Quantitative Methods of Practical Marketing Management

Published: 2021-09-02 12:35:09
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Category: Marketing, Communication

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A market is a social arrangement that allow buyers and sellers to discover information and carry out a voluntary exchange of goods or services. In economics, the term market is used to refer to aggregate demand for commodity and the conditions forces which determine prices.
In management, on one hand, market is described as the institution that performs the marketing function and acts as the intermediary between buyers and consumers. In everyday usage the word ‘market’ may refer to the location where goods are traded, sometimes a market place.On the other hand, my subject I will discuss about the environment variables and how its effect on marketing decisions, meaning of marketing, roles of marketing and scope of marketing.
Meaning of marketing:
Marketing may be defined as the collection of activities undertaken by the firm to relate profitability to its market. Marketing in the modem context goes beyond its immediate role as a process through which exchange of goods and services takes place and is viewed as an integral part of the total socio-economic system which provides the framework within which activities take place. It is, therefore, imperative to understand the total structure of the society in order to gain an insight into the true character of the marketing system.
Marketing involves the performance of operation in a business system. It includes those operations that determine existing and obtained changes in the market. It also includes those operations that influence existing and potential demand. It is concerned with all activities that are concerned with the physical distribution of goods and their exchange in the market place, including channel of selection, transportation, shipping, warehousing, storage, inventory control and so on and so forth.
Thus marketing covers wide range of interrelated business activities that enlarge the role of a marketer from one of selling, what has been produced, to one of influencing, what is to be produced. The main concern of marketing is to identify and satisfy specific customer needs by means of specific products or services; wherein lies the key to profit.
Role of marketing:
Marketing innovations and technical changes now occur at an ever increasing rate in the field of FMCGs and electronics. Industrial products, however, in the industrial field are case of changing technology. The needs of consumers undergo a change.
New competition is coming from all direction from global competitors eager to grow sales in new markets; from online competitors seeking cost efficient ways to expand distribution; from private label and store-brands designed to low price alternatives, and brand extensions from strong megabrands leveraging their strengths to move into new categories. The global market pattern is made possible by the development of international transportation and communication system and liberalization policies adopted by different countries at present.
Modem marketing has much deviated from the past and undergone radical changes in recent years. Marketing is a managerial function, primarily economic, consisting of activities like research into markets, demand forecasting, product planning, pricing, distribution and advertising, organized into a system of interdependencies and directed at yielding profits to the enterprises, providing satisfaction to the consumers and indirectly benefiting society at large.
Marketing has to play an important role. It is the most important multiplier and an effective engine of economic development. It mobilisers latent economic energy and thus is creator of small business. Marketing is the developer of the standard of product and services.
Besides, economic integration is made possible through proper distribution of the product. Distribution is the key area in modem marketing. The importance of distribution will become clearer when it is realized that most of the marketing failures are in fact distribution failures.
Shortage of raw materials, escalating cost of energy, high level of pollution, changing role of government in environmental protection are some of the dangers that the present world is facing on environment for marketers. Technological progress creates new avenues of opportunity and also poses threat for individual companies. Certain types of technological development by competitors may result in loss of markets.
Markets are efficient when the price of a good or service attracts exactly as much demand as the market can currently supply. The chief function of the market is to adjust prices to accommodate fluctuations in supply and demand in order to achieve allocative efficiency. An economic system in which goods and services are exchanged by market functions is called a market economy.
Relationship Marketing:
It is the process of building long-term trusting win-win relationship with customers, distributors, dealers and suppliers. It also promises and delivers high quality efficient services and fair prices to the other party over time.it customers.
Developmental marketing:
Developmental marketing relates to innovation. The marketing has to bring out altogether new useful products or improving existing products so as to have new uses.
Scope of marketing management:

Setting marketing goals:
The prime task of marketing manager is to set marketing goals and objectives. Clearly and precisely defined objective can help marketing manager to direct marketing effectively. the goal and objective (whether strategic and operating, or short-term and long-term) must be suitably communicated with the employees concern. As far as possible, objectives should be expressed in the quantifiable terms.
Selecting target market:
Segmenting the total market and selecting the target market is a fundamental task of marketing management. Modern marketing practice is based on the target market, and not on the total market. He must concentrate his efforts only on well-defined specific groups of customers, known as the target market. All the marketing functions are directed to cater needs and wants of the target market only. Based on company’s overall capacity, the target market should be selected.
Formulating Suitable Marketing organization:
To implement marketing plan, a suitable organization structure is essential. On the basis of analysis of type of products, type of market, geographical concentration of market, and many other relevant factors, appropriate organization must be designed. Various alternative structures are available, such as product organization, geographic organization, functional organization and matrix organization. Based upon requirements, the appropriate structure should be prepared and modified as per needs.
Maintaining relations with other department:
Marketing department needs cooperation from other departments of organization, including financial department, personnel department, and production department, to satisfy customers effectively. Their support is considered to be important to satisfy consumers. Thus, for integrated efforts, marketing manager should be tried to establish good relations with them. Likewise, within marketing department, he must establish coordination among various personnel.

Environmental variables:
The marketing environmental variables include all those factors which are external to a firm and which affect the decision-making process. Marketing environment is constantly spinning out new opportunities and new threats, and the firms find their markets collapsing.
Company‘s marketing executive must constantly monitor the changing marketing scene and observe the changing environment through marketing research and first-hand knowledge. “By creating early warning system, the marketers will be able to alter the marketing strategies to meet new challenges and opportunities in the environment” .The marketing environment includes non-controllable variables in response to which the firms formulate their marketing strategies. Specifically, “a company‘s marketing environment consists of the factors in the company‘s immediate environment that affect its ability to serve its markets. The macro-environment company‘s micro-environment-the demographic, economic, physical, technological, political, legal, and socio-cultural farces”. The variables in the company’s micro-environment include: Supplier, Marketing intermediates, Customers, Competitors and Public. The company’s top management, the managers of research and development, purchasing, manufacturing, and finance all interact and the marketing manager must know how to get co-operation from these because he has to prepare a marketing plan for the existing products and new products.
Conclusion:
After in depth study and research on business and other market, it is easy to design practical marketing strategies.
In summary, marketing management is described as the process of managing marketing programs to achieve organizational goals and objectives. According to management, it is the art and science are the choice of target market and getting, keeping, and growing consumers through by establishing and delivering the best value of customers. It involves planning, implementation and monitoring programs or marketing campaigns. The main task of marketing management is primarily related practical application of marketing practices and the use of the resources and activities to achieve mission to achieve the objective. Thus they help in tackling the problems along with the quantitative and qualitative information.

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