Marketing mix is a flexible combination of vari­ables. The following are some of the major functions of marketing management − Selling Image Guidelines 5. Customer focus 2. Let us understand the centralization by taking an example from your home. If this benefit is more than the amount paid, then the customer is satisfied. FEATURES OF MARKETING MIX 1. It makes an attempt to study the customer needs, and goods are produced accordingly. Production activities are adapted to these consumer needs. The size and shape of the package also should be convenient for retailers to keep in the shop or for consumers to keep at their homes. Marketing management, like all other areas of management comprises of the function of planning, organising, directing coordinating and controlling. Co-related 7. Objective-oriented 4. Personnel is very important component of marketing activity. The process of management is the set of managerial functions, i.e., planning, implementation and control of programmes to achieve pre-determined objectives. Dynamic concept 3. Identifying consumer needs and wants is the primary task of a marketing manager. Business organizations such as educational institutions, hospitals, religious institu­tions and charitable trusts have also found meaningful applications of marketing. Reply Delete. A product is defined as a bundle of attributes (features, functions, benefits, and uses) capable of exchange or use, usually a mix of tangible and intangible forms. Its main aim is to provide management with factual information as a basis for marketing decisions and actions. Production activities are adapted to these consumer needs. The main object of advertising is to promote the sale of products. The goods of tangible nature can be displayed, the prospects or buyers can have a view and they can even test and make a trial before making the buying decisions. ADVERTISEMENTS: As we know, every company has different idea regarding philosophy of marketing. Hence, the company should have a trained sales force. 20 BIBLIOGRAPHY • Essentials of marketing management author :Philip kotler • Marketing management author: s.a.sharleker Himalaya publishing house It has an universality in the sense that it can be applied to both profit-motive and non-profit motive organizations. Marketing reflects the business mission of a firm before the public and society. In the early days, the selling function did not call for any specialized skills as the sales could have been effected on production-basis. The study of marketing management is nothing but the critical evaluation of various marketing functions. Guerilla Marketing . Hence, product planning is a very important function. Applies to business as well as non-businesses 5. Salonist is CRM based salon management system software for Hair, Bridal, Barber shops, Massage center & Nail salon Owners to run their salon in an easy way. This is most defining feature of a service and that which primarily differentiates it from a product. We can not create goods and services and then try to sell them. Also, it poses a unique challenge to those engaged in marketin… Marketing is an universal function. Replies. Marketing management smoothen the process of exchange of ownership of goods and services from seller to the buyer. Marketing mix 9. Many consumers prefer using certain brands of clothing, deodorants or tubes of toothpaste, for example. Com­mercial organizations are also adopting cause-related marketing to strike long-term relations with consumers. Marketing is both art and science 5. Good and attractive packing is a plus- point in facilitating the sale of a product. Hence, production and marketing activities are closely related to each other. If you are born and brought up in a house where all the important decisions related to the family is made by your father, then you were born and brought up in a centralized home. The marketing manager has to take a number of decisions relating to advertising such as selection of a suitable and economical medium, planning advertising programme, preparing the advertising budget etc. Continuous and regular activity 6. “A company’s marketing environment consists of the actors and forces outside of marketing that affect marketing management ability to build and maintain successful relationships with target customers”. A combination of four inputs constitutes the core of a company’s marketing system—product, price, place, and promotion. Channels of distribution and physical distribution play an important role in the exchange process by creating place utility. ... intelligence where systematic study is made before taking any military action MR acts as the intelligence tool of marketing management. Exchange takes place between sellers and buyers. 6. The marketing has special significance in an organisational structure of a firm. The business existence depends on human needs. We need to understand the major functions of marketing management in order to understand and groom our organization. Exchange process 7. Marketing is a social function. Features of Marketing Research. Price of the product affects volume of production and the amount of profit. Main features of marketing are: 1. Marketing management, in fact, represents an important functional area of business management efforts under which goods and services flow from the producers to consumers. The package should be made in a way that the product could be conveniently taken from one place to another and can be handled easily. Customer Value 4. Hence, production and marketing activities are closely related to each other. 3. The important features of management are to make others work and using the efforts of others to achieve the goals of the organization. Commercial and non-commercial organizations 11. Every department and individual contributes sufficiently towards marketing. The production department has to see that products do not falter after sale. Exchange Mechanism! Important Features of Marketing 1. This will help in achieving organiza­tional objectives. Organized and systemised method of managing: strategic management is an organized and systemized method of managing enterprises it involves two phases. Marketing is a specialized business function. Privacy Policy 8. A long series of middlemen-sole selling agent, wholesalers and retailers etc. Customer satisfaction can be enhanced by providing value-added services, which includes providing additional facilities at little or no extra cost. Marketing Management: Meaning and Essential Characteristics! Most of marketing activities are concerned with the exchange of goods. Distribution of products is also an important function of marketing management. Otherwise, it will result in organizational conflicts. But at present, the business environment has undergone tremendous changes in social, economic, political and cultural aspects. It coordinates the resources of production and distribution of goods and services, determines and directs the nature of efforts required to sell profitably by maximum production to the ultimate user.” Therefore marketing management is the functional area of business management which deals with the problems of consumers satisfaction. It indicates market operations based on some principles. Content Guidelines 2. In the long run, customer satisfaction helps to retain market demand. One of the features of good packaging is that it should be convenient. Some companies concentrate on the large scale production while some concentrate only on the quality of the product etc. Marketing management employs tools from economics and competitive strategy to analyze the industry context in which the firm operates. Identifying consumer needs and wants is the primary task of a marketing manager. Kotler and Keller, 2006; Wedel and Kamakura, 2000), it appears highly effective to address customers based … 5 Marketing Concepts: Marketing Management Philosophies The marketing concept is the strategy that firms implement to satisfy customers’ needs, increase sales, maximize profit, and beat the competition. Economic policies, market conditions, and environmental factors, such as political, technological, demographic and international, influence marketing activities. Turning marketing into a science is a passion of ours, so in this article I'll explain the benefits of digital direct marketing , show a few examples, and walk through the steps for a … Content Filtrations 6. Hence, the marketing manager has to take pricing decisions very carefully. ... debt management plans. The concept of marketing includes a bunch of social sciences such as economics, sociology, psychology and law. 19 review • introduction of industrial marketing • meaning • why study industrial marketing • features of industrial markrting • importance of industrial marketing 20. Packaging is also an important marketing function. Direct marketing is one of the most effective marketing methods and it has many benefits, like clearly measurable results. Features Of Marketing. Art refers to a specific skill that is required in marketing activities of any type of business. Hence, the marketing manager has to take decision regarding the type and material of packing, its shape, size, design and colour etc. with a view to accomplishing the organisational objectives. 2. Pricing is a very important and crucial decision as it affects all the parties involved in the production, distribution and consumption of goods. In the words of Pride and Farrel, “Marketing management is a process of planning, organizing, implementing and controlling marketing activities in order to effectively and efficiently facilitate and expedite exchanges. Customer oriented concept 8. “Marketing management is the creative management function which promotes trade and employment by assessing consumer needs and initiates research development to meet them. TOS 7. Thus, it ensures the uniformity of size, shape, design, colour and physical properties of the product. This existence is assured by offering products and services that meet consumer requirements. Hence, marketing is an art as well as a science. Thus, it is a continuous process. The salient features of the marketing concept are: Consumer Orientation: The most distinguishing feature of the marketing concept is the importance assigned to the consumer. This helps in coming up with new products. Report a Violation, Marketing Management: Meaning and Objectives, Marketing: Meaning, Considerations and Essential Elements of Marketing. Hence services cannot be touched, held, tasted or smelt. The important characteristics of marketing management may be obtained as under: 1. CRM: Marketing Automation: Marketing Lead DatabaseA marketing lead database is the system of record for your most important marketing asset: your leads and contacts.A marketing lead database goes beyond the data in your CRM system to include a rich view of all marketing interactions between each prospect and your company, including website visits, email clicks, scoring changes, data … Marketing management represents marketing concept in action. Marketing Managers today are very different to a marketing manager 10 years ago. The main purpose of marketing is to maximize profit by satisfying the needs of customers. Structure. The effectiveness and efficiency dimensions are two important components.”. The main features of marketing can be described as follows: 1. Needs and wants: Satisfaction of the needs and wants of individuals and organizations. Functions such as distribution, after-sale services and packaging help in the exchange process. Science refers to a systematic body of knowledge, based on facts and principles. At the same time, it also addresses both the current and future consumers. Intangibility is an important consideration that complicates the functional responsibility of a marketing manager, specially while influencing and motivating the prospects/customers. Marketing activities are inseparable from such environmental factors. “Marketing management is the creative management function which promotes trade and employment by assessing consumer needs and initiates research development to meet them. The major areas in which marketing research helps management to formulate its policies are: products, markets, marketing policies and sales methods. A package is used to contain, protect and identify a product. A producer or firm can serve its share-holders, management and workers, when the firm is successful in its marketing. Marketing is an integrative function. 4. 4 Ps of Marketing Product. Customer satisfaction 3. Marketing manager will be intimately concerned with the task of selection, orientation, training, supervision, motivation, compensation and evaluation of the sales force of the company. 6) Tool for managerial decisions:- MR acts as a tool in the hands of management for identifying and analysing marketing problem and finding out solution to them. Functions such as production, finance, research, purchasing, storekeeping and public relations (PR) are to be integrated with marketing. 1. The receptionist, the first point of contact, is the image bearer. Copyright 10. Thus, marketing is applicable to both business and non-business organizations. It is said that change is the only basic law of economics. Production Concept: Production concept lays emphasis on availability and affordability of products Combination of variables 2. With the societal marketing concept gaining importance, social marketers are finding useful new ways of applying marketing principles. Disclaimer 9. Customer Relationship Management is a strategy which is customized by an organization to manage and administrate its customers and vendors in an efficient manner for achieving excellence in business. A marketer has to consistently monitor environment. Some of the most important features of marketing are as follows: 1. The achievements of marketing objectives are two-fold-customer satisfaction and profitable sale. 5. A customer who buys the product of a particular company extensively is known as a brand loyalist. Creating a Market Offering 3. Markets are not created by God, nature or economic forces, but by businessmen. Disclaimer 9. The marketing function of a business is customer-centred. Marketing activities undertaken by sellers make an attempt to find out the weaknesses in the existing system, and measures are taken to improve the shortfalls so that the objectives are achieved. Needs and Wants 2. A successful marketer needs to adapt to these changing factors and adjust marketing strategies to suit new market developments. The marketing Management refers to planning, organizing, directing, control of the activates which facilitate the exchange of goods and services between the producers to end consumers. Integrated approach 10. The term functions of marketing management means the main role of this type of management in any organization. Marketing is a management function like the management of other functions such as production, finance, personnel etc. The Marketing managers are responsible for influencing the level, timing, and composition of customer demand accepted definition of the term. Product planning is the act of making out and supervising the search, screening development and commercialization of new products, the modification of existing lines and discontinuance of unprofitable products. A profit-seeking business unit is dependent on marketing. So, companies try to provide goods and services according to the needs and wants of customers. It is the source of income to the distributors of the product. The American Marketing Association defines services as - “Activities, benefits and satisfactions which are offered for sale or are provided in connection with the sale of goods.” The defining characteristics of a service are: Intangibility:Services are intangible and do not have a physical existence. Report a Violation, 5 Characteristics of Marketing Concept | Marketing Management, Marketing: Meaning, Considerations and Essential Elements of Marketing. There are 5 marketing concepts that organizations adopt and execute. Hence, every activity of a business is customer-oriented. Brand management is a function of marketing that uses techniques to increase the perceived value of a product line or brand over time. Features of strategic management. Prohibited Content 3. It is instrumental in manipulating the factors of production, distribution, promotion and price, and also in influencing the patterns of consumption and consumer attitudes. Therefore, under the marketing philosophy, there are following five concepts: 1. Centralization is a process where the power of making an all-important decision related to all the activities taking place in an organization is either in the hands of an individual or a central location. Every other employee of the organization such as an engineer, an accountant, a salesman, or sales analyst has a specific role to play whereas the role of a manager is to integrate the activities of all these employees to achieve the goal. Image Guidelines 5. Plagiarism Prevention 4. With the help of its Smart Search feature salon owners can get all the information about their clients, sales, and leads within seconds. Learn about:- 1. Major Functions of Marketing Management. Plagiarism Prevention 4. 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