Main features of marketing are: 1. Marketing management aims at efficient operation of marketing activities. Identifying consumer needs and wants is the primary task of a marketing manager. Personnel is very important component of marketing activity. The following are the main features. Thus, it ensures the uniformity of size, shape, design, colour and physical properties of the product. Firms today need to spend money to create time, place and ownership utilities .The main features of modern marketing are as follows: It indicates market operations based on some principles. The institutions like hospital, school, political association also practise marketing in popularizing the services offered by them. It helps not only the producer but the sellers and consumers also. with a view to accomplishing the organisational objectives. The term functions of marketing management means the main role of this type of management in any organization. Most of marketing activities are concerned with the exchange of goods. Production Concept: Production concept lays emphasis on availability and affordability of products Hence services cannot be touched, held, tasted or smelt. Its main aim is to provide management with factual information as a basis for marketing decisions and actions. Organized and systemised method of managing: strategic management is an organized and systemized method of managing enterprises it involves two phases. Continuous and regular activity 6. Marketing Management: Meaning and Essential Characteristics! Also, it poses a unique challenge to those engaged in marketin… Objective-oriented 4. Customer oriented concept 8. If this benefit is more than the amount paid, then the customer is satisfied. The determination of what is to be produced should not be in the hands of … Marketing management, like all other areas of management comprises of the function of planning, organising, directing coordinating and controlling. In a competitive market, the goods that are best suited to the customer are the ones that are well-accepted. Marketing Management focuses upon the psychological and physical factors of Marketing. Prohibited Content 3. Thus, it is a continuous process. They are influenced by consumer behaviour, trade factors, competition and government regulatory measures. Price of the product affects volume of production and the amount of profit. Grading is a part of the process of standardization. Guerilla Marketing . Thus, marketing precedes production. 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. Hence, marketing is an art as well as a science. Important Features of Marketing 1. The size and shape of the package also should be convenient for retailers to keep in the shop or for consumers to keep at their homes. Customer satisfaction is gained, and it greatly depends upon the manner in which the marketing functions are organised. Concepts of Strategic Marketing Strategic marketing is a methodology of analysis and knowledge of the market, with the aim of detecting opportunities that help the company to meet the needs of consumers in a more optimal and efficient way, than other competitors. Features of Marketing Research. Business organizations such as educational institutions, hospitals, religious institu­tions and charitable trusts have also found meaningful applications of marketing. Marketing manager will be intimately concerned with the task of selection, orientation, training, supervision, motivation, compensation and evaluation of the sales force of the company. Marketing mix is a flexible combination of vari­ables. Privacy Policy 8. In the early days, the selling function did not call for any specialized skills as the sales could have been effected on production-basis. The marketing manager has to take a number of decisions relating to advertising such as selection of a suitable and economical medium, planning advertising programme, preparing the advertising budget etc. The salient features of the marketing concept are: Consumer Orientation: The most distinguishing feature of the marketing concept is the importance assigned to the consumer. Marketing, which is the art of distributing the products and services among the various claimants, has also only one basic law, change. FEATURES OF MARKETING MIX 1. A profit-seeking business unit is dependent on marketing. Some of the most important features of marketing are as follows: 1. The importance of marketing has been widened through many evolutionary processes and shaped as consumer-orientation stage, in which the existence of a firm is measured of its ability to satisfy the consumers. Privacy Policy 8. work between the producer and consumer. The main features of marketing can be described as follows: 1. 20 BIBLIOGRAPHY • Essentials of marketing management author :Philip kotler • Marketing management author: s.a.sharleker Himalaya publishing house 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 … Content Filtrations 6. Combination of variables 2. Strategic management is a modern approach to manage business enterprise successfully and to face future challenges. Content Guidelines 2. Learn about:- 1. Product planning is the act of making out and supervising the search, screening development and commercialization of new products, the modification of existing lines and discontinuance of unprofitable products. Features Of Marketing. Disclaimer 9. Commercial and non-commercial organizations 11. 1. ... debt management plans. A customer who buys the product of a particular company extensively is known as a brand loyalist. The concept of marketing includes a bunch of social sciences such as economics, sociology, psychology and law. This existence is assured by offering products and services that meet consumer requirements. Proper integration of marketing mix variables requires special abilities 4. In the words of Pride and Farrel, “Marketing management is a process of planning, organizing, implementing and controlling marketing activities in order to effectively and efficiently facilitate and expedite exchanges. Marketing activities undertaken by sellers make an attempt to find out the weaknesses in the existing system, and measures are taken to improve the shortfalls so that the objectives are achieved. Marketing is a specialized business function. Functions such as production, finance, research, purchasing, storekeeping and public relations (PR) are to be integrated with marketing. 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. Copyright 10. One of the features of good packaging is that it should be convenient. In the long run, customer satisfaction helps to retain market demand. 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 … The important characteristics of marketing management may be obtained as under: 1. Marketing management represents marketing concept in action. Hence, product planning is a very important function. The business existence depends on human needs. 2. Thus, marketing is applicable to both business and non-business organizations. Customer satisfaction can be enhanced by providing value-added services, which includes providing additional facilities at little or no extra cost. Hence, production and marketing activities are closely related to each other. Applies to business as well as non-businesses 5. Dynamic concept 3. Hence, the marketing manager has to take pricing decisions very carefully. All marketing activities are objective-oriented. The Marketing managers are responsible for influencing the level, timing, and composition of customer demand accepted definition of the term. Precedes and follows production. Marketing involves exchange of goods, services and ideas with the medium of money. The marketing activities must be co-ordinated with other functional areas of an organization. At the same time, it also addresses both the current and future consumers. Every other employee of the organization such as an engineer, an accountant, a salesman, or sales analyst has a specific role to play whereas the role of a manager is to integrate the activities of all these employees to achieve the goal. Creating a Market Offering 3. Different objectives are fixed at different levels, but the main objective is to earn profit from business along with the satisfac­tion of human wants. Plagiarism Prevention 4. 19 review • introduction of industrial marketing • meaning • why study industrial marketing • features of industrial markrting • importance of industrial marketing 20. Reply Delete. The production department has to see that products do not falter after sale. Image Guidelines 5. Packaging is also an important marketing function. So, companies try to provide goods and services according to the needs and wants of customers. The package should be made in a way that the product could be conveniently taken from one place to another and can be handled easily. 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. The functions necessary to determine consumer wants and needs and to supply necessary goods and services to meet those demands can be broadly classified as follows: Marketing research is the careful and objective study of product design, markets and other activities such as physical distribution, warehousing, advertising and sales management. Brand management is a function of marketing that uses techniques to increase the perceived value of a product line or brand over time. Direct marketing is one of the most effective marketing methods and it has many benefits, like clearly measurable results. Marketing is both art and science 5. This helps in coming up with new products. TOS 7. 4 Ps of Marketing Product. But at present, the business environment has undergone tremendous changes in social, economic, political and cultural aspects. The following are some of the major functions of marketing management − Selling It is the source of income to the distributors of the product. A package is used to contain, protect and identify a product. Marketing Managers today are very different to a marketing manager 10 years ago. Before publishing your articles on this site, please read the following pages: 1. Features of Management Following image depicts fourteen important features of management. Customer satisfaction 3. A producer or firm can serve its share-holders, management and workers, when the firm is successful in its marketing. Let us understand the centralization by taking an example from your home. Replies. The marketing manager has to manage all these distribution channels. Co-related 7. There are 5 marketing concepts that organizations adopt and execute. The process of management is the set of managerial functions, i.e., planning, implementation and control of programmes to achieve pre-determined objectives. A marketer has to consistently monitor environment. The goods of tangible nature can be displayed, the prospects or buyers can have a view and they can even test and make a trial before making the buying decisions. Salonist is CRM based salon management system software for Hair, Bridal, Barber shops, Massage center & Nail salon Owners to run their salon in an easy way. The business policies, strategies and programmes related to marketing are mostly of managerial functions. The management of a firm, therefore, has to develop a particular organisation with a view to absorbing new ideas, new approaches and new market demands. Centralization is a process where the power of making an all-important decision related to all the activities taking place in an organization is either in the hands of an individual or a central location. These include Porter's five forces, analysis of strategic groups of competitors, value chain analysis and others.. Guerilla marketing describes an unconventional and creative marketing strategy intended to get maximum results from minimal resources. Salesmen play a crucial role in communicating company and product information to customers. Besides, it is an important sales tool which makes a product attractive and attention-captivating. Marketing management smoothen the process of exchange of ownership of goods and services from seller to the buyer. This will help in achieving organiza­tional objectives. Major Functions of Marketing Management. Production activities are adapted to these consumer needs. 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 effectiveness and efficiency dimensions are two important components.”. The nature, main characteristics or features of … Exchange Mechanism! Brand loyalty is the highest achievement or apex of any company. It has an universality in the sense that it can be applied to both profit-motive and non-profit motive organizations. Copyright 10. With the help of its Smart Search feature salon owners can get all the information about their clients, sales, and leads within seconds. It helps achieve organizational objectives. Fulfilling objectives 6. Plagiarism Prevention 4. 2. Marketing is an integrative function. It is the process of storing out goods into a number of grades or classes according to some characteristics such as quality and size. Pricing is a very important and crucial decision as it affects all the parties involved in the production, distribution and consumption of goods. Kotler and Keller, 2006; Wedel and Kamakura, 2000), it appears highly effective to address customers based … The marketing Management refers to planning, organizing, directing, control of the activates which facilitate the exchange of goods and services between the producers to end consumers. Need Satisfaction. Hence, the company should have a trained sales force. A successful marketer needs to adapt to these changing factors and adjust marketing strategies to suit new market developments. Therefore, under the marketing philosophy, there are following five concepts: 1. 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. Marketing activities are inseparable from such environmental factors. Marketing helps in the distribution of the goods which follows production. It is said that change is the only basic law of economics. These are needed to be planned, organised, directed, coordinated and controlled so as to achieve the marketing objectives. Thus, marketing precedes production. “A company’s marketing environment consists of the actors and forces outside of marketing that affect marketing management ability to build and maintain successful relationships with target customers”. For example, you were part of a centralized home if you were nev… With the societal marketing concept gaining importance, social marketers are finding useful new ways of applying marketing principles. Intangibility is an important consideration that complicates the functional responsibility of a marketing manager, specially while influencing and motivating the prospects/customers. Com­mercial organizations are also adopting cause-related marketing to strike long-term relations with consumers. The main object of advertising is to promote the sale of products. Some companies concentrate on the large scale production while some concentrate only on the quality of the product etc. Exchange takes place between sellers and buyers. The important features of management are to make others work and using the efforts of others to achieve the goals of the organization. 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.” Marketing is not a function of marketing department alone. Marketing is an universal function. Good and attractive packing is a plus- point in facilitating the sale of a product. Marketing is a social function. Distribution of products is also an important function of marketing management. Marketing mix 9. The achievements of marketing objectives are two-fold-customer satisfaction and profitable sale. Identifying consumer needs and wants is the primary task of a marketing manager. Marketing management employs tools from economics and competitive strategy to analyze the industry context in which the firm operates. ... intelligence where systematic study is made before taking any military action MR acts as the intelligence tool of marketing management. Image Guidelines 5. The marketing function of a business is customer-centred. This is most defining feature of a service and that which primarily differentiates it from a product. Art refers to a specific skill that is required in marketing activities of any type of business. Hence, the marketing manager has to take decision regarding the type and material of packing, its shape, size, design and colour etc. Economic policies, market conditions, and environmental factors, such as political, technological, demographic and international, influence marketing activities. Prohibited Content 3. Features of strategic management. It requires constant interaction with the various strata of society. Hence, every activity of a business is customer-oriented. Marketing management, in fact, represents an important functional area of business management efforts under which goods and services flow from the producers to consumers. Business concerns must satisfy consumer’s wants and needs for their continued existence. Needs and Wants 2. Content Filtrations 6. Needs and Wants: The main objective of marketing process is to satisfy the needs and wants of the customers. Channels of distribution and physical distribution play an important role in the exchange process by creating place utility. Hence, production and marketing activities are closely related to each other. A long series of middlemen-sole selling agent, wholesalers and retailers etc. Markets are not created by God, nature or economic forces, but by businessmen. The main purpose of marketing is to maximize profit by satisfying the needs of customers. 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.” Therefore marketing management is the functional area of business management which deals with the problems of consumers satisfaction. Structure. Advertising is a method of business communication to the prospective customers. Marketing environment 8. Integrated approach 10. Marketing reflects the business mission of a firm before the public and society. ADVERTISEMENTS: As we know, every company has different idea regarding philosophy of marketing. 3. The success of a business concern depends considerably upon the performance of its salesmen. We need to understand the major functions of marketing management in order to understand and groom our organization. Marketing is a management function like the management of other functions such as production, finance, personnel etc. Such communication includes information about business institution, its products, product qualities, the time and place of availability etc. The marketing has special significance in an organisational structure of a firm. A combination of four inputs constitutes the core of a company’s marketing system—product, price, place, and promotion. The major areas in which marketing research helps management to formulate its policies are: products, markets, marketing policies and sales methods. Science refers to a systematic body of knowledge, based on facts and principles. They like how these brands benefit them. Exchange process 7. Content Guidelines 2. Before publishing your articles on this site, please read the following pages: 1. We can not create goods and services and then try to sell them. Marketing helps in the distribution of the goods which follows production. Otherwise, it will result in organizational conflicts. With reference to market segmentation theory (e.g. Standardization is the process of setting up standards, and manufacturing products in conformity with those standards and includes the process by which this conformity is assured. A customer expects some services or benefits from the product for which payment is made. Every department and individual contributes sufficiently towards marketing. 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. 5. 7. Report a Violation, 5 Characteristics of Marketing Concept | Marketing Management, Marketing: Meaning, Considerations and Essential Elements of Marketing. Many consumers prefer using certain brands of clothing, deodorants or tubes of toothpaste, for example. Customer Value 4. It integrates and combines the other business functions like production, finance, personnel etc. Needs and wants: Satisfaction of the needs and wants of individuals and organizations. Functions such as distribution, after-sale services and packaging help in the exchange process. Disclaimer 9. It is primarily entangled with following features: Customers Needs- An organization can never assume what actually a customer needs. “Marketing management is the creative management function which promotes trade and employment by assessing consumer needs and initiates research development to meet them. TOS 7. 6. B… 6) Tool for managerial decisions:- MR acts as a tool in the hands of management for identifying and analysing marketing problem and finding out solution to them. Report a Violation, Marketing Management: Meaning and Objectives, Marketing: Meaning, Considerations and Essential Elements of Marketing. All variables equally important 4. 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Ones that are well-accepted be co-ordinated with other functional areas of an organization can never assume what actually customer! To channels of distribution and their management 5 characteristics of marketing mix variables special... Of programmes to achieve pre-determined objectives very carefully features of management following image depicts fourteen important features of management of. The centralization by taking an example from your home helps management to formulate its policies are: products product! Importance, social marketers are finding useful new ways of applying marketing.! Military action MR acts as the intelligence tool of marketing objectives firm before public! And services and packaging help in the exchange process by creating place utility companies concentrate the.