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Philip Kotler has defined marketing management thus:
“Marketing management is the analysis, planning, implementation, and control of programmes designed to bring about desired exchanges with target audiences for the purpose of mutual or personal gain. It relies heavily on the adaptation and coordination of product, price, promotion, and place of achieving effective response.”
To make his definition very clear, he lays down the following facts:
- It is a management process and includes analysis, planning, implementation, and control.
- It is a purposive activity which aims at bringing about desired exchanges, (which may be of goods or services).
- It can be practiced by either the seller or the buyer, whoever seeks to stimulate the exchange process.
- It may be carried on for personal or mutual gain.
- If stresses the adaptation and coordination of several factors viz., product, price, promotion and place to achieve the effective response.
“Marketing management is concerned with the direction of purposeful activities towards the attainment of marketing goals. It directs purposeful activities, consciously planned, organized, coordinated and controlled. Managerial effort in marketing is goal-directed, i.e., knows where it is going”.
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