Marketing Management. Basic principles Essay Example | Topics and Well Written Essays - 2000 words

Marketing Management. Basic principles - Essay Example Marketing management is the main management process focusing on satisfying customer requirements by identifying needs and wants and developing products and services to meet them. Marketing managers are responsible for defining, writing and producing promotional materials to support the exchanges. Marketing managers also works with the accounting department to analyze the profits generated to the firm from various product lines and customer accounts. Marketing management and communication in open system involves the planning, execution and controlling of marketing of the products internationally with value to the customers with no restrictions imposed on the import and export of the products and services within the countries. Open system in marketing management helps to analyze the needs and wants of the customers considering the whole population and because of which it does not requires any external maintenance. Its maintenance goes by itself with throughput of resources from the environment. From the above reasons, it is evident that marketing management is necessary for an organization to successfully reach the customers with their high value products and services. ... The marketing management is necessary for a company for the following reasons. It results in systematic futuristic thinking by the management since it focuses mainly on customer wants and needs It finds the way to have better coordination of company efforts It develops better performance standards for control It helps in sharpening the objectives and the policies of the company It strengthens the company for being prepared better for the sudden new developments It involves managers who have a vivid sense of participation From the above reasons, it is evident that marketing management is necessary for an organization to successfully reach the customers with their high value products and services. When the customer's perception of value varies from year to year or time to time, it requires managing the marketing process of an organization with the changing perception of value of the customers. In general, the marketing environment foresees several threats and forces outside marketing that affects the organization's ability drastically in developing and maintaining long term relationships with its targeted customers. Marketing management helps to develop an overall strategy for long run survival in the market and growth. This study of marketing management is much essential for any organization before it establishes the marketing management in order to have long run survival in the market with the customers. 3. Limitation of the study: Marketing management for a company is an on-going process for a company since it focuses mainly on customer wants and needs which will never be stable. This study on marketing management is limited to few areas. The scope of the study is listed below. The study is based on the marketing management and communication in open