Meaning of Marketing Management and Its Significance in Indian Economy

Meaning of 'Marketing Management'

The term 'marketing management' is comprised of two dif­ferent words, 'marketing' and 'management'. Hence, before under­standing the meaning of marketing management, it is essential to separately understand the meanings of 'marketing' and 'management'.

Marketing is that economic activity by which the commodities and services are acquired in exchange of money. It means that ac­tivity or activities which are directed with a specific motive of trans­ferring the products from production point to the final consumption point. Really speaking, the meaning of 'marketing' refers to the pro­cedure of distribution of goods or products from the producers to the final consumers.

By the term 'management', is meant the coordinating of efforts of other people meant for the fulfillment of the pre-determined objectives. Stanley Vance has expressed that the 'management' is ordinarily the decision-taking and control upon human activities method by which the pre-determined objectives could be achieved.

Definitions of ‘Marketing Management’

Marketing management is that part of management which covers the distribution of marketing activities.

 In the opinion of Prf. Rustom S. Davar,, The term ‘marketing management’ means the discovering of the consumers’ needs, converting them into the products or services and the activity of transforming the product or service to the ultimate consumer, so that needs of specific categories or groups of the customers could be so satisfied that by the most favorable utilization of the resources, they could derive the maximum benefits.

In the opinion of Cundiff and Still, The marketing management is that branch of the general management which is related to the direction of activities meant for the achievement of the objects concerned with distribution.

On the basis of the above opinions, it might be said that the marketing management is that administrative or management function which performs the marketing activities.

Significance of Marketing Management in Indian Economy

In this age of competition while the industrialization is rapidly progressing, the significance of the well-arranged methods of marketing too is increasing. Due to the planned economic develop­ment, we have made enough of progress in agricultural and industrial spheres. The productoin of the primate and public sectors has also sufficiently gone up.

In Indian economy, the significance of the marketing manage­ment could be described in the following way:

(1) Procuring Maximum Results with Minimum Efforts. In our country, the resources are quite limited; hence the industrial units are essentially required to be alert against their productivity. By the minimum efforts we have to achieve the maximum results, It could be possible only when we understand the significance of ‘marketing’.

(2) Significance from the Export Market Point of View. For the economic development at a faster speed, it is very necessary to increase the export trade. The success of our Five-Year Plans basically depends upon the possibilities and successes of our export trade. The export trade could develop only when our professional managers possess the knowledge of the latest techniques of marketing.

For developing the export trade, it is very necessary for us to expand our national market, so that whatever we lose in exports could be met by the domestic markets. From this point of view too, the marketing occupies sufficient significance. On the marketing research and market analysis the exporters must pay greater attention. The new marketing devices must be developed so that faith among the customers could be created towards the products. Al­though during the past few years, we have become successful in the export of new commodities, but for maintaining them and enhancing them, we would be successful only when we could develop the new marketing methods.

(3)   Significance from the Rural Regions Point of View. Due to the economic development in Five-Year Plans, there has been the change in the habits and expenses not only among the urban mas­ses, but also in the rural masses. Due to the Green Revolution, there have been enough changes in the villages-. Due to the increase in the people's incomes, today there has developed the demand for new and comfortable products in the villages. If we properly study the rural needs and the markets, there shall be evolution of various new in­dustries for the fulfillment of the rural markets requirements. The in­dustries could also be decentralized towards the rural areas. All these facts indicate that in the rural areas, there is the need of widespread and detailed market studies and analysis. In our country, there are enough opportunities for the development of the marketing activities in the rural areas. From the point of view of the eradication of the draw­backs of rural marketing, the management in marketing is very sig­nificant.

(4)   Significance of Marketing Along with Rapid Industrialization. Since the time when the government had determined about improving the economy of the country by means of the Five-Year Plans, enough attention is being paid towards the industrialization. The attitudes towards the standard of living of people have been changing and there has been sufficient change in the attitudes and interests, wants of the people and along with the same, the impor­tance of marketing management too has begun increasing.