• Marketing Management identifies market opportunities and comes out with appropriate strategies for exploring those opportunities profitably.
MARKETING HAS TWO APPROACHES: TRADITIONAL & MODERN
Traditionally, markets were viewed as a place for exchange of goods and services between sellers and buyers to the mutual benefit of both. Today, marketing is exchange of values between the seller and the buyer. Value implies worth related to the goods and services being exchanged. The buyer will be ready to pay for the goods if they have some value for him.
In Modern Sense, marketing refers to a social process by which individual groups (consumers) obtain what they need and want, through creating offerings and freely exchanging goods and services.
• Marketing is the business function that controls the level and composition of demand in the market. It deals with creating and maintaining demand for goods and services of the organization.
• Marketing management is “planning, organising, controlling and implementing of marketing programmes, policies, strategies and tactics designed to create and satisfy the demand for the firms’ product offerings or services as a means of generating an acceptable profit.”
MARKETING MANAGEMENT UTILITIES:
Business marketing utilities are the elements needed for an exchange or purchase to take place between your company and your business customers. Utility refers to the value or benefit a customer receives from the exchange.
Utility of Time:-
By focusing on the utility of time, you can ensure that products and services are available when customers need them. Logistics plays an important role in improving the time utility. By developing an efficient supply chain, you can ensure that products are delivered on time.
There are 4 types of utilities of marketing:
Utility of Possession:-
The utility of possession gives your customers ownership of a product or service, enabling them to derive benefits in their own business.
Utility of Place:-
Utility of place refers to the availability of the goods and services at the location which is convenient to the targeted customers. This utility is important because you can ensure your customers that they will find the product at the place which is convenient for them to buy.
From utility will help you to customise your product or services according to the customer’s needs.
(BBA , 3rd Sem, Morning, Section B)