What is Marketing Management?
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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.
Marketing Management is considered as a management function which involves decision making based on-
• Marketing environment,
• Marketing opportunity analysis,
• Working on strategies, and
• Its implementationand control.
The American Marketing Association offers the following definition:
“Marketing (management) is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, services to create exchanges that satisfy individual and organizational goals.”
Philip Kotler and Kevin Keller define Marketing Management as:
“The art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value”.