Marketing Management is a business discipline which is focused on the practical application of marketing techniques and the management of a firms marketing resources and activities.
Marketing trend is the most of the business units make the production in the anticipation of demand. In these circumstances, if the insist dose not takes place according to the expectations in the fixed period, and then individual efforts are to be made for this. It is clear that the extent to which the sale is more to that extent the working capital cycle will also be speedy and the profitability of the unit also increases. In short, the power of the business unit and long life depend on the sales. In the same way the employment opportunity arises due to growth of the business.
The activity of entire useful services necessary for the business activities increases and as a result the economic development of the country also becomes possible. Thus, the sales activity has a special importance. In the developed countries about 50% and in developing countries about 20 to 40% of employed personals are engaged in marketing activity. So, it is necessary to put special weight age on the marketing management process.
2. Meaning of Marketing Management process: Marketing is not just an advertisement or a process of sales or distribution. Actually, the analysis of market opportunities and formation of marketing strategy are also included in marketing management process.
In a simple definition The process related with the formation of marketing strategy and implementation means marketing management process.
As said by Philip kilter, the marketing process consists of marketing opportunities, researching and selecting target markets designing marketing strategies, planning marketing programmes and organizing, implementing and controlling the market efforts.
Marketing Management process is a part of business activity related to the sale of profitable products in the targeted market. It includes the analysis of business opportunities, selection of targeted market, formation and effective implementation of the marketing strategy.
3 Stages of marketing management process:
Following stages are included in the marketing management process:
[1] Examine marketing opportunities.
[2] Searching and selecting target markets and audience.
[3] Formation of marketing strategy.
[4] Preparation of marketing programme
[5] Implementing and controlling the marketing efforts