Marketing Management: Meaning and Importance of Marketing Management – Explained!

By Smriti Chand Marketing

arketing Management: Meaning and Importance of Marketing Management – Explained!

Meaning:

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 organisations offering in terms of the target markets needs and desires and using effective pricing, communication and distribution to inform, motivate and service the market.” Marketing management is concerned with the chalking out of a definite programme, after careful analysis and forecasting of the market situations and the ultimate execution of these plans to achieve the objectives of the organisation.
Further, their sales plans to a greater extent rest upon the requirements and motives of the consumers in the market. To achieve this objective, the organisation has to pay heed to the right pricing, effective advertising and sales promotion, distribution and stimulating the consumers through the best services.
To sum up, marketing management may be defined as the process of management of marketing
programmes for accomplishing organisational goals and objectives. It involves planning, implementation and control of marketing programmes or campaigns.

Importance of Marketing Management:

Marketing management has gained importance to meet increasing competition and the need for improved methods of distribution to reduce cost and to increase profits. Marketing management today is the most important function in a commercial and business enterprise.
The following are the other factors showing importance of the marketing management:
(i) Introduction of new products in the market.
(ii) Increasing the production of existing products.
(iii) Reducing cost of sales and distribution.
(iv) Export market.
(v) Development in the means of communication and modes of transportation within and outside the country.
(vi) Rise in per capita income and demand for more goods by the consumers.