Marketing Management Notes
NATURE OF MARKETING MANAGEMENT
Marketing as a process:-
Marketing is a process that marketing managers execute. In a number of instances, a marketing manager does not manage people, but manages the marketing process. A product manager is an example of such a marketing manager; s/he manages the marketing process for a product within a larger marketing organization. We, as consumers, see the results of that process in the form of products, stores, shopping malls, advertisements, sales pitches, promotions, prices, etc. This process usually involves four phases.
Markets must be understood, and this understanding flows from analysis. Marketing managers spend weeks analyzing their markets before they undertake the development of marketing plans for influencing those markets.
Once a market is understood, marketing programs and events must be designed for influencing the market's customers and consumers, and even the firm's competitors.
The marketing events are executed in the markets: advertisements are run, prices are set, sales calls are made, etc.
Markets are not static entities and thus must be monitored at all times. After events execute, they need to be evaluated. The planning assumptions upon which the upcoming events are based must be continually tested; they are not longer true then the events may need modification.