Marketing management:
Meaning and definition: marketing management is a compound word "marketing plus management'. Marketing is the total system of the business activities while management is the art of getting done in a coordinated and harmonious way. Management may be regarded as an of getting things done through and with the people towards the attainment of the objectives of the firms. Marketing management is a branch of the total management and is concerned with the direction of those activities towards the attainment of marketing goals, satisfaction of customer's needs, increase in the sales volume, and increase in the organization profits. All activities directed towards attainment of these marketing goals may be characterized as marketing management.
According to the Philip Kotler, "Marketing management is the process of planning and executing the conception, pricing and promotion and distribution of the goods, services and ideas to create exchange with target groups that satisfy customer and organizational objectives".
According to the American marketing association: "Marketing management is the process of planning and executing the conception, pricing, promotion, and distribution of the ideas, goods and service to create exchanges that individual and organization objectives.
According to the Cundiff and Still "Market management as a branch of broad area of the management". Marketing management is concerned with the direction of purposeful activities towards the attainment of marketing goals. There are three kinds of goals:
1. Satisfaction of the customer's needs.
2. Increase in the sales volume and
3. Increase in organizational profits.
All these three goals are interrelated.
Thus, marketing management is a functional area of the business management which has to deal with the consumers needs and wants in the first place, followed by promotion and pricing to create specific demand for the goods or services or idea in question, and then flow of the goods or services or ideas to the customer and finally information from the customers about expected satisfaction.