and distribution channels), and People. Now a new P has been added making it a total of 5P's.

The 5th P is Politics which affects marketing in a significant way. Taken together, the company's implementation choices across the 4(5)Ps are often described as the marketing mix, meaning the mix of elements the business will employ to "go to market" and execute the marketing strategy. The overall goal for the marketing mix is to consistently deliver a compelling value proposition that reinforces the firm's chosen positioning, buildscustomer loyalty and brand equity among target customers, and achieves the firm's marketing and financial objectives. In many cases, marketing management will develop a marketing plan to specify how the company will execute the chosen strategy and achieve the business objectives. The content of marketing plans varies ' from firm to firm, but commonly includes: An executive summary Situation analysis to summarize facts and insights gained from market research and marketing analysis 

 



The company's mission statement or long-term strategic vision A statement of the company's key objectives, often subdivided into marketing objectives and financial objectives 

The marketing strategy the business has chosen, specifying the target segments to be pursued and the competitive positioning to be achieved 

Implementation choices for each element of the marketing mix (the 4(5)Ps)

[edit]Project,

process, and vendor management

Once the key implementation initiatives have been identified, marketing managers work to oversee the execution of the marketing plan. Marketing executives may therefore manage any number of specific projects, such as sales force management initiatives, product development efforts, channel marketing programs and the execution of public relations and advertising campaigns. Marketers use a variety of project management techniques to ensure projects achieve their objectives while keeping to established schedules and budgets. More broadly, marketing managers work to design and improve the effectiveness of core marketing processes, such as new product development, brand management, marketing communications, and pricing. Marketers may employ the tools of business process reengineering to ensure these processes are properly designed, and use a variety of process management techniques to keep them operating smoothly. Effective execution may require management of both internal resources and a variety of external vendors and service providers, such as the firm's advertising agency. Marketers may therefore coordinate with the company's Purchasing department on the procurement of these services.

[edit]Organizational

management and leadership

for example. In larger organizations. such as sales forecasts. and customer relationship managementtools (CRM). and thereby estimate the financial value of specific investments in brand equity. Marketing management therefore often makes use of various organizational control systems. measurement. sales force and reseller incentive programs. The effectiveness of a marketing manager may therefore depend on his or her ability to make the internal "sale" of various marketing programs equally as much as the external customer's reaction to such programs. Various market research. some software vendors have begun using the term "marketing operations management" or "marketing resource management" to describe systems that facilitate an integrated approach for controlling marketing resources. such as enterprise resource planning (ERP). Achieving a market orientation. top marketing managers may need to coordinate across several marketing departments and also resources from finance. these efforts may be linked to various supply chain management systems. attempts to identify the percentage of a company's market value that is generated by the company's brands. especially those with multiple business units. operations. requires building consensus at the senior management level and then driving customer focus down into the organization. manufacturing. also known as "customer focus" or the "marketing concept". Brand valuation. marketing executives may need to spend much of their time focused on political issues and inte-departmental negotiations. material requirements planning (MRP). efficient consumer response (ECR). Cultural barriers may exist in a given business unit or functional area that the ma rketing manager must address in order to achieve this goal. research and development. accounting and financial tools are used to help estimate the ROI of marketing investments.Marketing management may spend a fair amount of time building or maintaining a marketing orientation for the business. marketing executives often act as a "brand champion" and work to enforce corporate identity standards across the enterprise. In order to effectively manage these resources. and inventory management systems. In some cases. sales force management systems. It is the responsibility of marketing managers ± in the marketing department or elsewhere ± to ensure that the execution of marketing programs achieves the desired objectives and does so in a cost-efficient manner. or other functional areas to implement the marketing plan.integrated marketing communications (IMC). Additionally. is a CRM database-driven approach that attempts to estimate the value [9] of marketing mix executions based on the changes in customer behavior these executions generate. marketing management .[6] [edit]Reporting. feedback and control systems Marketing management employs a variety of metrics to measure progress against objectives. Another technique. engineering. Measuring the return on investment (ROI) of and marketing effectiveness various marketing initiatives is a significant problem for marketing management. Recently.

timing. and composition of customer demand accepted definition of the term. motivating. coordinating and controlling. While the psychological factors focus upon discovering the needs and wants of the consumer and the changing patterns of buying behavior. Management is the processes of planning. planning.improve customer opinions of the company's products andservices. channel of distribution and other functions. The Marketing managers are responsible for influencing the level. Marketing Management has the responsibility of to perform many functions in the field of marketing such as planning. The scope of a business' marketing management dependson the size of the business and the industry in which the business operates. Management of marketing activities is Marketing Management. Effective marketing management will use a company's resources to increase its customer base. directing. tracking and review of a company'smarketing resources and activities. organizing directing motivating and coordinating and controlling of various activities of a firm. It relies heavily on adoption and coordination of the product. a business discipline. implementation anc control of programmes designed to bring about the desired exchanges with target audiences for the purpose of personal and mutual gain. organizing. the physical factors focus upon fulfilling those needs and demands buy better product design. All these function aim to achiven the marketing goals.Definition The application. which is focused on the practical application of marketing techniques and the management of a firm¶s marketing resources and activities. and increase the company's perceived value. Marketing in action is marketing Management . is Marketing Management. Marketing Management focuses upon the psychological and physical fact ors of Marketing. Following is a brie f summary of functions of Marketing . In summary. price. Marketin g is the process of satisfying the needs and wants of the consumers. habit etc. promotion and place for achieving response´: In other words. Management Guru Philip Kotler defines marketing as ³Marketing Management is the analysis.

Coordination: Coordination refers to harmonious adjustment of the activities of the marketing organization. adoption of corrective measures. The organization involves structure of marketing organization. 4. Analysis and Evaluation: The marketing management involves the analysis and evaluation of the productivity and performs mace of individual employees. The marketing objectives may be short term or long term and need a clear approach. 2. inspiration. motivation. Organizing functions of marketing management involves the collection and coordination of required means to implement a plan and to achieved pre determined objectives. duties. product development. responsibilities and powers of various members of the marketing organization. This includes sales forecast. leadership of employees. Organization: A plan once formulated needs implementation. 7. the important function of the marketing Management is to plan how to achieve those objectives. warehousing etc. evaluation of actual performance. 3. Staffing: Employment of right and able employees is very crucial to success of a market plan. It involves coordination among various activities such as sales forecasting. Planning: After objectively determining the marketing Objectives. Direction: Direction in marketing management refers to development of new markets. Marketing Objectives: marketing management determines the marketing objectives. marketing strategies. The market manager coordinates with the Human Resource Manager of an organization to be able to hire the staff with desired capability. guiding and supervision of the employees. 8. 6. They have to be in coherence with the aims and objectives of the organization. product planning. . marketing programmes formulation. It involves the determination of standards. 5. Control: Control refers to the effectiveness with which a marketing plan is implemented.1. transportation.

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