1. OVERVIEW OF MARKETING MANAGEMENT
To understand about the marketing management orientation, one needs to have knowledge about marketing management. Many sources have defined marketing management in their own ways. According to the American Marketing Association (N.C. Jain & Jain, (2004, Pg. 31) “Marketing Management is the procedure of preparation and execution of the conception, pricing, promotion and distribution of ideas, goods and service to create exchanges that satisfy individual and organisational objectives.” Similarly Professor R.S. Davar Jain & Jain (2004, Pg. 31) also has stated that “marketing management is the process of ascertaining consumer needs, converting them into products or services to the final consumer or user to satisfy such needs and wants to specific customer segment or segment with emphasis and profitability ensuring the optimum use of the services to the organisation.”
Therefore marketing management is a handy area of business management which primarily deals with the customer’s requirements and wants along with its promotion and pricing to complete the demand and get the required feedback from the customers (consumers).
Kotler P. et all (2005, pg. No. 13,14) has indicated the “involvements of marketing management as the management of demands lead to a profitable customer relationship.”
Demand Management: There is a general concept that marketing management deals with attracting customers for a company’s current product. However this is not entirely true. Whenever we deal with a customer, we deal with their demands as well. There are various demands at various stages and marketing management helps to deal with the problem.
Building profitable customer relationship: As we have already noted that managing customers is managing demands, so to build a profitable customer relationship, the demands should be fulfilled as soon as possible, which would help a company boost its image. In a new world challenged by demography and...