Segmentation The marketing manager segments the market to identify a homogenous set of customers who are likely to respond more positively to the planned marketing program.Market Analysis: Identifying customer needs A marketer first analyzes and scanning the external environment to identify marketing opportunities and forecast future potential.
So, effective marketing starts with the identification of a set of consumers and their need structure. Marketing Management Process is a process to identifying customer needs and wants and then developing a marketing program to satisfy customer needs with a profit. Controlling the Activities of Employees.Marketing management is the organizational discipline which focuses on the practical aspects of marketing orientation, techniques and methods inside organizations and on the management of a firm’s marketing resources and activities.
Marketing management by Philip Kotler defines as “the analysis, planning, implementation and control of programs designed to bring about desired exchanges with target markets for the purpose of achieving organizational objectives”. “ Marketing management is ‘the art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value’ (Philip Kotler and Keller, 2008: 5).” Thus, although finding new customers remains very important, the emphasis is shifting towards retaining profitable customers and building lasting relationships with them. Marketing Management Fact: It costs five times as much to attract a new customer as it does to keep a current customer satisfied.
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