Marketing management is the organizational discipline which focuses on the practical application of marketing orientation, techniques and methods inside enterprises and organizations and on the management of a firm’s marketing resources and activities.
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 leading up the Marketing Plan.
Structure
Marketing management employs various tools from economics and competitive strategy to analyze the industry context in which the firm operates. These include analysis of strategic groups of competitors, value chain analysis and others tools available.
Marketing Mix
The term marketing mix was developed by Neil Borden in 1949who first started using the phrase in 1949. It evolved when E. Jerome McCarthy (McCarthy, J. 1960), was the first person to suggest the four P’s of marketing – price, promotion, product and place (distribution) – which constitute the most common variables used in constructing a marketing mix.
Additional developments include the classification the marketing variables into two categories: the offering, and process variables by Albert Frey (Frey, A. 1961) . The “offering” consists of the product, service, packaging, brand, and price. The “process” or “method” variables included advertising, promotion, sales promotion, personal selling, publicity, distribution channels, market research , strategy formation, and new product development. Recently, Bernard Booms and Mary Bitner built a model consisting of seven P’s (Booms, B. and Bitner, M. 1981). They added “People and Process” to the list of existing variables
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