Introduction of Marketing Management
1. Definition of marketing management
2. Micro vs. macro marketing
3. The government's role in the economy
4. The relationship between nations' marketing systems
5. Core marketing concepts
6. The nature of marketing
7. The marketing mix
8. The relationsh...
1. Definition of marketing management
The analysis, planning, implementation and control of programmes to
create, build and maintain beneficial exchanges with target buyers for
the purpose of achieving organisational objectives (Kotler).
The Chartered Institute of Marketing (CIM) has defined marketing as
follows: 'Marketing is the management process responsible for
identifying, anticipating and satisfying customer requirements
profitably.'
The American Marketing Institute has a different definition: 'Marketing
is the performance of business activities that direct the flow of goods and
services from producer to consumer or user.'
Norman Hart, in Industrial Publicity (1975) says the following about
marketing: 'Marketing starts in the marketplace with the identification
of the customers' needs. It then moves on to determining a means of
satisfying that need, and of promoting, selling and supplying a
satisfaction. It is possible to define the principal marketing functions as
Marketing Information and Research, Product Planning, Advertising and
Promotion, Sales and Distribution.
2. Micro vs. macro marketing
Micro marketing - The performance of activities that seek to accomplish
an organisation's objectives by anticipating customer needs and
directing a flow of need-satisfying goods and services from producer to
customer.
Macro marketing - A societal process that directs an economy's flow of
goods and services from producers to consumers in a way that effectively
, matches the supply and demand, and accomplishes the objectives of
society.
The difference between the two definitions given above is that the
definition of micro marketing is concerned with the individual
organisation, whereas macro marketing is concerned with the whole
marketing system. The organisation is only one part of this system.
2.1 Supply and demand: The matching of a heterogeneous supply of
goods and services with the heterogeneous demand for products. Macro
marketing involves matching supply and demand. Producers in the
economic system have different goals, objectives, products and skills,
and likewise the demand for goods and services is highly varied. In other
words, both are heterogeneous. The role of the macro marketing system
is to match the heterogeneous supply with demand and at the same time
accomplish the objectives of society.
2.2 The economic system
2.2.1 Planned economic systems: Where a government decides what is
produced and quotas are allocated. The price is often pre-set.
2.2.2 Market-directed economic systems: Individual decisions of the
nation's producers and consumers make up the macro decisions for the
whole economy.
3. The government's role in the economy: The government plays a
limited role in the market-directed economy, but imposes certain
restrictions for the betterment of society, for example legislation,
property protection, and rules for import and export.
The government ensures that:
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