Marketing
Introduction
Every individual knowingly or unknowingly practices marketing right from birth to death. Has a baby we start to market ourself by crying. Any action from ourself to get the desired response is marketing, here the action taken by us is marketing.
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A hungry child to fill his stomach starts to cry which is his action and gets his stomach filled which is the desired response, if a child probably starts to smile to indicate he is hungry he might probably get a pat rather than filling his stomach which is not the desired response and definetly was a bad marketing.
Definition
It is a societal process by which individuals and groups obtain what they need and want through creating, offering, and exchanging products and services of value freely with others.
![C:\Users\KISHORE\AppData\Local\Microsoft\Windows\INetCache\IE\FJII3UTB\MC900160892[1].wmf](https://lh3.googleusercontent.com/17v4W7WV40kS2i9yxB4hKv_iaIjJ6qaR7G-ylxX9avCTqJT7ZcFxf0CK6jgAx7lhZJ8COJWEX_F8Qm9CsPGc02HF7sSli5ckhrJDAI7uv7mjjQgVBGwqkBTn8_T9RE9BqdczH93mRxE)
It’s an art of selling product.
According to American marketing association “Marketing 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”.
What do we market??
- Properties
- Information
- Ideas and Concepts
- Goods
- Service
- Events
- Experience
Personalities
- Organization
Management
What is management?
- Management is the process of reaching organizational goals by working with and through people and utilizing the resources more effectively and efficiently.
- Fredmund Malik defines as “Management is the transformation of resources into utility”.
Etymology
The word Management is derived from verb 'manage' comes from the Italian ‘maneggiare’ means to handle (especially tools), which derives from the Latin word manus (hand).
Functions of Management
Management operates through four basic functions: planning, organizing, influencing and controlling.
Organizational Performance:
Organizational Performance it is a measure of how efficiently and effectively managers are using organizational resources to satisfy customers and achieve goals.
Management basic function indicates that manager also has to be concerned with efficiency and effectiveness.
- Efficiency:
Efficiency is getting work done with a minimum of efforts, expense, or waste. - Effectiveness:
It is a measure of the appropriateness of the goals an organization is pursuing and the degree to which they are achieved. Every organization must manage its work, people, processes, technology, etc. to maximize effectiveness.
- In short Efficiency is “Doing things right!” and Effectiveness is “Doing right things”!
- For example, United Parcel Service (UPS), which deliver packages a year, has started saving 14 million gallons of the fuel per year by using a completely computerized route and load planning system. The system helps truck loaders where to put packages in delivery truck (to maximize the number of packages per truck). It helps to get information which route truck driver should follow? (to minimize travel time, distance, and fuel cost), how many stops and where to stop exactly ?(to minimize searching time of customer).
Marketing management
Marketing management includes all process which is included in marketing activities, which is planning and executing the conception of pricing, promotion, and distribution of a product (i.e. 4P’s).
It is the combination of both science and art, as marketers make an effort to find innovative ways to fix the complex problems of marketing in the 21st century.
When we say it as a science, it actually deals with the soft science i.e. ,psychology, human behavior etc, to market the product in a particular segment. It is unlike pure science, which has a precise result for particular set of inputs. Moreover, It’s an art as it is subjective and more focus is given in creating a marketing mix favorable in marketing a product.
In short, marketing management at its initial phase is all about studying the various filters in order to create an appropriate stimulus to get the desired result. Analyzing the filters requires analysis of various marketing mix.
Marketing management is vital in every aspect. Even if you have the most innovative product that can change the world, it will be no use if you can’t market it. Therefore, the role of marketing management is to help in planning and implementing the strategy to publish your product, and market them in the right place to provide income for your company.
Evolution of Marketing
At the beginning, there was no money. People engaged in barter, the exchange of merchandise for merchandise, without value equivalence.
A person catching more fish than the necessary for himself and his group exchanged his excess fish for the surplus of another person who for instance had planted and harvested more corn that what he would need.
This is the case for instance of a child who exchanges with his friend an expensive toy for another of lesser value, which it treasures.
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Later in time money came into existence which provided more correct value of product and services as a medium of exchange.
When production is in concurrent with consumption i.e., all that is produced is being consumed there is no need for marketing. But, with Industrial revolution dramatic changes in the social and economic structure took place as inventions and technological innovations created the factory system of greater economic specialization and large scale machine production.
With increase in production need of marketing came into picture which includes the pre-requisites as:
- Customer and his requirements
- Seller of the requirement
- Medium of exchange
WHY WE STUDY MARKETING MANAGEMENT?
As we know marketing management in common sense is the effective and efficient stimulus response relationship for getting desired result. The reason of studying it is “TO ENHANCE COMPETENCE”. It is the activity of increasing our ability to understanding the things in an appropriate manner. Means if we have appropriate stimulus then for fulfilling it we should also have desired response. For example if we introduce any product in the market before introducing that we should have to well known about the customer’s requirement what features’ he want and what are the variants he want then this is all something act as stimulus and then we should have to do manufacturing according to all those specification and this comes under desired response.
BASIC MODEL OF MARKETING MANAGEMENT
STIMULUS(APPROPRIATE) ------------> RESPONSE(DESIRED)
DETAILED MODEL OF MARKETING MANAGEMENT
STIMULUS(APPROPRIATE) ----> FILTER ----> RESPONSE(DESIRED)
FILTER:-
Filter is something which helps us in interpreting the things or activity in an appropriate manner. It performs the task of interpreting the meaning of stimulus. Since we all know that everyone has its own filter or everyone has its own perception about the things. Even for the same objective, from the same stimulus we can have different response for it.
HOW IT IS CREATED:-
- Basic ground of filter is human behavior.
- Human Filter is completely depends on the learning of individual. Since we know that learning is passed into generation and it get enhanced time to time.
- It also depends on the experiences.
ROLE OF FILTER:-
We can explain it with a very good example of “HALF A FACE?”-
Above picture can be interpreted in different ways by different person. Someone will say that there Is a person looking in front ways and other will say that there is another person who have side facing. Why it is happening it’s just because of having different filter. Although stimuli is same but due to having different instinct and learning we will get different response. So, even the objective is same but due to having different filter we respond in different way. Hence the role of filter is to examine the given stimulus properly and give the desired response.
