Marketing management is a business discipline which is focused on the practical application of marketing techniques and the management of a firm's marketing resources and activities. Marketing managers are often responsible for influencing the level, timing, and composition of customer demand accepted definition of the term. In part, this is because the role of a marketing manager can vary significantly based on a business's size, corporate culture, and industry context.
For example, in a large consumer products company, the marketing manager may act as the overall general manager of his or her assigned product. To create an effective, cost-efficient marketing management strategy, firms must possess a detailed, objective understanding of their own business and the market in which they operate. In analyzing these issues, the discipline of marketing management often overlaps with the related discipline of strategic planning.
In economics, demand management is the art or science of controlling economic demand to avoid a recession. Within manufacturing firms the term is used to describe the activities of demand forecasting, planning, and order fulfillment. On the other hand, Marketing management is the art and science of choosing target markets and building profitable relationships with them
Ø What customers
will we serve?
Ø How can we best
serve these customers?
Marketing
management and demand management both are run parallel or similar. If
one are not able to make strategies to fulfill the demand of market/consumer,
they cannot run their business successfully. Finding
the customer needs and making policies to provide them facilitate them; all
depend on your marketing
plan. How much effective plan you will make for your customer, customer will be
loyal with you as much. So we can say that a good marketing management system
is the demand of business to retain your customer.
Marketers are indeed skilled at stimulating demand for their company’s products, but that too limited a view of the tasks they perform. Just as production and logistics professionals are responsible for supply management, marketers are responsible for demand management. Marketing managers seek to influence the level, timing, and composition of demand to meet the organization’s objectives. The following demand states are possible in context of marketing management.
· Negative Demand: Consumer dislikes the product and may even pay a price to avoid it.
· No Demand: Consumers may be unaware of or uninterested in the product.
· Latent Demand: Consumers may share a strong need that cannot be satisfied by an existing product.
· Declining Demand: Consumers being to buy the product less frequently or not at all.
· Irregular Demand: Consumer purchases vary on a seasonal, monthly weekly daily or even hourly basis.
· Full Demand: Consumers are adequately buying all products put into the marketplace.
· Overfull Demand: More consumers would like to buy the product than can be satisfied.
· Unwholesome Demand: Consumers may be attracted to products that have undesirable social consequences.
In each case, marketers must identify the underlying cause of the demand state and then determine a plan of action to shift the demand to a more desired state. Thus, Marketing Management is a Demand Management.