Marketing

Definitions of Marketing Marketing is the delivery of standard of living to a society. Paul Mazur Marketing is creation and the delivery of standard of living to a society. Malcolm McNair Marketing is the process of planning and executing the conception, pricing, promotion and distributing of ideas, goods and services to create exchanges that satisfy individual and organizational objectives. AMA Marketing is a total system of interacting business activities designed to plan price, promote and distribute want satisfying products and services to target markets to achieve organizational objectives. William Stanton

Marketing

Marketing is the performance of business of business activities which direct the flow of goods and services from producer to the customer in order to satisfy the customers and accomplish the companys objectives (micro view) and marketing is concerned with designing an efficient an fair system which will direct an economys flow of goods and services from producers to consumers and accomplish the objectives of the society. Jerome McCarthy Marketing is a social and managerial process whereby individuals and groups obtain what they need and want through creating and exchanging products and value with others. Kotler & Gary Armstrong

Marketing Management In order to deal with exchange process, there is a need for considerable amount of work and skills. Organizations who handle exchange process must attract resources from one set of markets, convert them into useful products and sell them into another set of market. Here comes the role of marketing management.
Marketing Management takes place when one party tries to deal with exchange with the other party for a desired response.

Definition of Marketing Management The analysis, planning, implementation and control of programs designed to create build and maintain beneficial exchanges with target buyers for the purpose of achieving organizational objectives. Marketing Functions In order to carry out various marketing functions, the marketing management is formally carried out by sales managers, product managers, vice-president marketing, product line managers etc. Each manager carries well defined tasks and responsibilities. Some of them manage resources and others manage marketing programs.

 Marketing Management Tasks The popular image of marketing manager is to stimulate the demand for the companies products. However, this is a limited view as there is diversity of jobs that are performed by marketing managers. Marketing Management has the task of influencing the level, timing and composition of demand in a way that will help the organization to achieve its objectives. Therefore, marketing management is essentially a demand management. Organization forms an idea of desired level of transaction with target market. The actual demand may be equal, lower or higher than the desired level depending upon the type of demand state. The marketing management has to cope up with different demand states for its product and services and perform various tasks for maintaining the desired level of transactions with the target market.

Demand States
There are different states of demand for a specific product or service and marketing management has to cope up with these demand states which require different tasks to be performed by the marketing management to bring the actual demand at par with the desired level of demand. Marketing managers cope up with these tasks by carrying out various marketing functions such as marketing research, advertising, sales promotion, pricing, product development, distribution etc. The various demand states and the corresponding marketing tasks will be discussed next.

Negative Demand State

A market is in a state of negative demand if the major part of the market dislikes the product and may even pay a price to avoid it. The marketing task is to analyze why the market dislikes the product and whether a marketing program consisting of product redesign, lower prices and more positive promotion can change beliefs and attitudes. The marketing task here is known as Conversional Marketing i.e. converting the negative to positive.

No Demand State
Target consumers may be unaware of or uninterested in the product. The marketing task is to find ways to connect the benefits of the product with the consumers needs and interests. The task of marketing is called Stimulational Marketing.

Latent Demand State

Many consumers may share a strong need that cannot be satisfied by any existing product. There is a strong latent demand for many products which may not be available to the consumers at a particular point of time. The marketing task is to measure the size of the potential market and develop goods and services to satisfy the demand. The task of marketing management is known as Developmental Marketing.

Falling/Declining Demand State

Every organization sooner or later faces declining demand for one or more of its products. The marketer must analyze the causes of decline and determine whether demand can be re-stimulated by new target markets, by changing product features or by more effective communication. The marketing task is to reverse declining demand through creative remarketing. This marketing task is known as Remarketing.

Irregular Demand State

Many organizations face demand that varies on a seasonal, daily or even hourly basis causing problems of idle or overworked capacity. The marketing task is to alter the pattern of demand through flexible pricing, promotion and other incentives. The marketing task is to synchronize the demand with the production. This marketing task is known as Synchromarketing.

Full Demand State

Organizations face full demand for their products when they are pleased with their volume of business. Here, the actual demand of a product is equal to the desired state of demand. From the organizational point of view, this is the best demand state. The marketing task is to maintain the current level of demand in the face of changing consumer preferences and increasing competition. The organization must maintain or improve its quality and continually measure consumer satisfaction. This marketing task is known as Maintenance Marketing.

Overfull Demand State

Some organizations face a demand level that is higher than they can want to handle. Here the actual demand is more than the desired level. Here, the organizations have to find out ways to reduce the demand temporarily or permanently by discouraging overall demand and take such steps as raising prices and reducing promotion or service. This marketing task is known as Demarketing.

Unwholesome Demand State

There are certain products and services which are considered to be injurious or harmful to the society if their consumption is continued. These products are considered by the society as unwholesome. Unselling campaigns have been conducted against cigarettes, alcohol, hard drugs, X-rated movies and large families. The marketing task is to get people who like something to give it up, using such tools as fear messages, price hikes and reduce availability. The marketing task is known as Countermarketing.