Customer Relationship Management is a strategy which is customized by an organization to manage and administrate its customers and vendors in an efficient manner for achieving excellence in business. Also, it poses a unique challenge to those engaged in marketin… The Marketing managers are responsible for influencing the level, timing, and composition of customer demand accepted definition of the term. Science refers to a systematic body of knowledge, based on facts and principles. Hence, the company should have a trained sales force. The American Marketing Association defines services as - “Activities, benefits and satisfactions which are offered for sale or are provided in connection with the sale of goods.” The defining characteristics of a service are: Intangibility:Services are intangible and do not have a physical existence. ... debt management plans. Marketing involves exchange of goods, services and ideas with the medium of money. If this benefit is more than the amount paid, then the customer is satisfied. Functions such as distribution, after-sale services and packaging help in the exchange process. ... intelligence where systematic study is made before taking any military action MR acts as the intelligence tool of marketing management. At the same time, it also addresses both the current and future consumers. Some companies concentrate on the large scale production while some concentrate only on the quality of the product etc. Customer satisfaction can be enhanced by providing value-added services, which includes providing additional facilities at little or no extra cost. Grading is a part of the process of standardization. Guerilla Marketing . If you are born and brought up in a house where all the important decisions related to the family is made by your father, then you were born and brought up in a centralized home. Customer satisfaction is gained, and it greatly depends upon the manner in which the marketing functions are organised. Content Filtrations 6. Exchange takes place between sellers and buyers. Packaging is also an important marketing function. The marketing function of a business is customer-centred. Marketing Management focuses upon the psychological and physical factors of Marketing. Prohibited Content 3. Production activities are adapted to these consumer needs. Distribution of products is also an important function of marketing management. CRM: Marketing Automation: Marketing Lead DatabaseA marketing lead database is the system of record for your most important marketing asset: your leads and contacts.A marketing lead database goes beyond the data in your CRM system to include a rich view of all marketing interactions between each prospect and your company, including website visits, email clicks, scoring changes, data … 5 Marketing Concepts: Marketing Management Philosophies The marketing concept is the strategy that firms implement to satisfy customers’ needs, increase sales, maximize profit, and beat the competition. The determination of what is to be produced should not be in the hands of … Hence, the marketing manager has to take pricing decisions very carefully. The institutions like hospital, school, political association also practise marketing in popularizing the services offered by them. Marketing is an activity designed to plan, price, promote and distribute products. A customer expects some services or benefits from the product for which payment is made. The important features of management are to make others work and using the efforts of others to achieve the goals of the organization. The main features of marketing can be described as follows: 1. Marketing mix 9. Features of strategic management. Turning marketing into a science is a passion of ours, so in this article I'll explain the benefits of digital direct marketing , show a few examples, and walk through the steps for a … Continuous and regular activity 6. Main features of marketing are: 1. Marketing environment 8. Content Guidelines 2. Brand loyalty is the highest achievement or apex of any company. Hence, production and marketing activities are closely related to each other. Marketing mix is a flexible combination of vari­ables. It is primarily entangled with following features: Customers Needs- An organization can never assume what actually a customer needs. In a competitive market, the goods that are best suited to the customer are the ones that are well-accepted. Economic policies, market conditions, and environmental factors, such as political, technological, demographic and international, influence marketing activities. The achievements of marketing objectives are two-fold-customer satisfaction and profitable sale. The marketing activities must be co-ordinated with other functional areas of an organization. Brand management is a function of marketing that uses techniques to increase the perceived value of a product line or brand over time. A marketer has to consistently monitor environment. Exchange process 7. Every department and individual contributes sufficiently towards marketing. 7. B… Business concerns must satisfy consumer’s wants and needs for their continued existence. “Marketing management is the creative management function which promotes trade and employment by assessing consumer needs and initiates research development to meet them. With the societal marketing concept gaining importance, social marketers are finding useful new ways of applying marketing principles. Customer oriented concept 8. They are influenced by consumer behaviour, trade factors, competition and government regulatory measures. The marketing has special significance in an organisational structure of a firm. Direct marketing is one of the most effective marketing methods and it has many benefits, like clearly measurable results. Intangibility is an important consideration that complicates the functional responsibility of a marketing manager, specially while influencing and motivating the prospects/customers. Thus, marketing precedes production. Hence, marketing is an art as well as a science. Com­mercial organizations are also adopting cause-related marketing to strike long-term relations with consumers. But at present, the business environment has undergone tremendous changes in social, economic, political and cultural aspects. Disclaimer 9. Image Guidelines 5. Major Functions of Marketing Management. This existence is assured by offering products and services that meet consumer requirements. Marketing management aims at efficient operation of marketing activities. One of the features of good packaging is that it should be convenient. Hence, product planning is a very important function. The business policies, strategies and programmes related to marketing are mostly of managerial functions. The main object of advertising is to promote the sale of products. Need Satisfaction. Objective-oriented 4. A successful marketer needs to adapt to these changing factors and adjust marketing strategies to suit new market developments. work between the producer and consumer. Hence, production and marketing activities are closely related to each other. Marketing management smoothen the process of exchange of ownership of goods and services from seller to the buyer. We can not create goods and services and then try to sell them. The marketing manager has to manage all these distribution channels. Different objectives are fixed at different levels, but the main objective is to earn profit from business along with the satisfac­tion of human wants. Needs and Wants 2. It is instrumental in manipulating the factors of production, distribution, promotion and price, and also in influencing the patterns of consumption and consumer attitudes. The business existence depends on human needs. The success of a business concern depends considerably upon the performance of its salesmen. A product is defined as a bundle of attributes (features, functions, benefits, and uses) capable of exchange or use, usually a mix of tangible and intangible forms. It coordinates the resources of production and distribution of goods and services, determines and directs the nature of efforts required to sell profitably by maximum production to the ultimate user.” Report a Violation, Marketing Management: Meaning and Objectives, Marketing: Meaning, Considerations and Essential Elements of Marketing. The following are the main features. Art refers to a specific skill that is required in marketing activities of any type of business. TOS 7. Privacy Policy 8. A profit-seeking business unit is dependent on marketing. Marketing management employs tools from economics and competitive strategy to analyze the industry context in which the firm operates. 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