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Value

Marketing 247 the conception, pricing, promotion prospective buyers and persuade and distribution of ideas, goods and them to buy these products. servicestocreateexchangesthatsatisfy individual and organisational goals” by Marketing management involves performance of various functions American Management Association, such as analysing and planning the similarly Philip kotler has defined marketing activities, implementing Marketing management as the art and science of choosing target markets marketing plans and setting control and getting, keeping and growing mechanism. These functions are to be performed in such a way that customers through creating, delivering organisation’s objectives are achieved and communicating superior customer values of management. at the minimum cost. A careful analysis of the definition Marketing management generally revealsthattheprocessofmanagement is related to creation of demand. However, in certain situations, the of marketing involves: (i) Choosing a target market, say a manager has to restrict the demand. manufacturer may choose to make For example, if there is a situation of readymade garments for children ‘overfull demand’, i.e., the demand up to the age of 5 years; being more than what the company (ii) In respect of the target market can or want to handle, (like what chosen, the focus of the process ofthe situation in our country was management is on getting, keeping before the adoption of policies of as wellas growing the customers. liberalisation and globalisation, in early 90’s, in most consumer products That means the marketer has to create demand for his products be it automobiles or electronics goods so that the target customers or other durable products. The job of purchase the product, keep them marketing mangers, in these situations satisfied with the firm’s products would be to find ways to reduce the and also attract more customers demand temporarily by say reducing to the firm’s products so that the the expenditure on promotion or firm can grow; and increasing the prices. Similarly, if the demand is ‘irregular’, such as in case of (iii)he mechanism for achieving the objective is through creating, seasonal products, (say fans, woollen developing and communicating clothes) the marketer’s job is to change superior values for the customers. the time pattern of demand through That means, the primary job such methods as providing short-term of a marketing manager is to incentives, to the buyers. Thus, the create superior values so that marketing management in not only the customers are attracted to concerned with creating demand but the products and services and with managing the demand effectively, communicate these values to the as per the situation in the market. Reprint 2026-27