24-03-2017, 04:37 PM
The term Marketing Management, although popular today, has a history dating back centuries. The first trading system that was adopted by mankind was the barter system - a thing for one thing. However, money was established later and became the basic of all transactions. As the population grew and societies formed, we entered an industrial age. At this point, factories were set up as manufactured goods, and it was expected that consumers would buy what was being manufactured. At such a point, there was no concept such as segmentation, differentiation, etc. It was purely a market based on necessity. The factory made what it could. And the consumer bought what he got. Slowly but surely, things changed. More and more people saw that they could become manufacturers and thus earn more money from it. This led to the industrial revolution. Now, when there was competition between factories, factories began to push customers to buy their product through personal selling. Many marketers were hired to propagate one company's product over others. Marketing management facilitates the activities and functions involved in the distribution of goods and services.
According to Philip Kotler, "Marketing management is the analysis, planning, implementation and control of programs designed to achieve desired exchanges with the target markets in order to achieve the organization's objectives.
The following are the other factors that demonstrate the importance of marketing management:
(I) Introduction of new products in the market.
(Ii) Increase production of existing products.
(Iii) Reduction of cost of sales and distribution.
Iv) Export market.
V) Development of the media and modes of transport inside and outside the country.
(Vi) Increase in per capita income and demand for more goods from consumers.
