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Concept of Marketing Management

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Estimated time: 10 minutes
CBSE: Class 12

Meaning of Marketing Management

  • Marketing management means managing the marketing function of a business.
  • It includes planning, organising, directing and controlling activities that help exchange of goods and services between producers and consumers or users.
  • The focus is on achieving the desired exchange with target markets.
CBSE: Class 12

Definition: Marketing

"The process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services to create exchanges that satisfy individual and organisational goals.” - American Management Association

CBSE: Class 12

Definition: Marketing Management

"Marketing management as the art and science of choosing target markets and getting, keeping and growing customers through creating, delivering and communicating superior customer values of management." - Philip Kotler

CBSE: Class 12

Process of Marketing Management

  • Choosing a target market (for example, garments for children up to 5 years).
  • Getting, keeping and growing customers by creating demand, keeping customers satisfied and attracting more customers.
  • Creating, developing and communicating superior values to attract customers and persuade them to buy.
CBSE: Class 12

Functions of Marketing Management

  • Analysing and planning marketing activities.
  • Implementing marketing plans.
  • Setting control mechanisms so organisational objectives are achieved at minimum cost.
CBSE: Class 12

Marketing Management and Demand

  • Marketing management is generally related to creation of demand.
  • In some situations, managers have to restrict demand.
  • Overfull demand means demand is more than what the company can or wants to handle; managers may reduce promotion or increase prices to reduce demand temporarily.
  • Irregular demand occurs in seasonal products like fans and woollen clothes; managers try to change the time pattern of demand through short-term incentives.
  • Thus, marketing management is concerned with creating and managing demand as per market situations.
CBSE: Class 12

Key Points: Concept of Marketing Management

  • Marketing management is the process of planning, organising, directing and controlling marketing activities.
  • It focuses on choosing target markets and satisfying customers.
  • It aims to create, deliver and communicate superior customer value.
  • It includes analysing, implementing and controlling marketing plans.
  • It helps in getting, keeping and growing customers.
  • It manages different types of demand, such as overfull and irregular demand.

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