This helps in coming up with new products. Customer satisfaction 3. Distribution of products is also an important function of marketing management. Marketing involves exchange of goods, services and ideas with the medium of money. 4. Content Filtrations 6. It has an universality in the sense that it can be applied to both profit-motive and non-profit motive organizations. Exchange process 7. Report a Violation, Marketing Management: Meaning and Objectives, Marketing: Meaning, Considerations and Essential Elements of Marketing. The nature, main characteristics or features of … But at present, the business environment has undergone tremendous changes in social, economic, political and cultural aspects. The marketing function of a business is customer-centred. 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. Grading is a part of the process of standardization. Proper integration of marketing mix variables requires special abilities A long series of middlemen-sole selling agent, wholesalers and retailers etc. 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. Needs and wants: Satisfaction of the needs and wants of individuals and organizations. Marketing helps in the distribution of the goods which follows production. 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 is both art and science 5. Continuous and regular activity 6. The Marketing managers are responsible for influencing the level, timing, and composition of customer demand accepted definition of the term. They are influenced by consumer behaviour, trade factors, competition and government regulatory measures. 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.” Hence, marketing is an art as well as a science. Exchange Mechanism! The concept of marketing includes a bunch of social sciences such as economics, sociology, psychology and law. Guerilla Marketing . The receptionist, the first point of contact, is the image bearer. Thus, marketing precedes production. Identifying consumer needs and wants is the primary task of a marketing manager. Features Of Marketing. Marketing is an integrative function. There are 5 marketing concepts that organizations adopt and execute. 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. It is said that change is the only basic law of economics. Plagiarism Prevention 4. Prohibited Content 3. 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. Marketing management represents marketing concept in action. Customer satisfaction can be enhanced by providing value-added services, which includes providing additional facilities at little or no extra cost. 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. The main purpose of marketing is to maximize profit by satisfying the needs of customers. 3. with a view to accomplishing the organisational objectives. 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. 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 term functions of marketing management means the main role of this type of management in any organization. Price of the product affects volume of production and the amount of profit. So, companies try to provide goods and services according to the needs and wants of customers. Co-related 7. The important characteristics of marketing management may be obtained as under: 1. Most of marketing activities are concerned with the exchange of goods. Functions such as production, finance, research, purchasing, storekeeping and public relations (PR) are to be integrated with marketing. Content Guidelines 2. It is the process of storing out goods into a number of grades or classes according to some characteristics such as quality and size. Direct marketing is one of the most effective marketing methods and it has many benefits, like clearly measurable results. The business policies, strategies and programmes related to marketing are mostly of managerial functions. Need Satisfaction. Disclaimer 9. 6. Customer oriented concept 8. Production activities are adapted to these consumer needs. Different objectives are fixed at different levels, but the main objective is to earn profit from business along with the satisfac­tion of human wants. Marketing mix is a flexible combination of vari­ables. Customer focus 2. Marketing, which is the art of distributing the products and services among the various claimants, has also only one basic law, change. The important features of management are to make others work and using the efforts of others to achieve the goals of the organization. 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. Features of Marketing Research. Art refers to a specific skill that is required in marketing activities of any type of business. Content Guidelines 2. 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. A successful marketer needs to adapt to these changing factors and adjust marketing strategies to suit new market developments. 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