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Marketing deals with identifying and meeting human and social needs. One of the shortest definitions of marketing is “meeting need profitably” The American Marketing Association offers the following definition: Marketing is an organizational function and a set of processes for creating , communicating, and delivering value to customer and for managing customer relationship in way that benefit the organization and its stake holders.
Marketing management takes place with at least one party to a potential exchange thinks about the means of achieving desired responses from other parties. We see marketing management as the art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value. (Marketing Management an Asian Perspective Fourth Edition)
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Marketing management is the process of planning, organizing, implementing and controlling marketing activities to facilitate exchanges effectively and efficiently. Marketing management is an art because marketing is about appreciating the nuances of human behaviors. Beauty is in the eye of the beholder. Beauty is art. So is creating a demand for your product. Some of that demand is immediate and some of it is in the future. You can try to use science to predict the future part but you might pick a number based on art. There is always an unknown aspect that we attribute to art. Is art too free thinking to have relevance for real-world applications? Other than that, there is the issue of branding which is difficult to measure. To generate a good return on your marketing investment requires a creative approach. That means to apply the art of marketing. (George Torok) |
 
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Marketing management is a science that requires a methodical gathering and review of information. And also about understanding and influencing behaviors. Psychology, the science of behaviors, studies how people react to certain stimuli in predictable ways. This is similar to Newton’s third law-cause and effect. Marketing as a science is all about measuring and analyzing the number. How many do you reach ? How many read your message? How many do you convert to buyers ? How much do they spend? How many again ? These are numeric questions and answers and important to success of your marketing. The common question is how much money should I spend on marketing ? The business owner and the accountants want the answer to this question. It is a good question but the more important question is “what returns can you expect from your marketing investment?” (George Torok)
Marketing Management -Page 2
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