Marketing Management Essay Example | Topics and Well Written Essays - 1000 words - 1

Marketing Management - Essay Example Management is the process of performing activities by using the help of other people. Managers use the management elements, which include planning, organizing, staffing, directing and controlling. Chwala highlights that marketing management is a business process, which involves â€Å"analyzing market opportunities, researching on the target markets, developing strategies for them, planning market tactics, implementing, and controlling the marketing initiatives. Further, Kotler describes marketing management as the process of achieving desired outcomes from a target market (13). It is therefore, a business process, which involves applying marketing techniques, and managing resources and activities related to marketing. Kotler highlights that marketing management process involves analyzing market opportunities, developing marketing strategies, planning marketing activities, managing, and controlling the marketing efforts (33). In the first step of analyzing market opportunities, the l eader identifies potential opportunities in the market while considering the organizations competences. This should be done by analyzing both the micro and macro environments in order to identify the best opportunities. In this step, the company can research and select market opportunities that are available. This can be done by defining the market, segmenting the market, market targeting and positioning in the market. The next step is the development of strategies for marketing whereby the marketer positions the organization strategically in the market. This step involves deciding on the brand, product lines, designs and the market. This is performed using the four P s marketing mix tools. Planning of marketing programs is the other step, and it involves making decisions on the expenditures, marketing mix and market allocation and budgets. One should set the level marketing budget that they intend to spend. Then, they allocate the budget among the various activities and the marketi ng mix tools. Lastly, they should allocate the budget to the various marketing programs in the target market (Kotler 34). The last step is management and control of the marketing programs. This step involves executing the plans, collecting feedback from the market and starting again in the planning step. Resources should be mobilized to implement and control the marketing programs of the organization Entrepreneurship is defined by the activities done by Entrepreneurs. Akrani highlights that Entrepreneur was derived from the French word Entrepredre meaning performing of activities. Entrepreneurs are the people who engage in the risky business activities of creating new businesses using their personal resources, through innovation of ideas, which are focused to satisfy the market needs (Akrani). Therefore, Entrepreneurship is the process of establishing opportunities in the market, and taking advantage of them to make a profit. There are ways in which responsible Entrepreneurial quali ties become essential for marketing management. Firstly, the Entrepreneurial qualities enable the leader to develop plans that meet their marketing goals. This can be applied in finance, production, sales, promotions, and personnel areas of marketing management. Secondly, responsible Entrepreneurial qualities enhance communication skills in marketing managem