The application, tracking and review of a company's marketing resources and activities.

The scope of a business' marketing management depends on the size of the business and the industry in which the
business operates. Effective marketing management will use a company's resources to increase its customer
base, improve customer opinions of the company's products and services, and increase the company's perceived
value.


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
The Chartered Institute of Marketing :- Marketing is the management Marketing is the management
process that identifies, anticipates and satisfies customer requirements profitably profitably
Adcock et al :- The right product, in the right place, The right product, in the right place, at the right
time, and at the right price at the right time, and at the right price
Kotler 1980 :- Marketing is the human activity Marketing is the human activity directed at satisfying
human needs and wants through an exchange process process
Kotler 1991 :- Marketing is a social and managerial Marketing is a social and managerial process by
which individuals and groups obtain what they want and need through creating, offering and exchanging
products of value with others others
Definition of Marketing
According to American Marketing Association, "Marketing is an organisational function and a set
of processes for creating, communicating and delivering value to customers and for managing
customer relationships in ways that benefit the organisation and its stakeholders."

Definition of Management
According to Harold Koontz, "Management is the art of getting things done through and with
people in formally organised groups."

Management consists of the interlocking functions of creating corporate policy and organising,
planning, controlling, directing an organisation's resources in order to achieve the objectives of the
policy.
Definition of Marketing Management
According to Philip Kotler, "Marketing Management is the analysis, planning, implementation and
control of programmes designed to bring about desired exchanges with target audiences for the
purpose of personal and of mutual gain. It relies heavily on the adoption and coordination of product,
price, promotion and place for achieving responses.".

Marketing management is a business process, to manage marketing activities in profit seeking and
non profit organisations at different levels of management. Marketing management decisions are
based on strong knowledge of marketing functions and clear understanding and application of
supervisory and managerial techniques.
Nature of Marketing Management
It Combines the Fields of Marketing and Management
As the name implies, marketing management combines the fields of marketing and management.
Marketing consists of discovering consumer needs and wants, creating the goods and services that
meet those needs and wants; and pricing, promoting, and delivering those goods and services.
Doing so requires attention to six major areas - markets, products, prices, places, promotion, and
people.
Management is getting things done through other people. Managers engage in five key activities -
planning, organising, staffing, directing, and controlling. Marketing management implies the
integration of these concepts.

Marketing Management is a Business Process
Marketing management is a business process, to manage marketing activities in profit seeking and
non profit organisations at different levels of management, i.e. supervisory, middle-management,
and executive levels. Marketing management decisions are based on strong knowledge of marketing
functions and clear understanding and application of supervisory and managerial techniques.
Marketing managers and product managers are there to execute the processes of marketing
management. We, as customers, see the results of such process in the form of products, prices,
advertisements, promotions, etc.
Marketing Management is Both Science and Art
Marketing management is art and science of choosing target markets and getting, keeping and
growing customers through creating, delivering and communicating superior customer value.
(Kotler, 2006). Marketing management is a science because it follows general principles that guides
the marketing managers in decision making. The Art of Marketing management consists in tackling
every situation in an creative and effective manner. Marketing Management is thus a science as well
as an art.

Nature of Marketing
1. Marketing is an Economic Function
Marketing embraces all the business activities involved in getting goods and services , from the
hands of producers into the hands of final consumers. The business steps through which goods
progress on their way to final consumers is the concern of marketing.

2. Marketing is a Legal Process by which Ownership Transfers
In the process of marketing the ownership of goods transfers from seller to the purchaser or from
producer to the end user.

3. Marketing is a System of Interacting Business Activities
Marketing is that process through which a business enterprise, institution, or organisation interacts
with the customers and stakeholders with the objective to earn profit, satisfy customers, and manage
relationship. It is the performance of business activities that direct the flow of goods and services
from producer to consumer or user.

4. Marketing is a Managerial function
According to managerial or systems approach - "Marketing is the combination of activities designed
to produce profit through ascertaining, creating, stimulating, and satisfying the needs and/or wants of
a selected segment of the market."

According to this approach the emphasis is on how the individual organisation processes marketing
and develops the strategic dimensions of marketing activities.

5. Marketing is a social process
Marketing is the delivery of a standard of living to society. According to Cunningham and
Cunningham (1981) societal marketing performs three essential functions:-
1. Knowing and understanding the consumer's changing needs and wants;
2. Efficiently and effectively managing the supply and demand of products and services;
and
3. Efficient provision of distribution and payment processing systems.
6. Marketing is a philosophy based on consumer orientation and satisfaction

7. Marketing had dual objectives - profit making and consumer satisfaction

Scope of Marketing
1. Study of Consumer Wants and Needs
Goods are produced to satisfy consumer wants. Therefore study is done to identify consumer needs
and wants. These needs and wants motivates consumer to purchase.

2. Study of Consumer behaviour
Marketers performs study of consumer behaviour. Analysis of buyer behaviour helps marketer in
market segmentation and targeting.

3. Production planning and development
Product planning and development starts with the generation of product idea and ends with the
product development and commercialisation. Product planning includes everything from branding
and packaging to product line expansion and contraction.

4. Pricing Policies
Marketer has to determine pricing policies for their products. Pricing policies differs form product to
product. It depends on the level of competition, product life cycle, marketing goals and objectives,
etc.

5. Distribution
Study of distribution channel is important in marketing. For maximum sales and profit goods are
required to be distributed to the maximum consumers at minimum cost.

6. Promotion
Promotion includes personal selling, sales promotion, and advertising. Right promotion mix is crucial
in accomplishment of marketing goals.

7. Consumer Satisfaction
The product or service offered must satisfy consumer. Consumer satisfaction is the major objective
of marketing.

8. Marketing Control
Marketing audit is done to control the marketing activities.

PROCESS
Introduction
The activities of marketers both reflect and shape the world we live in. Every year new products and
services are launched and some of them succeeds on an unprecedented scale. As in the case of
Apple's iPod, iPhone, and also iPad. They all are great inventions and highly successful in market.

According to marketing concept, the organisation must find ways to discover unfulfilled customer
needs and wants and bring products that satisfy those needs and wants. This can be done in a
sequence of steps that is called marketing process.

After reading this you will understand - what is marketing process, and the steps involved in
marketing process.

Meaning of Marketing Process
The Marketing Process of a company typically involves identifying the viable and potential marketing
opportunities in the environment, developing strategies to effective utilise the opportunities, evolving
suitable marketing strategies, and supervising the implementation of these marketing efforts.

Marketing process involves ways that value can be created for the customers to satisfy their needs.
Marketing process is a continual series of actions and reactions between the customers and the
organisations which are making attempt to create value for and satisfy needs of customers. In
marketing process the situation is analysed to identify opportunities, the strategy is formulated for a
value proposition, tactical decisions are taken, plan is implemented, and results are monitored.

Steps in Marketing Process
Following are the steps involved in the Marketing Process :-
Situation Analysis
Marketing Strategy
Marketing Mix Decision
Implementation and Control
1. Situation Analysis
Analysis of situation in which the organisation finds itself serves as the basis for identifying
opportunities to satisfy unfulfilled customer needs. Situational and environmental analysis is done to
identify the marketing opportunities, to understand firms own capabilities, and to understand the
environment in which the firm is operating.

2. Marketing Strategy
After identifying the marketing opportunities a strategic plan is developed to pursue the identified
opportunities.

3. Marketing Mix Decisions
At this step detailed tactical decisions are made for the controllable parameters of the marketing mix.
It includes - product development decisions, product pricing decisions, product distribution decisions,
and product promotional decisions.

4. Implementation and Control
Finally, the marketing plan is implemented and the results of marketing efforts are monitored to
adjust the marketing mix according to the market changes.

Introduction
In today's world of marketing, everywhere you go you are being marketed to in one form or another.
Marketing is with you each second of your walking life. From morning to night you are exposed to
thousands of marketing messages everyday. Marketing is something that affects you even though
you may not necessarily be conscious of it.

After reading this you'll understand - what exactly the marketing is, different definitions of marketing,
and what are the different approaches of marketing.

Definition and Meaning of Marketing
According to American Marketing Association (1948) - "Marketing is the performance of business
activities directed toward, and incident to, the flow of goods and services from producer to consumer
or user."

AMA (1960) - "Marketing is the performance of business activities that direct the flow of goods and
services from producer to consumer or user."

The above definitions are based on the economic approach of marketing. Marketing embraces all
the business activities involved in getting goods and services , from the hands of producers into the
hands of final consumers. The business steps through which goods progress on their way to final
consumers is the concern of marketing.

Consumer's Approach of Marketing
According to Star et al. (1977) - "Marketing is that process through which a business enterprise,
institution, or organisation 1. selects target customers or constituents, 2. assesses the needs or
wants of such target customers, and 3. manages its resources to satisfy those customer needs or
wants."

The above definition is based on the consumer's approach of marketing. According to this approach
marketing consists of four general activities:-
1. Identifying and selecting the type of customer, understanding their needs and
desires;
2. Designing product or services that suits the customers' desires;
3. Persuading customers to buy at the firm's offerings; and
4. Storing, moving, and displaying goods after they leave the production site.
Societal Approach of Marketing
According to Mazur (1947) - "Marketing is the delivery of a standard of living to society."

This definition is based on the societal approach of marketing. According to Cunningham and
Cunningham (1981) societal marketing performs three essential functions:-
1. Knowing and understanding the consumer's changing needs and wants;
2. Efficiently and effectively managing the supply and demand of products and services;
and
3. Efficient provision of distribution and payment processing systems.
Managerial or Systems Approach
According to Eldridge (1970) - "Marketing is the combination of activities designed to produce profit
through ascertaining, creating, stimulating, and satisfying the needs and/or wants of a selected
segment of the market."

The above definition is based on the managerial or systems approach of marketing. According to
this approach the emphasis is on how the individual organisation processes marketing and develops
the strategic dimensions of marketing activities.

A Broader Approach of Marketing
According to Kotler (2000) - "A societal process by which individuals and groups obtain what they
need and want through creating, offering, and freely exchanging products and services of value with
others."

According to AMA (2004) - "Marketing is an organisational function and set of processes for
creating, communicating and delivering value to customers and for managing relationships in a way
that benefits both the organisation and the stakeholder."

MARKETING MIX
The Marketing Mix


Summary (Click to go directly)

Introduction to Marketing Mix
Definition of Marketing Mix
Meaning of Marketing Mix
4P's - Producer-oriented Model
4C's - Consumer-oriented Model

Introduction to Marketing Mix
Marketing is the process of identifying, anticipating, and satisfying customers' requirements with the
purpose to make profits. In this process marketing managers and marketing representatives have to
take various marketing decisions to make the operations profitable. They have to decide what
combination of marketing policies and procedures be adopted to bring about desired behaviour of
trade and consumers at minimum cost. They have to decide how can advertising, personal selling,
pricing, packaging, channels, warehousing, and the other elements of marketing be manipulated and
mixed to make marketing operations profitable. More specifically, they have to decide a marketing
mix - a decision making method in relation with the product, price, promotion, and distribution.

The term Marketing Mix was introduced by Neil H. Borden in his article - "The Concept of
Marketing Mix". He learned about it in a research bulletin on the management of marketing costs,
written by his associate, Prof. James Culliton. in 1948. In this study of manufacturers' marketing
costs he described the business executive as a "decider," an "artist" - a "mixer of ingredients," who
sometimes follows a recipe prepared by others, sometimes prepares his own recipe as he goes
along, sometimes adapts a recipe to the ingredients immediately available, and sometimes
experiments with or invents ingredients no one else has tried.

Definition of Marketing Mix
According to Philip Kotler - "Marketing Mix is the combination of four elements, called the 4P's
(product, Price, Promotion, and Place), that every company has the option of adding, subtracting, or
modifying in order to create a desired marketing strategy"

According to Principles of Marketing, 14e, Kotler and Armstrong, 2012 - "The Marketing Mix is
the set of tactical marketing tools - Product, Price, Promotion, and Place - that the firm blends to
produce the response it wants in the target market."

Meaning of Marketing Mix
The Marketing Mix is a marketing tool used by marketing professionals. It is often crucial when
determining product or brand's offering, and it is also called as 4P's (Product, Price, Promotion, and
Place) of marketing. However, in case of services of different nature the 4 P's have been expanded
to 7P's or 8P's.

In recent times, giving more importance to customer a new concept have been introduced,
i.e. Concept of 4C's. The Concept of 4C's is more customer-driven replacement of 4P's. According
to Lauterborn's the 4C's are - Consumer, Cost, Communication, and Convenience. According to
Shimizu's the 4C's are -Commodity, Cost, Communication, and Channel.
4P's - Producer-oriented Model of Marketing Mix
Product - Products are offerings that a marketer offers to the target audience to satisfy their
needs and wants. Product can be tangible good or intangible service. Tangible products are goods
like - cellphone, television, or motor car, whereas intangible products are services like - financial
service in a bank, health treatment by a doctor, legal advice of a lawyer.
Price - Price is the amount that is charged by marketer of his offerings or the amount that is
paid by consumer for the use or consumption of the product. Price is crucial in determining the
organisation's profit and survival. Adjustments in price affects the demand and sales of the product.
Marketers are required to be aware of the customer perceived value of the product to set the right
price.
Promotion - Promotion represents the different methods of communication that are used by
marketer to inform target audience about the product. promotion includes - advertising, personal
selling, public relation, and sales promotion.
Place - Place or distribution refers to making the product available for customers
at convenient and accessible places.
In case of services, the producer-oriented model of marketing mix is consists of 7P's. Including the
above 4P's there are additional 3P's - Physical Evidence, People, and Process. Physical evidence
refers to elements like uniform of employees, signboards, and etc. People refers to the employees of
the organisation comes in contact with the customers in the process of marketing. Process refers to
the systems and processes followed within organisation.
4C's - Consumer-oriented model of marketing Mix
Consumer - In this model the Product is replaced by Consumer. Marketers focuses more on
consumer satisfaction. The product is designed and produced keeping in consideration the
requirements of consumer.
Cost - Price is replaced by Cost. Here the cost refers to the total cost of owning a product. It
includes cost to use the product, cost to change the product, and cost of not choosing the
competitor's product.
Communication - Promotion is replaced by Communication. Communication includes
advertising, public relation, personal selling, and any method that can be used for proper,timely, and
accurate communication between marketer and consumer.
Convenience - Place is replaced by Convenience. it focuses on ease of buying,
convenience in reaching to the store/product, and convenience in getting product information.

Product Life Cycle Concept
We have a life cycle, we are born, we grow, we mature, and finally we pass away. Similarly,
products also have life cycle, from their introduction to decline they progresses through a sequence
of stages. The major stages of the product life cycle are - introduction, growth, maturity, and decline.
Product life cycle describes transition of a product from its development to decline.

The time period of product life cycle and the length of each stage varies from product to product. Life
cycle of one product can be over in few months, and of another product may last for many years.
One product reach to maturity in years and another can reach it in few months. One product stay at
the maturity for years and another just for few months. Hence, it is true to say that length of each
stage varies from product to product.

Product life cycle is associated with variation in the marketing situation, level of competition, product
demand, consumer understanding, etc., thus marketing managers have to change the marketing
strategy and the marketing mix accordingly.

Product life cycle can be defined as "the change in sales volume of a specific product offered by an
organisation, over the expected life of the product."

Stages of the Product Life Cycle
The four major stages of the product life cycle are as follows :-
1. Introduction,
2. Growth,
3. Maturity, and
4. Decline.
Introduction Stage

At this stage the product is new to the market and few potential customers are aware with the
existence of product. The price is generally high. The sales of the product is low or may be
restricted to early adopters. Profits are often low or losses are being made, this is because of the
high advertising cost and repayment of developmental cost. At the introductory stage :-
The product is unknown,
The price is generally high,
The placement is selective, and
The promotion is informative and personalised.
Growth Stage
At this stage the product is becoming more widely known and acceptable in the market. Marketing is
done to strengthen brand and develop an image for the product. Prices may start to fall as
competitors enters the market. With the increase in sales, profit may start to be earned, but
advertising cost remains high. At the growth stage :-
The product is more widely known and consumed,
The sales volume increases,
The price begin to decline with the entry of new players,
The placement becomes more widely spread, and
The promotion is focused on brand development and product image formation.
Maturity Stage
At this stage the product is competing with alternatives. Sales and profits are at their peak. Product
range may be extended, by adding both withe and depth. With the increases in competition the price
reaches to its lowest point. Advertising is done to reinforce the product image in the consumer's
minds to increase repeat purchases. At maturity stage :-
The product is competing with alternatives,
The sales are at their peak,
The prices reaches to its lowest point,
The placement is intense, and
The promotion is focused on repeat purchasing.
Decline Stage
At this stage sales start to fall fast as a result product range is reduced. The product faces reduced
competition as many players have left the market and it is expected that no new competitor will enter
the market. Advertising cost is also reduced. Concentration is on remaining market niches as some
price stability is expected there. Each product sold could be profitable as developmental costs have
been paid at earlier stage. With the reduction in sales volume overall profit will also reduce. At
decline stage :-
The product faces reduced competition,
The sales volume reduces,
The price is likely to fall,
The placement is selective, and
The promotion is focused on reminding.



MARKETING ENVIRONMENT
Introduction
In today's world of marketing, everywhere you go you are being marketed to in one form or another.
Marketing is with you each second of your walking life. From morning to night you are exposed to
thousands of marketing messages everyday. Marketing is something that affects you even though
you may not necessarily be conscious of it.

Definition of Marketing
According to American Marketing Association (2004) - "Marketing is an organisational function
and set of processes for creating, communicating and delivering value to customers and for
managing relationships in a way that benefits both the organisation and the stakeholder."

According to Kotler (2000) - "A societal process by which individuals and groups obtain what they
need and want through creating, offering, and freely exchanging products and services of value with
others."

Marketing Environment
The term Marketing Environment refers to the forces and factors that affects the organisation ability
to built and maintain good relationship with its customers. Marketing environment surrounds the
organisation and it impacts upon the organisation. Marketers have to interact with internal and
external people at micro and macro level and builds internal and external relationships. The key
elements of marketing environment are as follows :-
1. Internal Environment,
2. Micro Environment, and
3. Macro Environment.
Internal Environment
Internal factors like men, machine, money, material, etc., on which marketing decision depends
consists internal marketing environment. The internal environment refers to the forces that are within
the organisation and affects its ability to serve its customers. It includes marketing managers, sales
representatives, marketing budget, marketing plans, procedures, inventory, logistics, and anything
within organisation which affects marketing decisions, and its relationship with its customers.

Micro Environment
Individuals and organisations that are close to the marketing organisation and directly impacts its
ability to serve its customers, makes Marketing Micro Environment. The micro environment refers to
the forces that are close to the marketing organisation and directly impact the customer experience.
It includes the organisation itself, its suppliers, marketing intermediaries, customers, markets or
segments, competitors, and publics. Happenings in micro environment is relatively controllable for
the marketing organisation.

Macro Environment
Macro environment refers to all forces that are part of the larger society and affects the micro
environment. It includes demography, economy, politics, culture, technology, and natural forces.
Macro environment is less controllable.

MARKETING RESEARCH
Marketing Research is used to identify and define marketing opportunities and problems: to generate,
refine and evaluate marketing actions; to monitor marketing performance and to improve
understanding of the marketing process.
INFORMATION ANALYSIS
Information gathered by the companys marketing intelligence and marketing research systems require
detailed analysis. This include use of advanced statistical analysis. Information analysis might also
involve a collection of mathematical models that will help marketers make better decisions. Each model
represents some real system, process, or outcome. These models can help answer the questions of
what, if and which is best.
DISTRIBUTING INFORMATION
The information gathered through marketing intel igence and marketing research must be distributed to
the marketing managers at the right time. Most companies have centralized marketing information
systems that provide managers with regular performance reports, intel igence updates, and reports of
research studies. Mangers need these routine reports for making regular planning, implementation, and
control decisions.
Developments in information technology have caused a revolution in information distribution. With
recent advances in computers, software and telecommunication, most companies are decentralizing
their marketing information systems. In many companies marketing managers have direct access to the
information network through personal computers and other means. From any location, they can obtain
information from internal records or outside information services, analyze the information using
statistical packages and models, prepare reports on a work processor or desk-top publishing system, and
communicate with orders in the network through electronic communications.
Such systems offers exciting prospects. They al ow the managers to get the information they needed
directly and quickly and to tailor it to their own needs.
MARKETING RESEARCH
Marketing basically consists of identifying the consumers and satisfying them in the best possible way.
Marketing research plays a key role in this process. Marketing research helps the firm to acquire a better
understanding of the consumer, the competition and the marketing environment. It also helps the
formulation of right marketing mix, which include decisions on product, price, place and promotion.
The conduct of marketing research has become so complex due to increasing complexity of marketing
and hence requires specialized skil s and sophisticated techniques.
Marketing research has been variously defined by marketing researches.
Richard Crisp defined marketing research as the systematic, objective and exhaustive search for and
study of the facts relating to any problem in the field of marketing
According to Green and Tul , marketing research is the systematic and objective search for and analysis
of information relevant to the identification and solution of any problem in the field of marketing.
America Marketing Association defined marketing research, as the systematic gathering, recording and
analyzing of data about problems relating to the marketing of goods and services.
An analysis of above definitions clearly highlights the salient features of marketing research:
It is a search for data which are relevant to marketing problems; It is carried out in a systematic and
objectives manner; It involves a process of gathering, recording and analysis of data.
None of the definitions is explicit about the managerial purposes of marketing research, except saying
that data are required for solving marketing problem.
A better definition of marketing research is, that it is an objective, and systematic collections, recording
and analysis of data, relevant to marketing problems of a business in order to develop an appropriate
information base for decision making in the marketing area.

MARKET RESEARCH
Market research is different from marking research. Market research is a systematic study of facts
about market only who, what, where, when, why, and how of actual and potential buyers. On the
other hand the scope of marketing research is to wide that it includes al functional areas of marketing
including market.
IMPORTANCE OF MARKETING RESEARCH
The emergence of buyers market requires continuous need of marketing research to identify consumer
need and ensure their satisfaction.
The ever expanding markets require large number of middlemen and intensive distribution. Marketing
research should help identify and solve the problems of middlemen and distribution.
There is always a change in the market conditions and the requirements of consumers. Marketing
research enables to anticipate and meet any such changes. Marketing research can help bring about
prompt adjustments in product design and packaging. It can help find out effectiveness of pricing.
It can help find out the effectiveness of sales promotion and advertisement.
It can help identify the strength and weakness of sales force.
The impact of economic and taxation policies on marketing could also be known through marketing
research. In short, marketing research enables the management to identify and solve any problem in the
area of marketing and help better marketing decisions.

SCOPE OF MARKETING RESEARCH
The scope of marketing research stretches from the identification of consumer wants and needs to the
evaluation of consumer satisfaction. It comprises of research relating to consumer, products, sales,
distribution, advertising, pricing and sales forecasting. A clear view of the scope of marketing research
may be obtained by the following classification of marketing research activity.
Market Research
The purpose of market research is to gather facts about markets and the forces operating therein. The
areas of market research broadly include:
Study of the market size/ potential
Study of the market profile
Market share analysis
Study of market segments
Market trends Sales forecasting
Study of seasonal trends

Consumer Research
The aim of this research is to develop an understanding about present and potential consumers and the
level of satisfaction expected and derived by them from companys products. The broad areas of
consumer research are:
Study of consumer profile
Study of consumer brand preferences, tastes and reactions
Study of consumer satisfaction/ dissatisfaction, reasons, etc.
Study of shifts in consumption patterns.
Product Research
Reviewing product line, product quality, product features, product design etc.
Study on the actual uses of a given product
Study on new uses of an existing product
Testing of new products
Study of related products
Study of packing, packaging design
Study of brand name/ brand mark/ its impact

Distribution Research
The purpose of this research is to identify the appropriate distribution channels for intermediaries,
storage, transport problems etc. The board areas include:
Assessing the general pattern of pricing fol owed by the industry
Measuring price elasticity of demand
Evaluating the pricing strategy of the firm
Advertising and Promotion Research
The purpose of this research is to develop most appropriate
advertising and promotion schemes and evaluate their effectiveness. The
broad areas include:
Advertising copy research
Media research
Assessing the effectiveness of advertising
Assessing the efficacy of sales promotional measures.
Sales Research
The purpose is to find out the sales potential and appraise sales
performance of companys products. The broad areas include: