The Conceptualization of Marketing Management
Marketing is the process by which organizations interact with their target audiences and develop marketing strategies to reach out to, and satisfy this audience. Marketing is an interactive process that incorporates many other disciplines including research, evaluation, and assessment. Marketing is a combination of three fundamental processes: Sales – the exchange of cash for goods or services made known to the public Sale – the exchange of cash for goods or services made known to the public Research – the systematic study of customer needs and behavior Sale and research complement each other. Marketing thus, includes a blend of four processes that have their own significance in the organization. Marketing is the exchange of information with potential customers, research, gathering of data, and evaluation. Marketing involves an integration of all the three disciplines in a comprehensive marketing strategy designed to satisfy the marketing objectives of the organization.
Marketing thus, includes a three-step process: Sales – the exchange of cash for goods or services made known to the public Research – the systematic study of consumer needs and behavior, and evaluation, and finally, marketing strategies. The process by which marketing strategies are formulated depends largely on the type of marketing being employed by the company. There are marketing concepts that allow companies to make use of various marketing methods such as advertising, selling directly to the public, or selling in conjunction with other marketing instruments such as the use of consumer guides, price magazines, and promotional items. Marketing also involves a number of people who are involved in the various phases of marketing such as product developers, marketing managers, and marketing administrators.
Companies adopting various marketing concepts will be able to develop a comprehensive plan that takes into consideration the overall objectives of the organization. These objectives will vary according to the nature and size of the company and the type of products and services it sells. It is necessary for companies to take into consideration the various aspects of marketing management such as: social marketing, the development of consumer attitudes towards a brand, and the promotion of a positive public image.