Marketing Management

 

Assignment on – An introduction to marketing management 

Submitted to – Prof. Sabyasachi pradhan 

Submitted by – kiran kumar jena

1.What is marketing management ? 

Ans : 

Management is the process of getting things done in an organised and efficient manner. Marketing management aims at efficient operation of marketing activities.

Marketing management smoothen the process of exchange of ownership of goods and services from seller to the buyer. Marketing management, like all other areas of management comprises of the function of planning, organising, directing coordinating and controlling.

Marketing management is an art as well as science of choosing target markets, and getting , growing customers through creating , delivering and communicating superior customer values . 

 Marketing is the management process responsible for identifying, anticipating and satisfying customer requirements profitably.”

2.How does marketing manager set marketing plans and strategies ? 

Ans: 

A marketing strategy refers to a business's overall game plan for reaching prospective consumers and turning them into customers of their products or services. A marketing strategy contains the company’s value proposition, key brand messaging, data on target customer demographics, and other high-level elements. A thorough marketing strategy covers "the four Ps" of marketing: product, price, place, and promotion . 
After identifying markets and understanding trends, marketing managers will develop a marketing plan that they'll use to implement their strategy. 

This plan identifies the target audiences,  campaign-specific tactics, budget, and goals. 

 

3.Who is founder of Virgin company ? 

Ans :

 Sir Richard Charles Nicholas Branson (born 18 July 1950)is an English business

Magenta, investor, author and former philanthropist. In the 1970s he founded the virgin, which today controls more than 400 companies in various fields.Branson expressed his desire to become an entrepreneur at a young age. His first business venture, at the age of 16, was a magazine called Student. 

4.What does 4 P's represents ? 

Ans: The Four Ps (product, price, promotion and place) are four considerations known as a marketing mix. 

 

 Product: The item or service being sold must satisfy a consumers need or desire.

Price: An item should be sold at the correct price for consumer expectations; neither too low nor too high.

Promotion: The public needs to be informed about the product and its features in order to understand how it fills their needs or desires. 

Place: The location where the product can be purchased is important for optimizing sales.

5.What is the purpose of marketingplan ? 

Ans:

A marketing plan is a report that outlines your marketing strategy for the coming year, quarter or month.The purpose of a marketing plan is to ensure that marketing activities are relevant and timely to achieve an organization’s objectives. It’s a plan defining a sustainable competitive position and defining the resources necessary to achieve it.

 Typically, a marketing plan includes:

• An overview of your business’s marketing and advertising goals.
• A description of your business’s current marketing position.
• A timeline of when tasks within your strategy will be completed.
• Key performance indicators (KPIs) you will be tracking.
• A description of your business’s target market and customer needs