Marketing Management may be defined as the process of management of marketing
programmes for accomplishing organisational goals and objectives. It involves planning, implementation and control of marketing programmes or campaigns.
Importance of Marketing Management:
Marketing management has gained importance to meet increasing competition and the need for improved methods of distribution to reduce cost and to increase profits. Marketing management today is the most important function in a commercial and business enterprise.
The following are the other factors showing importance of the marketing management:
(i) Introduction of new products in the market.
(ii) Increasing the production of existing products.
(iii) Reducing cost of sales and distribution.
(iv) Export market.
(v) Development in the means of communication and modes of transportation within and outside the country.
(vi) Rise in per capita income and demand for more goods by the consumers.
The application, tracking and review of a company’s marketing resources and activities.
The scope of a business’ marketing management depends on the size of the business and the industry in which the business operates. Effective marketing management will use a company’s resources to increase its customer base, improve customer opinions of the company’s products and services, and increase the company’s perceived value.