
- The forces operating in the marketing system, and
- The philosophy and objectives of the organisation.
At present the philosophy and objective of the organisation are reflected in the broadened marketing concept, i.e., societal marketing concept, wherein. We have socially responsible marketing. As an agency of demand management, marketing management is in charge of regulating the level, timing and character of market demand in such a manner that the enterprise will be enabled to achieve its objectives, viz., productivity, customer and social satisfaction.
Marketing Management Definition by Stanton
Stanton defines:- “Marketing (management) is a total system of business activities designed to plan, price, promote and distribute want-satisfying goods/services to present and potential customers.”
Marketing is not an isolated activity. It is a sum of several activities, e.g., selling, advertising, marketing research, distribution, sales promotion, public relations, product management etc. Even a mere summation of these activities would not be marketing management. There is interaction amongst these, making it a total, integrated process.
Marketing starts with the conception of product ideas. It does not end with the sale of a finished product. It aims at consumer satisfaction and hence continues even after the sale is made.
In its broadest sense, marketing management is essentially demand management. It influences the level of demand, e.g., the actual demand is less than the desired demand and marketing management has to stimulate demand.
Marketing management also influences the timing and the composition of demand, e.g, telephone services have low demand at night, and so concessions are offered in tariff to stimulate the demand during these lean hours.
Sometimes, instead of stimulating demand, we have to discourage it. Thus we have anti-drug ads and ads to conserve water and electricity. Thailand puts a warning on cigarette packets that smoking causes sexual impotence.
By using marketing resources like marketing research, sales force and advertising, marketing managers develop marketing programmes. These planned programmes need implementation so as to produce a desired level and mix of transactions with the target markets.
Frequently Asked Questions
What is the Best Definition of Marketing Management?
According to Cundiff and Still – “Marketing management as a branch of a broad area of management, marketing management is concerned with direction of purposeful activities towards the attainment of marketing goals.”
There are three kinds of goals:
- Satisfaction of customer’s needs,
- Increase in sales volume and
- Increase in organisational profits.
All these three goals are interrelated.
Marketing Management is a functional area of business management which has to deal with the consumers’ needs and wants in the first place, followed by promotion and pricing to create specific demand for the goods or services or idea in question, and then flow of goods or services or ideas to the customer and finally information from the customers about expected satisfaction.
The planning, direction and control of the entire marketing activity of a firm, or division of, a firm, including the formulation of marketing objectives, policies, programmes and strategy, and commonly embracing product development, organisation and staffing to carry out plans, supervising marketing operations, and controlling marketing performance.
In most firms the man who performs these functions is a member of top management that plays a part in determining company policy, in making product decisions, and in coordinating marketing operations with other functional activities to achieve the objectives of the company as a whole.
He is variously designated Marketing Manager, Director of Marketing, Vice-President of Marketing, Director or Vice-president of Marketing and Sales, General Manager.
It should be noted that this definition calls for the marketing manager to have complete authority in the marketing operations in a company or a division. It does not cover the type of position – called marketing manager in some companies – which is responsible primarily for the marketing research, planning, and product-planning functions.
If a company is to grow profitably over the long term, it is essential that top management understand that the company or division marketing manager must have complete responsibility for the major marketing functions.
It is also important that the company organisation provides for effective coordination between the marketing manager and other functional areas of the business responsible for subsidiary marketing functions such as transportation, credit, and product design.
What is the Definition of Marketing?
According to Philip Kotler, “Marketing is a social and managerial process by which individuals and groups obtain what they need and want through creating, offering and exchanging products of value with others.” Marketing is thus a wider term and includes market or market is a part of marketing.
What are 3 Definitions of Marketing?
“Marketing is the business process by which products are matched with the markets and through which transfer of ownership is affected.” — Cundiff
“Marketing is the total system of business activities designed to plan, price, promote and distribute want satisfying goods and services to present and potential customers.” — W.J. Stanton
“Marketing is the response of businessmen to the need to adjust production capabilities to the requirements of consumers demands.” — McCarthy
What is the Main Definition of Management?
Marketing management deals with planning, organising, directing and controlling the activities related to the marketing of goods and services to satisfy the customers’ needs.
According to Philip Kotler, “Marketing management is the analysis, planning, implementation and control of programmes designed to create, build, maintain mutually beneficial exchange and relationship with target market for the purpose of achieving organisational objective.”