What Is The Definition Of Marketing Management?
Marketing is a very broad umbrella term that encompasses many different activities. Marketing can be defined as the process by which organizations create and establish relationships with customers, prospects, and other key individuals so that they will decide to purchase their products or services. Marketing also refers to the interactive process by which organizations create and establish effective marketing plans, strategies, and techniques to promote their products, identify new opportunities, and build loyalty with current customers. Marketing is a very important factor in building and sustaining organizational competency.
The core values of marketing are designed to achieve customer satisfaction. The goal of developing marketing strategies is to influence consumers to take an active part in buying decisions. This is done through processes such as product promotion, building awareness, and building demand through assortment, value, and price. Developing coordinated marketing systems is a strategic way to enhance sales and maximize organizational growth.
These marketing concepts are combined to provide the key components needed for organizations to effectively market their products and services to individuals and groups who may be potential customers, suppliers, and employees. The overall objective of marketing management is to increase profit, reduce cost, and optimize market share. Marketing techniques are used to attract new customers, motivate current customers to buy and promote new products and services, and persuade existing customers to purchase more from the organization. Therefore, marketing management has three main objectives; consistent measurement of every aspect of the marketing process, building and maintaining effective relationships with all of the involved parties, and inculcation of cultural and technical competency within all of the involved parties.