Grade 8. Marketing Management

Marketing Management

Marketing: Marketing refers to the performance of various business activities that direct the flow of goods and services from producer to customer or user.

Major components of marketing system:

Customer: Customer refers to anyone who goes the market to buy goods/services so as to satisfy his/her wants or needs.

Seller: A seller is a person or an organization that is in the market to sell goods/services for money.

Market: Market refers to a place where buyer and seller meet to exchange goods and services that satisfy their needs.

Products(goods)/services: Product refers to the anything that are offered by buyer to satisfy the need or want of buyer.

Marketing Management: Marketing management refers to organizing the various components of marketing system with a purpose of smooth distribution of goods and services.

Importance of Marketing management:

1.       It creates a place where people meet each other to exchange goods.

2.       It makes producer/buyer conscious about the requirement of customer.

3.       It creates different types pf market based on nature.

4.       It facilitates the entry of new goods/services in the market.

5.       It increases the production of existing goods/services.

6.       It plays a major role in the management of place, goods, promotion, price and transportation.

Relationship between Entrepreneurship and Market.

1.       Market acts as a bridge between entrepreneurs and customer.

2.       Entrepreneurs establish and run the market.

3.       Market helps to sell the goods and services of entrepreneurial activities.

4.       Entrepreneur facilitates the market with new goods and services.

5.       Market provides a continuous access to customer which is very important for development of entrepreneurship.

Marketing Strategy Development:

Marketing strategy refers to the combining all kind of marketing goals into one comprehensive plan. It is important to develop proper marketing strategy that helps to achieve the desired objectives. The proper marketing strategy also helps to achieve the maximum profit and sustain the business in long run.

The process of marketing strategy development are:

1.       Identify and study the products and services that you intend to sell.

2.       Establish a plan that creates a position about your products and services in the mind of customers.

3.       Study about your market.

4.       Collect information about the biggest competitor and analyze it.

5.       Decide, how much money you want to invest in your marketing plan.

6.       Implement and reevaluate it. Change it if necessary.