Central to the debate on the idea of the “marketing management” is the question of how the marketing concept and often associated meaning and use of the word “management” are interpreted.
What is Marketing?
Marketing is perceived by many academics to be associated solely with business and action of exchanging through promoting and selling products or services, comprising market research and advertising for the purpose of firm or company’s benefits itself.
As defined by American Marketing Association, marketing is an organizational function and asset of processes for creation, communicating and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.
What is Marketing Management?
This view is strengthened substantially by managers and management perspectives that perceive marketing management as process of supervising and planning new product development, advertising, promotions, and sales through managerial processes such as identifying, anticipating and satisfying customer requirements profitably.
The marketing management process concept focuses upon the application of marketing techniques and mindsets to the context of setting up an exchange process in order to satisfying needs and wants.
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