Features of Management Following image depicts fourteen important features of management. Price of the product affects volume of production and the amount of profit. Distribution of products is also an important function of marketing management. A producer or firm can serve its share-holders, management and workers, when the firm is successful in its marketing. Content Filtrations 6. Guerilla Marketing . It coordinates the resources of production and distribution of goods and services, determines and directs the nature of efforts required to sell profitably by maximum production to the ultimate user.” Copyright 10. A combination of four inputs constitutes the core of a company’s marketing system—product, price, place, and promotion. Some of the most important features of marketing are as follows: 1. Functions such as production, finance, research, purchasing, storekeeping and public relations (PR) are to be integrated with marketing. With the help of its Smart Search feature salon owners can get all the information about their clients, sales, and leads within seconds. Thus, it is a continuous process. Product planning is the act of making out and supervising the search, screening development and commercialization of new products, the modification of existing lines and discontinuance of unprofitable products. Hence, product planning is a very important function. Marketing management employs tools from economics and competitive strategy to analyze the industry context in which the firm operates. Brand loyalty is the highest achievement or apex of any company. Standardization is the process of setting up standards, and manufacturing products in conformity with those standards and includes the process by which this conformity is assured. The importance of marketing has been widened through many evolutionary processes and shaped as consumer-orientation stage, in which the existence of a firm is measured of its ability to satisfy the consumers. Pricing is a very important and crucial decision as it affects all the parties involved in the production, distribution and consumption of goods. It involves the decision to channels of distribution and their management. Learn about:- 1. Marketing activities are inseparable from such environmental factors. Guerilla marketing describes an unconventional and creative marketing strategy intended to get maximum results from minimal resources. Marketing management, like all other areas of management comprises of the function of planning, organising, directing coordinating and controlling. Thus, it ensures the uniformity of size, shape, design, colour and physical properties of the product. Marketing helps in the distribution of the goods which follows production. A customer who buys the product of a particular company extensively is known as a brand loyalist. Such communication includes information about business institution, its products, product qualities, the time and place of availability etc. Brand management is a function of marketing that uses techniques to increase the perceived value of a product line or brand over time. It is the source of income to the distributors of the product. Hence, production and marketing activities are closely related to each other. Dynamic concept 3. Marketing management smoothen the process of exchange of ownership of goods and services from seller to the buyer. 7. These include Porter's five forces, analysis of strategic groups of competitors, value chain analysis and others.. Marketing is a social function. Production activities are adapted to these consumer needs. The size and shape of the package also should be convenient for retailers to keep in the shop or for consumers to keep at their homes. “Marketing management is the creative management function which promotes trade and employment by assessing consumer needs and initiates research development to meet them. The important features of management are to make others work and using the efforts of others to achieve the goals of the organization. Exchange Mechanism! Marketing Management: Meaning and Essential Characteristics! These are needed to be planned, organised, directed, coordinated and controlled so as to achieve the marketing objectives. Marketing Managers today are very different to a marketing manager 10 years ago. The process of management is the set of managerial functions, i.e., planning, implementation and control of programmes to achieve pre-determined objectives. Firms today need to spend money to create time, place and ownership utilities .The main features of modern marketing are as follows: The business policies, strategies and programmes related to marketing are mostly of managerial functions. Salesmen play a crucial role in communicating company and product information to customers. Customer satisfaction can be enhanced by providing value-added services, which includes providing additional facilities at little or no extra cost. Features of Marketing Research. Customer focus 2. Marketing is not a function of marketing department alone. Integrated approach 10. With reference to market segmentation theory (e.g. The determination of what is to be produced should not be in the hands of … The important characteristics of marketing management may be obtained as under: 1. 2. Packaging is also an important marketing function. The marketing function of a business is customer-centred. Customer oriented concept 8. The receptionist, the first point of contact, is the image bearer. Salonist is CRM based salon management system software for Hair, Bridal, Barber shops, Massage center & Nail salon Owners to run their salon in an easy way. Science refers to a systematic body of knowledge, based on facts and principles. Hence, the marketing manager has to take decision regarding the type and material of packing, its shape, size, design and colour etc. This existence is assured by offering products and services that meet consumer requirements. They are influenced by consumer behaviour, trade factors, competition and government regulatory measures. For example, you were part of a centralized home if you were nev… If this benefit is more than the amount paid, then the customer is satisfied. Personnel is very important component of marketing activity. Channels of distribution and physical distribution play an important role in the exchange process by creating place utility. A profit-seeking business unit is dependent on marketing. 4 Ps of Marketing Product. A long series of middlemen-sole selling agent, wholesalers and retailers etc. Some companies concentrate on the large scale production while some concentrate only on the quality of the product etc. We need to understand the major functions of marketing management in order to understand and groom our organization. The achievements of marketing objectives are two-fold-customer satisfaction and profitable sale. This helps in coming up with new products. Direct marketing is one of the most effective marketing methods and it has many benefits, like clearly measurable results. With the societal marketing concept gaining importance, social marketers are finding useful new ways of applying marketing principles. Proper integration of marketing mix variables requires special abilities Combination of variables 2. Marketing reflects the business mission of a firm before the public and society. This will help in achieving organiza­tional objectives. Also, it poses a unique challenge to those engaged in marketin… Different objectives are fixed at different levels, but the main objective is to earn profit from business along with the satisfac­tion of human wants. Thus, marketing precedes production. Every department and individual contributes sufficiently towards marketing. The following are the main features. Customer satisfaction 3. Plagiarism Prevention 4. ... debt management plans. A product is defined as a bundle of attributes (features, functions, benefits, and uses) capable of exchange or use, usually a mix of tangible and intangible forms. All marketing activities are objective-oriented. ADVERTISEMENTS: As we know, every company has different idea regarding philosophy of marketing. Intangibility is an important consideration that complicates the functional responsibility of a marketing manager, specially while influencing and motivating the prospects/customers. Marketing is both art and science 5. 4. Needs and Wants: The main objective of marketing process is to satisfy the needs and wants of the customers. Marketing management, in fact, represents an important functional area of business management efforts under which goods and services flow from the producers to consumers. Hence, the company should have a trained sales force. It is said that change is the only basic law of economics. Marketing is an activity designed to plan, price, promote and distribute products. Structure. All variables equally important 4. Marketing Management focuses upon the psychological and physical factors of Marketing. Exchange takes place between sellers and buyers. Customer Relationship Management is a strategy which is customized by an organization to manage and administrate its customers and vendors in an efficient manner for achieving excellence in business. Every other employee of the organization such as an engineer, an accountant, a salesman, or sales analyst has a specific role to play whereas the role of a manager is to integrate the activities of all these employees to achieve the goal. Hence, every activity of a business is customer-oriented. Hence, production and marketing activities are closely related to each other. The success of a business concern depends considerably upon the performance of its salesmen. Let us understand the centralization by taking an example from your home. Marketing is a specialized business function. The salient features of the marketing concept are: Consumer Orientation: The most distinguishing feature of the marketing concept is the importance assigned to the consumer. The goods of tangible nature can be displayed, the prospects or buyers can have a view and they can even test and make a trial before making the buying decisions. Com­mercial organizations are also adopting cause-related marketing to strike long-term relations with consumers. Turning marketing into a science is a passion of ours, so in this article I'll explain the benefits of digital direct marketing , show a few examples, and walk through the steps for a … The management of a firm, therefore, has to develop a particular organisation with a view to absorbing new ideas, new approaches and new market demands. The main purpose of marketing is to maximize profit by satisfying the needs of customers. The business existence depends on human needs. Content Filtrations 6. It indicates market operations based on some principles. TOS 7. Before publishing your articles on this site, please read the following pages: 1. Continuous and regular activity 6. The marketing has special significance in an organisational structure of a firm. The marketing Management refers to planning, organizing, directing, control of the activates which facilitate the exchange of goods and services between the producers to end consumers. Business organizations such as educational institutions, hospitals, religious institu­tions and charitable trusts have also found meaningful applications of marketing. The marketing activities must be co-ordinated with other functional areas of an organization. At the same time, it also addresses both the current and future consumers. In the long run, customer satisfaction helps to retain market demand. Marketing activities undertaken by sellers make an attempt to find out the weaknesses in the existing system, and measures are taken to improve the shortfalls so that the objectives are achieved. CRM: Marketing Automation: Marketing Lead DatabaseA marketing lead database is the system of record for your most important marketing asset: your leads and contacts.A marketing lead database goes beyond the data in your CRM system to include a rich view of all marketing interactions between each prospect and your company, including website visits, email clicks, scoring changes, data … Strategic management is a modern approach to manage business enterprise successfully and to face future challenges. A customer expects some services or benefits from the product for which payment is made. Main features of marketing are: 1. Exchange process 7. Creating a Market Offering 3. Advertising is a method of business communication to the prospective customers. Functions such as distribution, after-sale services and packaging help in the exchange process. 3. Hence, the marketing manager has to take pricing decisions very carefully. This is most defining feature of a service and that which primarily differentiates it from a product. A successful marketer needs to adapt to these changing factors and adjust marketing strategies to suit new market developments. Marketing mix 9. Applies to business as well as non-businesses 5. They like how these brands benefit them. Co-related 7. Production activities are adapted to these consumer needs. 6) Tool for managerial decisions:- MR acts as a tool in the hands of management for identifying and analysing marketing problem and finding out solution to them. If you are born and brought up in a house where all the important decisions related to the family is made by your father, then you were born and brought up in a centralized home. It has an universality in the sense that it can be applied to both profit-motive and non-profit motive organizations. Customer Value 4. Markets are not created by God, nature or economic forces, but by businessmen. Content Guidelines 2. work between the producer and consumer. Concepts of Strategic Marketing Strategic marketing is a methodology of analysis and knowledge of the market, with the aim of detecting opportunities that help the company to meet the needs of consumers in a more optimal and efficient way, than other competitors. Before publishing your articles on this site, please read the following pages: 1. Fulfilling objectives 6. with a view to accomplishing the organisational objectives. Marketing helps in the distribution of the goods which follows production. Thus, marketing precedes production. Grading is a part of the process of standardization. Identifying consumer needs and wants is the primary task of a marketing manager. The effectiveness and efficiency dimensions are two important components.”. Important Features of Marketing 1. Most of marketing activities are concerned with the exchange of goods. Besides, it is an important sales tool which makes a product attractive and attention-captivating. The major areas in which marketing research helps management to formulate its policies are: products, markets, marketing policies and sales methods. Many consumers prefer using certain brands of clothing, deodorants or tubes of toothpaste, for example. Organized and systemised method of managing: strategic management is an organized and systemized method of managing enterprises it involves two phases. The following are some of the major functions of marketing management − Selling A package is used to contain, protect and identify a product. Marketing involves exchange of goods, services and ideas with the medium of money. The nature, main characteristics or features of … The concept of marketing includes a bunch of social sciences such as economics, sociology, psychology and law. Hence, marketing is an art as well as a science. Otherwise, it will result in organizational conflicts. Precedes and follows production. Reply Delete. TOS 7. In a competitive market, the goods that are best suited to the customer are the ones that are well-accepted. In the early days, the selling function did not call for any specialized skills as the sales could have been effected on production-basis. Report a Violation, 5 Characteristics of Marketing Concept | Marketing Management, Marketing: Meaning, Considerations and Essential Elements of Marketing. There are 5 marketing concepts that organizations adopt and execute. Marketing manager will be intimately concerned with the task of selection, orientation, training, supervision, motivation, compensation and evaluation of the sales force of the company. Marketing environment 8. It helps not only the producer but the sellers and consumers also. One of the features of good packaging is that it should be convenient. The package should be made in a way that the product could be conveniently taken from one place to another and can be handled easily. The institutions like hospital, school, political association also practise marketing in popularizing the services offered by them. Marketing is an universal function. Art refers to a specific skill that is required in marketing activities of any type of business. Prohibited Content 3. 5. Centralization is a process where the power of making an all-important decision related to all the activities taking place in an organization is either in the hands of an individual or a central location. Marketing is a management function like the management of other functions such as production, finance, personnel etc. Disclaimer 9. The functions necessary to determine consumer wants and needs and to supply necessary goods and services to meet those demands can be broadly classified as follows: Marketing research is the careful and objective study of product design, markets and other activities such as physical distribution, warehousing, advertising and sales management. Commercial and non-commercial organizations 11. Customer satisfaction is gained, and it greatly depends upon the manner in which the marketing functions are organised. Marketing management represents marketing concept in action. Its main aim is to provide management with factual information as a basis for marketing decisions and actions. Kotler and Keller, 2006; Wedel and Kamakura, 2000), it appears highly effective to address customers based … Good and attractive packing is a plus- point in facilitating the sale of a product. Features Of Marketing. The American Marketing Association defines services as - “Activities, benefits and satisfactions which are offered for sale or are provided in connection with the sale of goods.” The defining characteristics of a service are: Intangibility:Services are intangible and do not have a physical existence. Need Satisfaction. Therefore, under the marketing philosophy, there are following five concepts: 1. Production Concept: Production concept lays emphasis on availability and affordability of products The main features of marketing can be described as follows: 1. The marketing manager has to manage all these distribution channels. Objective-oriented 4. Disclaimer 9. The marketing manager has to take a number of decisions relating to advertising such as selection of a suitable and economical medium, planning advertising programme, preparing the advertising budget etc. ... intelligence where systematic study is made before taking any military action MR acts as the intelligence tool of marketing management. It integrates and combines the other business functions like production, finance, personnel etc. Prohibited Content 3. Content Guidelines 2. 1. 20 BIBLIOGRAPHY • Essentials of marketing management author :Philip kotler • Marketing management author: s.a.sharleker Himalaya publishing house Needs and wants: Satisfaction of the needs and wants of individuals and organizations. It is the process of storing out goods into a number of grades or classes according to some characteristics such as quality and size. Replies. 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