Marketing Management and its functions

Marketing Management and its functions:

Marketing management is essential in business management, which facilitates the 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 profit-earning motive of the business is achieved by providing goods and services to the customer according to their demand and satisfying them through 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 personal or mutual gain. It relies heavily on the adaptation and coordination of product price promotion and the place of achieving the desired response.”

Functions of marketing management

The marketing management serves the following functions that are very essential for the success of a business enterprise.

• Evaluation of Marketing Opportunities: It involves matching the objectives of the organisation with the available and upcoming opportunities for business in the market. With an ever-changing market scenario, new opportunities develop, and marketing management develops new strategies to convert these opportunities into profits. Assessment of these opportunities is the major function of marketing management for the success of the business.
• Planning and defining objectives: Planning is the basic function of marketing management. It is based on the new opportunities in the market, and the performance of an organisation is based on these opportunities. Defining objectives and goals according to these opportunities is the main task of the planning function. Planning must be on a continuous basis, and activities according to the goals and objectives are also framed.
• Providing effective organization: The innovative and dynamic nature of marketing activity places heavy demands on the 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. An effective organization is necessary for achieving the objectives of marketing management.
• Effective Direction and coordination: Even the excellence 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 the right command and direction for the right execution. Only then can the targets 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 their superiors. A head keeps his subordinates motivated and makes sure, through effective supervision, that the performance of the employee is up to the standards.
• Evaluation of the changing marketing efforts: Evaluation of the marketing efforts is an essential function. It helps in changing or eliminating the activities that are not according to the market situation. Adjustments in the activities or efforts of marketing should be made 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 marketing management.