Marketing Strategy
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What is Marketing Management?
Marketing is a social and managerial process by which individuals
and organizations obtain what they need and want through creating and
exchanging value with others. Marketing is a business function which deals with
customers. Every organization’s marketing division focuses on creating new
markets while maintaining the old customer’s satisfaction.
The process of marketing is divided into five steps. With these
five steps companies strive to grasp what customers want, thereby creating
customer value and build strong relationships with customers. The fifth step is
reaping the benefits of creating strong customer relationships.
History of Marketing Management?
Marketing, as a business process was recognized in early 20th century. Until then goods and services
were sold without any knowledge about customer needs. This view changed as
companies came forward to consumers and understanding what they want and made
products which consumers liked. This was how marketing was born.
Broad areas in which marketing is utilized include - Understanding
consumers and markets, Analysis of marketing environment, Managing marketing
information to gain customer insights, Consumer markets and consumer buyer
behavior, Business markets and business buyer behavior, Designing
Customer-driven strategy, Creating value with target consumers, Creating brand
value and image.
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