MARKETING MANAGEMENT

As we already know, there are five steps in the process of management, namely; planning, organizing, staffing, directing and controlling. But is the scope of management merely limited to these five steps? The answer is a simple no. There are many other aspects in an organization that need to be managed. They can be physical resources as well as human resources. For example, marketing management is integral for any business to ensure that they are able to identify a target audience and do everything to make their product available for sale to them. Let us take a closer look at marketing management.

What is marketing management? In simple terms, it is managing the marketing strategy and techniques of an organization. A more sophisticated way of saying the same would be- marketing is an art of developing, producing, promoting and distributing goods and services by a business to consumers or other businesses. The concept of marketing management nowadays focuses on marketing a product and that too in such a way that while meeting the consumers’ demands, it also adds value to society. But has the marketing management concept always been the same? If not, how has it changed over time?

Production Concept

The production concept prevailed from the time of the industrial revolution up till the early 1920’s. The idea was that the firm should focus production on goods it could produce with maximum efficiency, and that creating a supply of low-cost goods, would automatically create demand.

Product Concept

In this concept, consumers preferred products that offered greater quality, better performance and more innovative features. The focus shifted from high production to quality production and making improvements over time.

Selling Concept

In this concept, the focus was on being able to persuade consumers to buy a product. Firms would often ask themselves- could we sell this product? Can we charge enough for it? The focus was now on being able to sell a product.

Marketing Concept

After the second World War, a myriad of products were available to consumers and they had the freedom to choose which ones to buy. Naturally, a firm would want its products to sell the most. In order to do so, they needed to think of what their customers want, if it is feasible to develop and distribute what they want, and finally if the firm could keep them satisfied. The emphasis was on giving consumers what they want and keeping them happy.

Social Marketing Concept

This is what is prevalent today. Firms are trying to identify the needs, wants and interests of their target audience and develop, produce, promote and distribute a product that not only satisfies them but also sustains and/or enhances the consumer’s as well as the society’s well being as a whole.

In summary, marketing management is essential for any organization and should be given equal importance just as any other business task.

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