It is the process of planning and executing concepts, pricing, promotion and distribution of goods, services and ideas to create exchanges with target customers that satisfy customers and achieve organizational objectives.
I have five Marketing Management Concepts through which organizations’ goals can be achieved.
Production Marketing Concept
This concept holds that the consumer will favor those products that are widely available and low in cost. Production oriented organization managers, concentrate on achieving high production efficiency and wide contribution coverage.
This concept holds that consumers will favor those products that offer the most quality performance or innovative features. Organizations’ product oriented managers focus their energy in making superior products and improving them over time.
It holds that consumers if left alone will ordinarily not buy enough of the organization’s products. The organization must therefore undertake an aggressive selling and promotion efforts if it is to sell its products in sufficient large quantities.
It holds that the key to achieving organizational goals, you must identify the needs and wants of the target market and delivering the desired satisfaction more effectively and efficiently than competitors.
Societal Marketing Concept.
It holds that an organization task is to determine the needs and wants of target market and deliver the desired satisfaction more effectively and efficiently than competitors in a way that reserves or changes the consumers.