Marketing Management Pdf For Mba 2nd Semester
Marketing Management Pdf For Mba 2nd Semester https://blltly.com/2ta5Uy
Theories of marketing management are based on concepts borrowed from economics and behavioural science. Various theories of marketing are influenced by disciplines such as economics, psychology, sociology, political science, business management, and information science. The marketing management process is influenced by the underlying theories used in the discipline. For example, marketing management incorporates the theories of behavioural science and marketing economics to guide marketing strategy and tactics.
The present day conception of marketing management is similar to that of the marketing profession as it existed in the early twentieth century. The fundamental principle of marketing management is to enhance the value or utility of a product or service for the benefit of a business, with consideration of the resources involved in the process. Essentially, this is the process by which products, services, and brands are brought into the market.Marketing management is the application of marketing principles and concepts to various parts of the organization and can be considered the application of marketing strategy and tactics to the business. Marketing planning, marketing strategy, marketing tactics, marketing communications, marketing research and analysis, marketing measurement, and marketing finance are various aspects of marketing management.
While this introduction to marketing has discussed the role of marketers, it is important to note that the term also includes the roles of brand managers, product managers, and many other business professionals in the marketing department. These individuals can have a large impact on the overall success of a business.
The most common method of marketing management is based on the marketing mix: product, price, place, and promotion. The marketing mix, also known as the marketing binomial, consists of the four Ps plus a fifth P, the customer. These Ps are intended to be complementary and taken together, the marketing mix is supposed to determine the net sum of the subjective and objective elements of marketing. This mix is in fact known to be one of the most commonly used tools in marketing management. This mix of the most commonly used tools will be described in the following sections.
The product is a tangible object that is sold by a business. The most obvious and most important product is the product itself (e.g., food, clothing, vehicle, furniture, and so on). In the case of the product, the marketing strategy may be to create and strengthen the brand, which is the name or design traditionally, but often now, associated with a particular product.
The following decision tree may help companies select the target market they want to focus on. It is a typical marketing decision-making sequence. It will make the decision process more manageable and understandable for non-marketing professionals.
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