Marketing Management
Marketing is a process of intentionally creating and promoting demand for products and services; possibly including selection of an appropriate target audience; choice of certain characteristics or attributes to advertise; and the creation of marketing materials. Marketing is also concerned with the analysis of customer behavior and the determination of relevant marketing tools to meet customer needs. The primary aim of marketing is to promote products and services in a manner and to arouse interest in them. In a broader sense, marketing also involves planning and research, development of marketing strategies, and utilization of technology.
Marketing is an art and science that evolved from the accumulation of various information and knowledge over a period of time. Knowledge, information and communication are considered to be the three foundation stones of modern marketing. Artistic and cultural practices have contributed largely to the evolution of marketing concepts. The discipline has been made popular by the marketing management theory, which holds that a market exists when people actually purchase and use a product or service. Marketing management theory also states that marketing exists when there is a balance between demand and supply. Thus, marketing includes elements such as the identification and evaluation of customer needs, the preparation and designing of marketing materials, the monitoring of advertising and promotion, and the utilization of techniques such as price, location, and demographic targeting.
On the other hand, the definition of marketing does not imply that a marketing strategy or program is an end in itself, but rather a means to achieve the company’s sales and profits. The marketing concept maintains that coordinated marketing through a number of communications channels, including advertising and promotional activities, personal selling, and sales promotion, contributes to the achievement of customer satisfaction. The concept of marketing therefore, suggests that customers should be satisfied when they receive services or goods, regardless of the channels selected.