In business, management refers to the process of coordinating resources and efficiently utilizing them in an attempt to meet the business goals and objectives. According to Henri Fayol, management consists of six functions that are combined to meet the set goals of the organization and these are planning, organizing, leadership, coordinating, forecasting and controlling.
Marketing is thus a management process because it employs the same functions in order to ensure that the goals and objectives of the organization are met. For example, a business that manufactures and sells soap will need to market their product to their customers. Thus management will employ the marketing process to ensure their products reach their targeted customers, while at the same time employing management functions to ensure the process is efficient and effective. Marketing in this case will require resources in terms of man hours and capital. To efficiently allocate these resources and to achieve the business goal, the marketing process will entail:
- Planning how the marketing activities are going to be carried out
- Organizing the human resources and other resources that will be involved
- Establishing leadership and a chain of command as it pertains to the marketing activities
- Coordinating the activities of the human resources and the leadership involved
- Monitoring the entire process and anticipating failures in order to correct them in time
- Controlling the entire process through evaluation to assess the failures, successes and opportunities for improvement throughout the entire marketing process
Marketing is a management process that efficiently identifies, anticipates and supplies customer requirements in a way that ensures profitability for a given organization.
Marketing involves the identification of an existing and/or potential customer base and anticipating their current and future needs through market and customer research. The marketing process also includes supply of products or services to fulfill these needs, by offering a competitive product (or service) in a strategic manner (to ensure the organization's profitability).
Marketing involves the management of resources (capital, human resources, products, etc.) to ensure strategic placement of an organization's offering by an appropriate promotional campaign. Marketing also has to continually out-think the competition and upgrade the product/service line to stay competitive. Marketing managers have to be prepared for sudden developments (rival product, changes in government policies, economic conditions, etc.) as well.
Marketing is a business function that involves the conceptualizing, producing, pricing, promoting and placing of products that will satisfy customer needs and produce a profit for the company.
There are many decisions that are required in the Marketing process. The Marketing Mix, Product, Price, Promotion and Place are like a recipe for a company. The business has to decide how to use the marketing mix effectively to fit the product, good or service that the business is trying to sell.
Marketing determines the product, both the core and variations of the core product.
The Marketing process must be managed so that the company can continue to satisfy customer needs and make a profit as their products go through the product life cycle. The creation of new products and added utility are required to keep a company in business for the long term.