In this article, I will describe the (i) Importance of marketing management and (ii) Functions of marketing management…
Importance of marketing management in business includes:
(a) To the society, (b) To the company, (c) In a developed economy, (d) In an underdeveloped or developing economy, (e) In Indian economy.
Functions of marketing management include:
(a) Evaluating the marketing opportunities, (b) Planning the marketing activities, (c) Providing effective marketing organization, (d) Activating by leadership, (e) Motivating the Human-side, (f) Evaluating the marketing efforts.
Importance of Marketing Management
[Q. What is the importance of marketing management in business].
It includes various points such as:-
1. To society:
(a) Delivery of standard of living to the society-
Marketing has a responsibility to produce goods and services for society according to their needs and tastes at reasonable prices, which creates a demand for these particular goods and services, and enhances our customers to use a particular product, and also improve their standard of living.
(b) Reduction in distribution cost-
The second object of marketing management is to reduce or decrease or control the distribution cost so that the company can directly affect the prices of its products. If the distribution cost is high, the price of a product is also high. Similarly, if the distribution cost is low, the price of a product is also low or medium.
(c) Increasing employment opportunities-
Employment opportunity is the facility to reduce the unemployment position of any society and its directly affected by the development of a marketing scenario. Marketing consists of various activities or services such as retailers, wholesalers, storage, finance, transportation, insurance, and advertising, etc.
So, these types of various services can surely help to provide employment to a large number of individuals.
(d) Protection against business decline-
Business devaluation or decline causes unemployment, carelessness in the success of an organization and huge loss to the economy. So, marketing helps in protecting society against all these overcoming problems.
(e) Increase in national income-
In this modern world, a successful business or an organization are those who create, maintain, and increases the demand for products and services in society. If the production capacity will increase then definitely the scope of marketing will also be increased. So, this ultimately helps to increase the national income of a particular economy or a country.
2. To company:
(a) Helpful in business planning and decision making-
In today’s business changing environment, it is a very complicated task to take the decision regarding the product only on the basis of production volume or capacity of an enterprise, especially in the current scenario of changing the business environment.
Therefore, it becomes most and most important to decide what type of product sold before deciding what type of product produced.
(b) Increase in the profit volume-
This is the main objective of any business operations is to earn more and more profit for our business and its growth because the profit is only the source to make any business good or healthy.
Profit of the company=Reputation of the company.
(c) Helpful in communication-
Marketing is work as a media of communication tool between the society and the company. They provide information related to their company’s products to our customers.
3. To developed economy:
In every developed economy or country, marketing is playing a key role to increase the growth and expansion of any industry. In every developed country, the production is carried on a very high scale through the proper utilization of technologies and equipment and other physical resources (like a machine, energy, etc).
4. To underdeveloped or developing economy:
If an underdeveloped or developing economy wants to improve yourself, so then it will have to use proper marketing techniques. With an increase in urbanization or industrialization, the significance of marketing increases, as with the help to sell in the market faithfully.
They have to produce the goods and services in a large quantity and export them in another country to improving the rate of the economy.
5. To Indian economy:
It includes various points such as:-
(a) Increase in the production of goods,
(b) Increase in employment opportunities,
(c) Increase in per capita income,
(d) Increase in exports,
(e) Increase in profits,
(f) Development of banking and insurance industries.
Functions of Marketing Management
The functions of marketing management include various points such as:-
1. Evaluating marketing opportunities:
This function involves the identification of organizational goals and their upcoming future growth plans. The importance of this function is that the marketing strategies are changing and marketing management must develop creative strategies to cultivate these opportunities.
Thus, innovation programs and techniques are very essential to develop any marketing opportunities and help to provide the power of excellence to face their future challenges.
2. Planning marketing activities:
Planning is a very essential part of an organization or business because it helps to provide the path of the working cycle. This planning function plays a huge role in developing any marketing opportunities. Marketing planning is used to develop and explain objectives and formulate the strategies or programmes that enable the firm to achieve these set aims.
3. Providing effective marketing organization:
The creative and dynamic nature of marketing activity plays a very crucial role in any marketing organization. If a company wants to develop marketing opportunities, then it will have to coordinate the organizational structure and environmental forces.
The development of new products and the growing importance of international marketing are some of the marketing changes that have raised organizational problems for the business unit. So, that is the reason, an organization provides a better path to develop the concept of marketing.
4. Motivating the Human-side:
Motivation is also the main function to encourage the involvement of any individual. In this business competitive world, employee motivation is a very important task because when the employees are motivated, then it will do any job very well.
The query of today’s management is not to create the perfect man for the management, but to keep him longer an as humble and loyal employee so that the organization can easily achieve their goals.
So, these are the points of functions of marketing management…