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Marketing Management Definition
Marketing is the process used to determine what products or services may be of interest to customers and the strategy to use in sales, communications and business development (Kotler et al. 1996). The American Association of Marketing define marketing management as the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services in order to create, exchange and satisfy individual and organisational objectives
The concept reviews the process used to determine what products or services may be of interest to customers and the strategy to use for marketing mix. It also explores the process of understanding, creating and delivering value to targeted business markets and customers.
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.
The field of marketing management is an important aspect for the overall development of an organization. Marketing managers create strategies that help companies meet their sales objectives. They conduct research and evaluate the product demand, identify the target audience and devise an effective way to reach to the target audience. Such people are in charge of the overall brand development for the product and establish its knowledge within the target audience. Thus, the field of marketing management is an important parameter for profit generation of a company. With the cut-throat competition in the job market, employers today are in the lookout for individuals who possess an extensive knowledge about the field of marketing. Thus, around 60% of management aspirants opt for marketing as their domain of specialization.
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