Strategic management is a modern approach to manage business enterprise successfully and to face future challenges. Plagiarism Prevention 4. The importance of marketing has been widened through many evolutionary processes and shaped as consumer-orientation stage, in which the existence of a firm is measured of its ability to satisfy the consumers. Image Guidelines 5. The main purpose of marketing is to maximize profit by satisfying the needs of customers. 3. 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. Direct marketing is one of the most effective marketing methods and it has many benefits, like clearly measurable results. Content Guidelines 2. The Marketing managers are responsible for influencing the level, timing, and composition of customer demand accepted definition of the term. The business policies, strategies and programmes related to marketing are mostly of managerial functions. With reference to market segmentation theory (e.g. Marketing management smoothen the process of exchange of ownership of goods and services from seller to the buyer. 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. Features of Management Following image depicts fourteen important features of management. This will help in achieving organizational objectives. Most of marketing activities are concerned with the exchange of goods. Organized and systemised method of managing: strategic management is an organized and systemized method of managing enterprises it involves two phases. In a competitive market, the goods that are best suited to the customer are the ones that are well-accepted. Applies to business as well as non-businesses 5. Centralization is a process where the power of making an all-important decision related to all the activities taking place in an organization is either in the hands of an individual or a central location. The major areas in which marketing research helps management to formulate its policies are: products, markets, marketing policies and sales methods. Disclaimer 9. Hence, production and marketing activities are closely related to each other. Customer satisfaction is gained, and it greatly depends upon the manner in which the marketing functions are organised. A long series of middlemen-sole selling agent, wholesalers and retailers etc. A marketer has to consistently monitor environment. Features Of Marketing. “A company’s marketing environment consists of the actors and forces outside of marketing that affect marketing management ability to build and maintain successful relationships with target customers”. work between the producer and consumer. Production Concept: Production concept lays emphasis on availability and affordability of products Kotler and Keller, 2006; Wedel and Kamakura, 2000), it appears highly effective to address customers based … Prohibited Content 3. But at present, the business environment has undergone tremendous changes in social, economic, political and cultural aspects. This helps in coming up with new products. It has an universality in the sense that it can be applied to both profit-motive and non-profit motive organizations. Art refers to a specific skill that is required in marketing activities of any type of business. Combination of variables 2. Thus, it ensures the uniformity of size, shape, design, colour and physical properties of the product. Content Filtrations 6. Some companies concentrate on the large scale production while some concentrate only on the quality of the product etc. Customer oriented concept 8. All variables equally important 4. Firms today need to spend money to create time, place and ownership utilities .The main features of modern marketing are as follows: 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. 6. Reply Delete. 20 BIBLIOGRAPHY • Essentials of marketing management author :Philip kotler • Marketing management author: s.a.sharleker Himalaya publishing house Customer satisfaction can be enhanced by providing value-added services, which includes providing additional facilities at little or no extra cost. A package is used to contain, protect and identify a product. The management of a firm, therefore, has to develop a particular organisation with a view to absorbing new ideas, new approaches and new market demands. Needs and Wants 2. Fulfilling objectives 6. Exchange Mechanism! Marketing is an activity designed to plan, price, promote and distribute products. Intangibility is an important consideration that complicates the functional responsibility of a marketing manager, specially while influencing and motivating the prospects/customers. Marketing is an universal function. Marketing mix is a flexible combination of variables. Commercial organizations are also adopting cause-related marketing to strike long-term relations with consumers. The marketing function of a business is customer-centred. 2. 6) Tool for managerial decisions:- MR acts as a tool in the hands of management for identifying and analysing marketing problem and finding out solution to them. Disclaimer 9. 7. Product planning is the act of making out and supervising the search, screening development and commercialization of new products, the modification of existing lines and discontinuance of unprofitable products. The following are the main features. It indicates market operations based on some principles. Copyright 10. 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