Marketing management is the activity of managing processes, people and marketing strategies in order to generate value for the market and meet organisational goals and objectives. Philip Kotler, in his book Marketing Management: The Millennium Edition says that marketing management is the art and science of choosing target markets, satisfying their needs and building a profitable relationship with them, through analysis, planning, implementation and control. These processes are part of any type of management in the routine of a business, be it business, financial, people management, etc. The difference is that here they are applied to marketing, which covers a multitude of activities aimed at the market.
When we talk about marketing, we immediately think about advertising and product promotion, but the area covers much more than that. Within marketing, there are also market research activities, pricing, product design, distribution strategies, press relations and many others. With so many activities in one area, how do you put all this in order? The marketing manager usually leads marketing management – that organises and aligns all these activities, and the people involved so that they have the best performance in the market and help the company achieve its goals.
Marketing Concepts involves identifying consumer needs and wants, then producing products. There are five marketing concepts :
- Production concept : Consumers will favor products that are cheap and available
- Product concept : Consumers will favor products that are cheap and available
- Selling concept : Consumers will not buy enough of the firm’s unless it undertakes a large-scale selling and promotion effort
- Marketing Concepts : Understand consumer’s needs and deliver satisfaction better than competitors
- Societal Marketing concept : Deliver value to customers in a way that maintains or improves both the consumer’s and society’s well-being.