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What is Marketing Management?

Marketing management is considered as a management function. An organisation has to function in an environment that has non-controllable as well as partially controllable factors. Based on the situations faced, marketing managers have to take various decisions on the product, its price, where to sell and how to influence customers to buy their products in an environment which is constantly changing, and is unpredictable to a large extent. Understanding the environment and the target markets helps an organisation to formulate effective (hassle free) and efficient (cost effective) marketing strategy. Marketing strategy is then implemented and changes are made to it as per requirements.

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Explain Marketing Management Process and its Importance?

The term Marketing Management Process and its Importance or Responsibilities of Marketing Management or Scope of Marketing Management are all the same.

Simple Marketing Management process involves-

Simple Marketing Management

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What is Marketing Mix / Marketing Program / 4P’s of Marketing?

The Marketing Mix has different elements that must be utilised with a proper mix to meet the organizations goals. The other terms often used to describe Marketing Mix are-

1. The marketing program,
2. 4P’s (Product, place, price and promotion)
The term “Marketing Mix” was coined by James Culliton, and Professor Jerome McCarthy classified these tools into four broad groups that he called the 4P’s of marketing: product, price, place and promotion.

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What is the Importance and Need of Marketing Mix?

An organisation utilises different strategies to influence the demand of its offerings. The 4P’s must be well utilised in relation to one another to avoid conflict in minds of buyers. A good quality product in a luxury market cannot have high price and a large discount at the same time.
These elements should be adjusted regularly to meet the needs of the target market. The importance of Marketing Mix in marketing strategy is given below –

(1) Influencing demand – the 4P’s are best utilised with proper mix to counter competition, attract customers and promote sales.

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What are the challenges for Marketing Managers in the modern world?

Marketing concept has gone a dramatic change since the industrial revolution. The focus from making good quality products and availability has moved to customer satisfaction by making products of customers’ choice. This concept throws forward many challenges in the world where technology is constantly evolving and making lives of individuals less hectic and comfortable. Let us go through the challenges the modern world offers to marketers-

(1) Internet age / technology revolution – the use of internet by as young as 12-15 year olds offers lot of opportunities and threats to organisations. Where internet can be used to communicate directly with costumers, the customers ask for all the product information, trial, etc. for the products. Various internet groups share their review of a newly launched product even before it is available in the market. For example, an Apple iPhone which is yet to release in India is already available in US or UK. Customers in India can get the review of the iPhone from various internet forums. Thus the marketers have to be ready with all the answers for any queries apart from making sure that the product is a success.

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