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Marketing Management Class 12 Notes

Marketing Management Class 12

Marketing management is a concept which advocates that marketing should be done keeping the consumer as a focus. The marketer should bring the products and services in the market based on the needs, wants, desires, and aspirations, etc. of a consumer and then make a design of the product based on that.

It is thus a process where planning and execution are done for the production or the offer and decisions are taken regarding the price, place where the product will be offered, and the channel through which it will reach the offer place.

According to Philip Kotler, marketing management is the art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer values of management.

Based on the analysis done of these kinds of definitions given by famous management experts there are some aspects of marketing management discussed below:

Focus on customer needs and wants: as the marketing concept has now termed as a social process so the main focus or primary idea of marketing is thus the satisfaction of the needs of the consumer. Thus to do so, the products are manufactured according to the needs that are studied properly.
Proving customer satisfaction: another important aim of an organization is the success of an organization. The success of an organization can only be achieved when the customers are satisfied so that the organization can keep the existing ones and keep growing the customer base.
Creating demand for the product or service: the demand for the product should be there in the market so that the target customers are attracted towards the product and they are kept, grown and value addition is done.

Difference between marketing and selling

Marketing and selling, even today, are used interchangeably. People think that marketing and selling are one and the same thing which they are not. Marketing is a broad term that includes many activities while selling is just a part of marketing activities. Marketing starts even before the product is manufactured.

When the producer or the marketer wants to offer any product or service in the market then he or she needs to first analyze the market, then plan its design, produce, fix the price, decide the channel of distribution, make the product available in the market, provide after-sales services, etc.

While selling is just promotion of the product or service like advertising, sales promotion, publicity, personal selling which helps to transfer the title of the goods from the producer to the buyer.

The main differences between marketing and selling are:

Wider aspect vs part of the process

Marketing is a wider term. It is the whole process. Selling can be called one of the activities of the marketing management. Marketing activities include the before production activities like designing, manufacturing, getting the raw material, planning how to get the production started, etc., then comes the main production part, then deciding the price, channel of distribution, advertising, sales promotion, etc., after-sales services. While selling will only be during the transfer of the title of the goods. Marketing on the other hand is done for the success of the organization along with maintaining the satisfaction of the consumer by adding to their value.

Profit maximization vs customer satisfaction

Selling as a single activity focuses on sales of the product. Its main aim is to transfer the title of the goods from the producer to the consumer in exchange for something valuable. While marketing including the broad range of activities has the main aim to satisfy the consumers so that they are retained and then they grow in numbers.

Start and end of activities

Selling starts after the product is ready for its sale. While marketing starts before the product is produced and does not end after the product is sole but still continues as after-sales services.

Emphasis difference

Selling activity emphasizes the more and more attraction of the customers and increased sales while marketing emphasizes the customers’ needs, wants, aspirations, requirements, etc.

Strategies difference

Strategies involved in marketing management are analysis of consumer needs and demands, production, pricing, branding, labeling, packaging, deciding the channel of distribution, sales, after-sales services. While selling has advertising, sales promotion, personal selling, publicity, etc. as its strategies.

Role of Marketing Management:

Marketing is a very important activity for the organization be it a profit-making organization or a nonprofit organization. It is also very important for the economy as a whole.

Some of the most important roles of marketing management are:

Satisfying the needs and wants of the consumers

Marketing as a process will help in I satisfaction of the needs by creating a market offering and exchanging it for a price.

Helps in the survival, growth, and development of an organization

When the customers are satisfied then the organization is bound to grow.

Helps in achieving the targets and goals of an organization

The goals of the organization are mainly to grow and to earn profits and these can be achieved by getting, retaining, and growing the customers by offering them something of value.

Improves the availability of the offerings made by the producers in the market

A market is a place where different marketers are available for offering their products and customers will choose those who provide them offering which is worth their money. Thus in order to be chosen by the customers, producers will always try to improve their offering.

Develops healthy competition in the economy

Healthy competition is very important for an economy so that it does not become stagnant and grow and also for maintaining the balance between the expectations of consumers and the marketers offering.

Helps in fulfilling the corporate social responsibility

The social process of marketing is to provide products and services at a reasonable price along with maintaining a good and healthy environment. So this process of marketing is very important for society as a whole.

Helps in the growth of the economy

The economy will grow along with the improvement in the standard of living of people because the marketing process involves growth in employment and as the infrastructural growth is there in the economy because of the growth of firms then it positively affects the whole country.

Marketing Management Class 12 Notes