Understanding the Concept of Marketing Management
Marketing is a term that can be confusing for the nonprofessional or uninitiated. For example, many marketing gurus talk about marketing with the phrase “marketing VS advertising” as if the two are mutually exclusive and inseparable. In reality, marketing is simply the process by which a business communicates with its customer, builds a relationship with that customer over a period of time, and then takes advantage of that relationship to create additional value for the customer in the form of goods, services, or otherwise.
Marketing is simply the science of creating and promoting products or services in such a way as to gain profit. The marketing concept therefore consists of many different concepts including advertising, branding, salesmanship, and marketing research. In essence, marketing is the process of earning a profit. Therefore, marketing is simply the concept of selling to consumers.
One important aspect of marketing is customer orientation. It is well recognized that the key to generating sales is to build a relationship and to continuously satisfy consumers with innovative and compelling new products or services. Customer orientation also involves providing the customers with information about the availability of the product or service and making available options regarding payment and shipping. Many marketing concepts are based on pleasing consumers. The art of marketing therefore focuses on developing a consistent and clear message to satisfy the customer so that they will return to purchase from the same organization again. Consumer marketing includes the development of a coordinated marketing program between the advertising agency, the manufacturer, and the retailer, which seek to provide the greatest satisfaction to customers.
Developing an integrated marketing plan is a critical component of this overall strategy. This plan should include specific time frames for marketing research, product development, advertising, and market research. The strategic marketing plan should consider various aspects of selling including the selection of a specific marketing style, the establishment of a comprehensive selling system, and the use of various tactics to attract and retain customers. Market research is a very important factor in developing an integrated marketing plan.
The term social marketing is sometimes used in place of marketing management. In this case, the entire process is focused on developing a set of selling concepts which are applicable to various age groups, economic classes, genders, locations, etc. These marketing concepts are then implemented by the various players involved. The objective is to create a group of like-minded individuals who can share and promote the products and services being offered. This type of marketing management involves more involvement from the customer and more hands-on participation by the marketer.
Marketing has come a long way since its early days. Today it incorporates all of the elements necessary for attracting customers to a business. The core elements of marketing include establishing a sense of awareness, building consumer confidence, providing access to products and services, and building organizational ties. All of these factors are used to create a comprehensive concept that includes the development of a comprehensive marketing strategy, the creation of a targeted customer base, and the utilization of appropriate marketing techniques.