Marketing Management Homework Help

What is marketing?

There are many definitions of marketing. Some of these definitions are as follows:

1. Putting the right product in the right place, at the right price, at the right time is called Marketing. Marketing is used to identify the customer, to satisfy the customer, and to keep the customer.

2. Marketing is the process of planning and executing the conception, pricing, promotion, and distribution (4 Ps) of ideas, goods and services to create exchanges (with customers, business partners) that satisfy individual and organizational objectives.

3. The customer focused philosophy is known as the "marketing concept". The marketing concept is a philosophy, not a system of marketing or an organizational structure. It is founded on the belief that profitable sales and satisfactory returns on investment can only be achieved by identifying, anticipating and satisfying customer needs and desires.

Marketing Mix (4Ps): The 4 Ps is one way probably the best-known way of defining the marketing mix, and was first expressed in 1960 by E J McCarthy.

  • Product
  • Price
  • Promotion
  • Place (Distribution Channels)

What is Marketing Management?

Marketing Management is well known process of allocating the resources of the organization(firms) toward marketing activities. To create an effective, cost-efficient marketing management strategy, firms(Company) must possess a detailed, clear objective and good understanding of their own business and the current & future market in which they operate. We must have a clear vision about marketing plans/strategies, execution, progress and developments while going for marketing our products and services in the markets.

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