Marketing Management

Marketing management combines the fields of marketing and management. Marketing consists of discovering consumer needs and wants, creating the goods and services that meet those needs and wants; and pricing, promoting, and delivering those goods and services. Doing so requires attention to six major areas – markets, products, prices, places, promotion, and people. Management is getting things done through other people. Managers engage in five key activities – planning, organizing, staffing, directing, and controlling. Marketing management implies the integration of these concepts.

Marketing Research – Definition, Importance and Process

Definition of Marketing Research

Marketing research is a key to the evolution of successful marketing strategies and programmes. It is an important tool to study buyer behavior, changes in consumer lifestyles and consumption patterns, brand loyalty and forecast market changes. Research is also used to study competition and analyze the competitor product’s positioning and how to gain competitive advantage. Recently, marketing research is being used to help create and enhance brand equity.

According to Philip Kotler, Marketing research is systematic problem analysis, model building and fact finding for the purposes of important decision making and control in the marketing of goods and services.… Read the rest

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Group Influence on Consumer Behavior

Each consumer in society is a member of different groups depending on their culture, various subcultures or even social class can influence their consumer purchase. A group can be formed when two or more individuals share a set of norms and beliefs. A group becomes a reference group when an individual recognizes with the group and takes on many of the values, attitudes or personal standards of group members and use it as the base of his/her day to day behavior. Reference group is defined as having significant relevance upon an ‘individual’s evaluations, aspirations or behavior influencing the consumer. The nature of reference group influence can take three forms, this is because some groups and individuals are able to influence greater than others and affect a range of consumption.… Read the rest

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Importance of Marketing Research in Marketing Process

Marketing consists of the strategies and tactics used to identify, create and maintain satisfying relationships with customers that result in value for both the customer and the marketer. Marketing is a  social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others. The marketing management process responsible for identifying, anticipating and satisfying customers’ requirements profitably.

Market research is about understanding the broader marketplace in which we intend to compete. Marketing research, on the other hand, is about understanding what ‘package’ of marketing elements (i.e. the product, price, promotion and distribution factors) the country will need to put together in order to meet customer needs and to succeed in the marketplace.… Read the rest

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