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Introduction
According to Cant, Strydom and Jooste (2009, p.1), marketing is a vital element in the success of a firm. For example, marketing promotes a firms growth, profitability and growth. This arises from the fact that it entails a number of processes which are aimed at delivering value to the customers.
Through marketing, a firm is able to establish a mutually beneficial relationship between the firm and the various stakeholders. In order to be successful in its marketing processes, a firm must incorporate the concept of marketing management.
Kumar (2001, p.14) defines marketing management to include a number of activities such as planning, implementing, analyzing and controlling the various programs which a firm develops in an effort to maintain and grow the mutually beneficial exchange relationship established between the firm and its target market.
Alternatively, the American Marketing Association (AMA) defines marketing management to include the process of planning and implementing marketing ideas conceived, promotion, distribution and pricing the firms goods and services in order to satisfy organizational and customer objectives (Kotler & Keller, 2006, p.65).
This makes marketing management to be an action oriented science entailing a number of principles aimed at improving exchange relationships. Therefore, marketing management steers the firm operations towards attainment of the various organizational objectives.
In addition, marketing management takes into consideration a number of activities which include analyzing the consumers needs, wants, product preferences and their perception. The resultant effect is that the firm becomes effective in formulating its marketing strategies such as product designing, distribution, communication and pricing (Kumar, 2001, p.14).
Over the past few decades, there has been an increment in the intensity of competition. This presents a challenge to marketing managers in an effort to ensure that their firms remain competitive.
In order to deal with the challenge, marketing managers are increasingly focusing on marketing management as one of the business functions which can contribute towards the survival of the firm as a going concern entity. This paper is aimed at evaluating the future trend of marketing management.
Background of marketing management
There are a number of assumptions in marketing management. One of the assumptions asserts that the desired exchanges are not automatic but result from intense expenditure in terms of energy, skills, time and supervision. In addition, managerial talents are required so as to effectively undertake functions such as product designing, pricing, packaging and distribution.
According to Saxena (2005, p.76), marketing management is considered to be one of the core functions in the operation of a firm. This arises from the fact that it forms the basis upon which all other business management functions such as personnel finance and production management are based.
Considering the fact that marketing management is aimed at attaining the desired exchanges, marketing managers are faced with a number of concepts upon which they undertake their marketing activities.
These concepts are outlined below.
- Production
- Product
- Selling
- Marketing
- Societal marketing
The production concept asserts that consumers have a high preference for products which are easily available and affordable. This means that marketing managers should focus at ensuring that the firm attains production and distribution efficiency.
This concept is important especially in situations where the market demand is higher than the supply. In addition, if the cost of production is high, the firm should focus at improving its productivity so as to minimize the cost.
The product concept stipulates that customers have a high preference for goods and services which result into a high level of satisfaction upon consumption due to their innovative features, high quality, and performance. This means that marketing managers should concentrate on undertaking continuous product improvement.
This arises from the fact that consumers increasingly seek new products which can effectively solve their problems. In addition, the new product should be well designed, packaged and easily accessible and competitively priced (Kumar, 2001, p.17).
The selling concept asserts that a firm cannot increase its sales revenue without undertaking intensive selling and promotion. This is mainly common amongst products which consumers do not have a high demand for such as insurance products.
Therefore, firms dealing with such products and services must ensure that the consumers understand the benefits associated with such products. On the other hand, the marketing concept is based on the notion that there is a direct relationship between a firms ability to achieve its organizational goals and its effectiveness in determining the consumers product requirements.
This means that a firm must produce what the consumers want. Marketing orientation is aimed at entrenching customer satisfaction as the core fabric of an organization (Cochran, 2003, p.93).
Finally, the societal concept of marketing management asserts that firms should not only determine the needs and interests of their target market but should also ensure that their operations improve the well being of the society.
According to Kumar (2001, p.19), societal marketing concept requires organizations to establish a balance between the firms profits, consumer needs and society interests in the process of formulating their marketing objectives.
Objectives of marketing management
Marketing management is aimed at attaining a number of objectives as discussed below.
To create a high level of customer satisfaction
In order to achieve this, firms conduct comprehensive market research in order to effectively identify the customers needs. As a result, firms are able to align their production and distribution processes with the customers needs.
To increase the firms market share
One of the ways through which marketing management ensures attainment of this is by increasing its sales volume. A number of strategies are adopted towards achievement of the same. Examples of such strategies relates to conducting exhibitions, offering free samples, giving sales discounts and sales promotion.
To increase the firms level of earning
All the activities associated with marketing management are focused towards increasing the firms level of earnings. This is in line with the firms profit maximization objective.
Serving the society
Apart from ensuring that the firms marketing activities contribute towards attainment of its objectives, marketing managers are charged with the responsibility of ensuring that the firm meets its social obligation (Hutt & Speh, 2009, p.159).
This is achieved by formulating policies which result into production and supplying high quality goods and services at fair prices. In addition, marketing management is also aimed at ensuring that the firm delivers all the promises it makes in the process of publicizing its operations.
Attainment of efficiency in the firms marketing function
Marketing involves a number of functions such as conducting marketing research, branding, product packaging, advertising, branding and product planning. A firms marketing manager is charged with the responsibility of ensuring that all these activities are accomplished efficiently.
Findings and analysis
Future trend of marketing management
According to Loudon, Stevens and Wrenn (2004, p. 4), marketing management has witnessed a significant transformation over the past few years. The transformation has resulted from the dynamic nature of the macro environment.
Marketing managers are emphasizing on aspects which result into enhancing the firms ability to increase its profitability, efficiency and attainment of a large market share.
As a result, there is a high probability of a new marketing management trend emerging with the key focus being on quality, establishment and retaining relationships, enhancing value, and ensuring a high level of customer satisfaction.
Quality and value
Loudon, Stevens and Wrenn (2004, p.4), are of the opinion that marketing managers are directing most of their marketing activities towards creation of value.
This has resulted from the increased consideration of quality as one of the elements which consumers consider in their purchasing patterns. As a result, firms management teams are increasingly being concerned at understanding the consumers perception of quality.
In order to achieve this, marketing managers are considering strategies which can result into improvement of product quality. Some of the strategies focus at ensuring timely delivery of goods and services to the consumers and ensuring efficient service support.
The objective of all these strategies is to generate a long term level of customer satisfaction. This means that the quality of a firms product will not be determined within the organization but will be centered on the customers evaluative criteria and their perception (Wilson & Gilligan, 2005, p.23).
In order to be inline with the new trend with regard to value and quality, marketing management should emphasize on teamwork and cooperation.
Marketing manager should ensure that all the firms departments understand that their roles in their various functional areas should be geared towards value addition. This will contribute towards successful improvement of the products quality.
Establishment of close relationships
Another trend relates to the need to establish and retain relationships. This arises from the fact that a firms success is dependent on the effectiveness with which it has established close relationship with the customers, suppliers and other intermediaries (Varey, 2002, p.125).
To be effective in establishing close relationship with the consumer, firms are considering adopting various strategies such as learning the customers needs and requirements and customizing their operations whereby the customers are considered as important clients.
One of the ways through which firms are achieving this is by designing marketing programs which are specific to certain customer categories (Lancaster & Massingham, 2010, p. 322).
Attainment of customer satisfaction
According to Loudon, Stevens and Wrenn (2004, p.9), customer satisfaction arises from a firms ability to meet the customers needs. It is relatively easier for a firm to retain its existing customers compared to attracting new customers. As a result, firms are increasingly being committed at retaining their customers.
Through this, firms can be able to retain their sales level and also improve their profitability. In order to achieve this, marketing managers must ensure that their firms implement systems aimed at identifying the existing level of customer satisfaction.
This should be measured against the customers satisfaction goals. To improve satisfaction, the management teams should formulate action plans which result into change of the goals which have not been attained (Wilson & Gilligan, 2005, p.65).
In order to develop their competitiveness with regard to customer satisfaction, firms are incorporating the concept of continuous quality improvement. As a result, a large number of organizations are continuously analyzing their operational procedures and making the necessary policy changes.
Conclusion
In summary, the success of a firm is dependent on its marketing efficiency. This arises from the fact that the firm is able to align its operation with changes in the environment. Through marketing management, a firm can be able to enhance its ability to succeed in the long term as a going concern entity.
This is due to the fact that marketing management is closely associated with all other management functions such as planning, staffing, directing, coordinating and organizing. Considering the dynamic nature of business environment, marketing managers are increasingly focusing on a number of elements such as ensuring that the firm offers high quality products.
In addition, marketing managers are concerned about the high preference of value in the consumers consumption patterns. As a result, marketing managers are ensuring that all the firms operations are focused at value addition.
Establishment of a close relationship with the customers, suppliers and other intermediaries is also one of the trends which will be witnessed in the business field.
This arises from the fact that completion has increased significantly and hence there is need to establish a close association so as to enhance the chances of the firms surviving in the long term.
In addition, there is also a trend whereby marketing managers are being concerned about the level of customer satisfaction. This is due to the fact that it has become relatively difficult for a firm to attract new customers. As a result, firms are increasing their attention on retaining their customers.
Reference List
Cant, M., Strydom, J. & Jooste, C. (2009). Marketing management. Chicago: Juta and Company Ltd.
Cochran, C. (2003). Customer satisfaction: tools, techniques and formulas for success. Sydney: Paton Professional.
Hutt, M. & Speh, T. (2009). Business marketing management: B2B. New York: Cengage Learning.
Kotler, P. & Keller, L. (2006).Marketing management. London: Prentice.
Kumar, N. (2001). Marketing management. London: Anmol Publication.
Lancaster, G. & Massingham, L. (2010). Esssentials of marketing management. New Jersey: Taylor & Francis.
Loudon, D., Stevens, R. & Wrenn, B. (2004). Marketing management: text and cases. New York: Routledge.
Saxena, R. (2005). Marketing management. Washington: Tata McGraw-Hill.
Varey, R. (2002). Relationship marketing: a dialogue and network in the e-commerceera. New York: John Wiley and Sons.
Wilson, R. & Gilligan, C. (2005). Strategic marketing management: planning,implementing and control. Massacheusets: Butterworth-Heinemann.
Do you need this or any other assignment done for you from scratch?
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