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Marketing Management

Marketing management is a discipline for business people as they need to understand human demands and requirements in order to sell their products or services. People needs and demands are fulfilled through marketing efforts implemented by businessman. Customers are targeted and grouped to maintain a portfolio of customers who are particularly target market for a business. In this product or service value is created and communicated to the customer as this subject is considered as both art and science. Marketing management main focus is to provide right product to the right customer. A highly affordable and competitive price for a product or service needs proper marketing communication. 

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There are 4 basic marketing mix applied in every business -

  • Product
  • Promotion
  • Price
  • Place

These are four basic topics of marketing mix which needs to manage in every business to enhance product selling or promotion.

  • Product - This refers to the main part of marketing mix. It provides that product developed is as per the target market and customer requirements. Product should be made according to customers' needs and demands as they are the king of any business.
  • Price - This refers to place the best price in the marketing mix. It is the most important part so fixing the price of any product is very crucial. It is a factor which provides competitive advantage to a company. 
  • Place - This should be done like that the product and service should be available and in the reach of target market.
  • Promotion - This is also a very important part as in today's competitive world companies need to implement right promotion mix for their products. They need to study what is the target market and which is the most favorable medium.