Marketing Management

Professor Ashis Mishra

Marketing Management

Next we will talk about Marketing Management. What we discussed until now is marketing from the
customer point of view or society’s viewpoint. It indicates how marketing is satisfying a social
requirement and the requirement of the customers. Now we will look up to marketing from the
organizational viewpoint. How various marketing organizations or manufacturing organizations that
use marketing, they look at the function of marketing?

The managerial perspective of marketing as defined by American Marketing Association, they define
Marketing Management as the process of planning and executing the conception, pricing, promotion,
and distribution of ideas, goods and services, to exchanges that satisfy individual as well as
organizational goals.

Here too we are talking about the goals of individuals, which is a manifestation of their needs and
wants. In addition, there are organizational goals too, which could be profit, market share, consumer
acquisition, anything like that.

Now both these type of goals are achieved through exchange of ideas, goods and services that satisfies
needs, and wants, and in turn the consumption related goals. And this is between individuals which
are consumers and organizations that is manufacturers or marketers.

The definition also throws light on the process or key decision areas for the ideas, goods and services
exchange that we discussed just now. The key decision areas involve conception or creation of the
goods and services, pricing them adequately, ensuring the goods and services are available to the
individuals or groups what we call consumers here and using the promotion appropriately so that the
consumers are aware of its existence.

Marketing management is the planning and execution of these various decisions. You can see that the
viewpoint is from the organizational side that how the marketing function is useful for the organization
and how they implement it.

There is another definition of marketing management, which is given by Kotler. He defines Marketing
Management at the art and science of choosing target markets and getting, keeping, and growing
customers through creating, delivering, and communicating superior customer value. As you can
understand here, the definition focuses more on the customer acquisition process along with the
other issues that we have discussed earlier as part of American Marketing Association definition.

So as you can see clearly the focus, I've been talking to you about the focus of different definitions,
while the AMA definitions focuses more on the process of marketing management from an
organizational point of view, Kotler focuses more from the customer point of view.

So likewise if you see a few more definitions, you get to know the different perspectives. There is
nothing right or wrong about it. It is just broadening the scope and knowing the discipline more inside
out.

While the definitions are different, the essence is the same. A successful marketing management
process should be continuous, involving a cycle of planning, implementation and control of various
marketing related decisions. When I say marketing-related decisions, what I mean is getting, keeping
and growing customers, conception, pricing, distribution and promotion etc., etc., what we have been
talking about in the various videos until now.
© All Rights Reserved. This document has been authored by Professor Ashis Mishra and is permitted for use only within the cours e "Marketing
Management" delivered in the online course format by IIM Bangalore. No part of this document, including any logo, data, illustrations, pictures,
scripts, may be reproduced, or stored in a retrieval system or transmitted in any form or by any means – electronic, mechanical, photocopying,
recording or otherwise – without the prior permission of the author.
 Marketing Management
Professor Ashis Mishra
Marketing Management

© All Rights Reserved. This document has been authored by Professor Ashis Mishra and is permitted for use only within the cours e "Marketing
Management" delivered in the online course format by IIM Bangalore. No part of this document, including any logo, data, illustrations, pictures,
scripts, may be reproduced, or stored in a retrieval system or transmitted in any form or by any means – electronic, mechanical, photocopying,
recording or otherwise – without the prior permission of the author.