Marketing management means management of the marketing function. In other words, marketing management refers to planning, organising, directing and control of the activities which facilitate exchange of goods and services between producers and consumers or users of products and services. Thus the focus of marketing management is on achieving desired exchange outcomes with the target markets. Taking a management perspective, the term marketing has been defined as “the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services to create exchanges that satisfy individual and organisational goals” by American Management Association, similarly Philip Kotler has defined Marketing management as the art and science of choosing target markets and getting, keeping and growing customers through creating, delivering and communicating superior customer values of management.
A careful analysis of the definition reveals that the process of management of marketing involves:
Thus, the marketing management in not only concerned with creating demand but with managing the demand effectively, as per the situation in the market.
Marketing management facilitates the activities and functions which are involved in the distribution of goods and services.
According to Philip Kotler, “Marketing management is the analysis, planning, implementation and control of programmes designed to bring about desired exchanges with target markets for the purpose of achieving organisational objectives.
It relies heavily on designing the marketing management tools.
Importance of Marketing Management: