Marketing Management

                                Marketing Management

Introduction 

              Marketing has existed for as long as civilisations. Although the term “marketing” is often associated with business, its roots can be found in the prehistoric era, when people communicated and conducted business through the use of tangible objects, signs and symbols. The conventional wisdom is the center of modern marketing. The marketing concept originated from the first signs that humans made to communicate with one another. Marketing existed before advertising became a formal discipline; this is due to the evolution of marketing.

              Over all other business functions, marketing interacts primarily with customers. At the core of contemporary marketing theory and practice is generating value and satisfaction for consumers. A crucial component of any business is marketing. The goal, the products, the objectives, the services and innovation are all connected to modern marketing efforts. 

1.Marketing in the New Reality

                      In today’s Internet-driven world, where consumers, rivals, technology and economic factors are always changing and implications are multiplying swiftly, marketers need to make decisions about features, prices and markets as well as how much to spend on sales, advertising and online and mobile marketing. 

              New realities in marketing are being shaped for businesses by market forces. Technology, globalisation, the physical environment and social responsibility are some of the market drivers that the study aims to analyse, as well as how these forces are influencing the new marketing reality. 

           

      Selling wants that satisfy consumers’ demands for goods and services is how marketing, a crucial functional business sector, generates income. These days, marketing is a popular trend. It involves making decisions on product, quality, location and promotion while also considering customer business needs.

         

  The gap that exists between the manufacturer and the consumer—the two main economic axes—is filled in by marketing. In this era of fast change, marketing is regarded as the foundation of all commercial operations. Since marketing keeps the company closely connected to its environment, it is said to be the eye of the corporate world.

        

  “Buying and selling activities are both part of marketing,” claims Pyle. The activities that result in ownership transfers of products and services and enable physical distribution are collectively referred to as marketing. 

      

   The American Marketing Association (AMA, 2004) states that “marketing is an organizational function and a set of processes for managing customer relationships in ways that are beneficial to the organization and its stakeholders as well as for creating, communicating and delivering value to customers.” 

 

        In the field of marketing, artificial intelligence has swept the globe. In 2023, businesses will be able to provide more individualized and focused experiences thanks to the growing prevalence of AI-powered tools and technology. Chatbots, voice assistants and recommendation engines powered by artificial intelligence (AI) are revolutionizing consumer interactions by offering personalized recommendations and immediate support. Marketers must embrace AI and make the most of its powers to improve customer experiences, streamline workflows and obtain insightful information from data analytics.

 2. Marketing Value and Scope 

          Economic theory gave rise to the first marketing concepts. It made the theoretical differences made by American economists in the early 20th century more understandable. It is believed that marketing is both an art and a science. It has an inventive and strategically planned marketing aspect. The developed section covers known facts, conceptual models, etc. It is crucial for marketers to understand and implement the developed marketing concepts since they enable them to generate engaging results through predictive analytics, market modeling and marketing analysis. Equally significant is creativity, which frequently results in successful marketing campaigns. As a result, marketing initiatives that aim to promote efficiency, effectiveness and social responsibility should be planned carefully. 

What is marketed? 

There are 10 main types of entities that are marketed. They are— 

● Goods - The products are what a corporation produces in large quantities and markets. As an illustration, consider laptops, TVs, soaps, etc. 

● Services - An increasing amount of economic activity is directed toward the provision of services as economies develop. Today’s industrialised economies are built on a 70- 30 services-to-goods ratio. Hotels, airlines, maintenance and repair, as well as expert assistance from accountants and attorneys, are examples of services. The majority of market offerings include a diverse range of products and services. 

● Experiences: By merging many services and products, a business may design, produce and market experiences. Disneyland in the USA and Europe, Esselworld in Mumbai, etc. are a few examples. 

● Events - Time-based events like trade exhibits, the Olympics, sporting events and artistic performances are promoted by marketers. 

 ● Individuals – Celebrity marketing has gained popularity by promoting well-known figures such as singers, artists, CEOs, doctors, prominent attorneys and bankers. 

● Places – In addition, destination marketing is growing in popularity as states, towns, regions and even countries compete to draw in tourists, businesses, corporate headquarters and new people. Place marketers can include public relations firms, real estate brokers, commercial banks, local business associations and experts in economic development.

 ● Properties - Properties are the intangible ownership rights to either financial or real estate, including stocks and bonds. Real estate brokers, banks and investment firms market properties that are bought and sold in exchange for securities.

 ● Organisations - Companies make a conscious effort to leave a positive and powerful impression on their target audience. In a similar vein, educational institutions, museums and performing arts groups enhance their public personas in order to better compete for patronage and funding.  

● Information - One significant product that is marketed is the creation, packaging and delivery of information. Schools and universities, as well as publishers of encyclopedias, nonfiction books and specialist publications, CD manufacturers and Internet websites, are information marketers. 

● Ideas - At its foundation, every market offering is a fundamental concept. Products and services are essentially channels through which ideas or benefits are delivered in order to meet fundamental needs. For instance, raising awareness of HIV/AIDS, deterring smoking and alcohol abuse, etc.