Marketing Management is a business discipline which is focused on the practical application of marketing techniques and the management of a firm’s marketing resources and activities. Rapidly emerging forces of globalization have compelled firms to market beyond the borders of their home country making International marketing highly significant and an integral part of a firm’s marketing strategy. Marketing managers are often responsible for influencing the level, timing, and composition of customer demand accepted definition of the term
Various Management Philosophies
Production Concept: The production concept holds that customers will favor products that are available and highly affordable and that management should therefore focus on improving production and distribution efficiency.
Product Concept: The production concept holds that customers will favor products that are available and highly affordable and that management should therefore focus on improving production and distribution efficiency.
Selling Concept: Many organizations follow the selling concept. The selling concept is the idea that consumers will not buy enough of the organization’s products unless the organization undertakes a large-scale selling and promotion effort.
Marketing Concept: The marketing concept holds that achieving organizational goals depends on determining the needs and wants of target markets and delivering the desired satisfactions more effectively and efficiently than competitors do.
Societal Marketing Concept: The societal marketing concept holds that the organization should determine the needs, wants, and interests of target markets. It should then deliver the desired satisfactions more effectively and efficiently than competitors in a way that maintains or improves the consumer’s and the society’s well-being.
Contrast between Marketing Concept and Selling Concept
The Selling Concept and the Marketing Concept are two different concepts of Marketing that related to the evolution of marketing in the world. The Selling Concept holds that in order for the firm to be profitable, it must focus on sales of the product regardless of the orientation of the product itself. This concept became popular after World War 2
demands of the consumer.
Explains The Societal Marketing Concept 1) The societal marketing concept is the newest of the marketing philosophies. 2) It questions whether the pure marketing concept is adequate given the wide variety of societal problems and ills. 3) According to the societal marketing concept, the pure marketing concept overlooks possible conflicts between short-run consumer wants and long-run consumer welfare. 4) The societal concept calls upon marketers to balance three considerations in setting their marketing policies: a) Company profits. b) Customer wants. c) Society’s interests.