The principles of Marketing Management with examples.

According to American Marketing Association Marketing, marketing is defined as the performance of business activities, directing of satisfying needs and wants through exchange process.

Marketing Management Principles: 

For a successful marketing management core tasks are laid down as under:

1. Developing marketing strategies and plans: It is necessary to build and develop concrete marketing plans that specify the marketing strategy and tactics going forward.

2. Capturing marketing insights: It is necessary for managers to gather information about market potential and forecasting future demand of product. Then transform marketing strategies into marketing program.

3. Connecting with customers: This leads to gather information about customers and getting in touch with them. Also find out why they want to buy and what are they looking for in the way of features and prices ? When they shop? What are their images for different brands?

4. Developing Strong brands: Marketing manager after interacting with customers must find strength and weakness of this products and focus to build brands for his products.

5. Delivering Value: The principle is concerned with providing correct and needed value of the product to customer in order to create faith in customers.

6. Communicating Value: Marketing team must also adequately communicate the value embodied by its products to the target market. This is done by communicating customers by informing, persuading and reminding.

7. Creating long term growth: Long term view of products and services must be seen by marketing managers with adequate profit growth. This is achieved by new product development testing and refinements.