According to the modern view, marketing consists of sensing, stimulating, servicing and satisfying the needs and wants of present and potential customers in a more effective and efficient manner than its competitors. The modern concept of marketing holds that the key task of the organization is to determine the needs, wants and values of the customers and to adopt the organization to deliver the desired satisfaction more effectively and efficiently than its competitors. There are two key elements in this concept. Customer orientation and integrated marketing planning and control with those of other departments like manufacturing, finance, inventory control and so on.
The modern concept of marketing has the following two elements as under Customer Orientation - identifying and determining the wants and requirements of customers through marketing surveys, forecasting, and researches. Integrating the marking planning and control with those of other departments (like manufacturing, finance purchase, inventory control, personnel research, and development) keeping in view the ultimate goal of customers’ satisfaction. It may be noted that the customers expect satisfaction not only in terms of genuine and wholesome products and services but also several other considerations such as prompt and regular supply of production/services reasonable price, availability of efficient after-sales service and so on. Marketing management consists of planning, organizing, directing and controlling the activities related to the marketing of goods and services to satisfy the customer’ s wants.
According to Philip Kotler, “ Marketing management is the analysis, planning, implementation and control of programmes designed to create, build maintain mutually beneficial exchanges and relationship with target markets for the purpose of achieving organizational goals. ” Mintzberg defines a mission as follows: “ A mission describes the organization’ s basic function in society, in terms of the products and services it produces for its customers” .
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