Marketing Management and its functions:
Marketing management is very important in business management that facilitates movement of goods and services from manufacturers to users. All the major functions of management i.e. planning organizing directing controlling are the parts of marketing management. Through proper marketing management profit earning motive of the business is achieved by providing goods and services to the customer according to their demand and satisfies them by customer service.
In the words of Philip Kotler, “It is analysis planning implementation and control of the programmes designed to bring about desired exchanges with larger audiences for purpose of personal or mutual gain. It relies heavily on the adaptation and coordination of product price promotion and place of achieving effect response.”
Functions of marketing management:
The marketing management serves following functions that are very essential for success of a business enterprise.
- Evaluation of Marketing Opportunities: It involve matching the objectives of the organisation with the available and upcoming opportunities of business in the market. With ever-changing market scenario new opportunities develops and marketing management develops new strategies to convert these opportunities in profits. Assessment of these opportunities is the major function of marketing management for the success of business.
- Planning and defining objectives: Planning is the basic function of marketing management. It is based on the new opportunities in the market and performance of organisation is based on these opportunities. Defining objectives and goals according to these opportunities is main task of panning function. Planning must be on continuous basis and activities according to the goals and objectives are also framed.
- Providing effectively organization: The innovative and dynamic nature of marketing activity places heavy demands on marketing organization. The role of the organization is very important. Organizing the activities related to marketing according to the market conditions and demands is essential. Effective organization is necessary for achieving the objectives of the marketing management.
- Effective Direction and coordination: Even the excellent of making plans will no longer be worthwhile if there’s incorrect coordination among different departments and direction by the managers of the organisation. Marketing entails numerous activities and those are inter-associated and interdependent. Product decisions, pricing strategies, channel shape studies sports all require right command and direction for right execution. Only then the targets may be achieved.
- Motivation: employees involved in the marketing process must be motivated so that they can work efficiently. Movement of the final products and services will be possible only if the people involved in this process are motivated by the superiors. A head keeps motivated his subordinates and make sure through effectual supervision that the performance of the employee is as per the standards.
- Evaluation of the changing marketing efforts: Evaluation of the marketing efforts is an essential function. It helps in changing or elimination of the activities that are not according to the market situation. Adjustment in the activities or efforts of marketing should be done to bring the system in line with the new opportunities in the market. Adaptation according to the changed scenario or market environment is a big challenge for the marketing management.