Marketing is the process of identifying, anticipating, and satisfying customer needs profitably. It involves understanding customer behavior, creating value, and building strong relationships to capture value in return.

Philip Kotler, often called the “father of modern marketing,” defines marketing as:

“Marketing is the science and art of exploring, creating, and delivering value to satisfy the needs of a target market at a profit.”

What is Marketing Management?

Marketing Management refers to the process of planning, organizing, implementing, and controlling marketing activities to achieve organizational goals and meet customer demands effectively.

It involves the analysis, planning, implementation, and control of programs designed to create, build, and maintain beneficial exchanges with target markets.

Objectives of Marketing Management

• Understand customer needs and market demand
• Develop effective marketing strategies
• Design appropriate marketing mix (Product, Price, Place, Promotion)
• Enhance brand value and customer satisfaction
• Drive profitable customer relationships

Key Functions of Marketing Management

1. Market Research – Understanding market trends, customer preferences, and competition.
2. Market Segmentation & Targeting – Dividing the market into segments and selecting the right target audience.
3. Positioning & Branding – Creating a unique image in the minds of customers.
4. Developing Marketing Mix (4Ps) – Crafting strategies around Product, Price, Place, and Promotion.
5. Marketing Planning and Control – Setting objectives, implementing actions, and monitoring performance.

Importance of Marketing Management

• Helps in identifying customer needs and fulfilling them efficiently
• Leads to customer satisfaction and loyalty
• Enhances organizational reputation and brand value
• Drives revenue and market share growth
• Adapts to changes in the business environment

• Definition and importance of marketing
• Core marketing concepts: Needs, Wants, Demands
• Marketing vs Selling
• Marketing Environment: Micro and Macro
• Marketing Mix (4Ps and extended 7Ps)
• Evolution of marketing concepts: Production, Product, Selling, Marketing, Societal