Alikhan

1. Marketing Management Aims To understand the key factors of Marketing Management Objective To Learn the meaning, importance, and concepts of Marketing Management To Learn the nature and importance & Characteristics of Service marketing 2. Marketing Management After going through this session, you will be able to: Understand Marketing Management Concepts & Importance of Marketing Management Understand Nature & Importance of Service Marketing Understand Characteristics of Service Marketing 3. Meaning The word market is derived form the Latin word “Marcatus” meaning goods or trade or a place where business is conducted. The term marketing is defined as a ‘business activity planned at satisfying to a reasonable extent, consumer or customer needs and wants, generally through an exchange process’. Marketing has been defined in various ways – the definition that serves our purpose best is as follows; Marketing is a social & managerial process by which individuals & groups obtain what they need & want through creating, offering, & exchanging products of value with others. 4. Definition In a narrower business context, marketing involves building profitable, value – laden exchange relationships with customers. Hence, we define marketing as the process by which companies create value for customers & build strong customer relationships in order to capture value from customers in return. 5. Definition of Marketing Management Philip Kotler - “Marketing is Social & Managerial process by which Individuals & Groups obtain what they Need and Want through Creating, Offering and Exchanging products of the Value other” Peter Drucker - Marketing is a social process by which individuals and groups obtain what they need and want through creating offering, and freely exchanging products and services of value with others. For a managerial definition, marketing has often been described as “the art of selling products” The American

Bibliography: Meaning Marketing Management – Marketing Management 9 th Edition & Principles of Marketing 11 th Edition – Philip Kotler – PHI Evolution – Marketing Concepts & Cases 13 th Edition J Stanton (Indian Context) – TMH Importance – Marketing Concepts & Cases 13 th Edition J Stanton (Indian Context) – TMH Concepts – Marketing Management 9 th Edition Philip Kotler – PHI & Marketing Concepts & Cases 13 th Edition J Stanton (Indian Context) – TMH Nature & importance of Services Marketing – Marketing Management – Arun Kumar, Meenakshi – Vikas & Marketing Management – 3 rd Edition – Rajan Saxena - TMH Characteristics of Services Marketing – Marketing Management – Arun Kumar, Meenakshi – Vikas & Marketing Management – 3 rd Edition – Rajan Saxena - TMH