Marketing Management
Marketing Management
Definition: “The analysis, planning, implementation & control of programs designed to bring about desired exchange with target audiences for the purpose of personal or mutual gain which relies heavily on the adaptation & coordination of product, price, promotion & place for achieving effective response.” - Kotler
“Marketing is defined as a systematic effort to sell products or services and an effort to increase sales of and demand for the products or services offered by the business organisation as long as it is not opposing the Islamic Law and code of ethics.”
Note:
· Systematic effort – to market the products or services, the business needs to have a proper system or plan of how this will be achieved. Regular market update informs marketing strategies, keeping the strategy relevant to the current situations and demands.
· Increase sales and demand – by using planned systematic marketing strategies the business should be able to capture the target market. For new products or services, the business should be able to convince prospective customers to buy the products or services.
· Not opposing the Islamic Law and code of ethics – all products and services need to be produced or delivered in the correct way. For example, the business should avoid selling products, which harm the business and others, for example, by selling products or services at ridiculous prices or making false advertisements about products or services.
“Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods and services to create exchanges that satisfy individual and corporate objectives”
Marketing philosophy: “All the effort should be based on customers’ needs, wants and satisfaction so as to generate profit for the business”.
Marketing plan
A marketing plan outlines the strategies and marketing mix designed to reach the target market and achieve the business objectives.
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