Question

Define marketing and the marketing management framework. Be sure to give a practical example (every day real life) for each of the 13 elements in the marketing management framework plus marketing.

Answer 1

Market is a place where buyers and sellers are meet together to exchange the goods and services and to trasfer the ownership occur.

Marketing means set of related activities to move products and services to end users. This marketing includes different activities like promotions, market research and advertising. With using different market strategies and techniques, companies try to improve their sales, for suppose, through the advertising company can improve sales. Example by giving best advertising on protein drink, company can improve sales.

Marketing management means set of activities that are useful to provide best strategies, design products, advertising and promotional activities.

Some key elements of marketing management framework are listed below

Strategy

Target audience

Budget

Roles

Business goals

Messaging

Timing

Marketing goals

Tactics

Product

Promotions

Place

And price

Strategy means a particular pattern to achieve market targets, example by using low price strategy you can get more sales.

Target audience

People who can help to increase sales, based on product, company should decide target market.

Example, if product is saree, target market is female

Budget

To complete entire market management in success manner, we should plan every thing.

Roles

To complete every thing in the plan, we should determine roles properly.

Business goals

Business goals are put every one in right path to achieve profits. Example to improve sales

Messaging

To improve sales and attract customers, we can use messaging

Timing

Based on market conditions, we should promote products by using different promotional activities

Marketing goals

These are like improving market share and to attract customers by best products

Tactics

It means specific thing to execute planned strategy

For suppose, when using commodity bundling strategy, give correct advertising to attract customers we should select and design best product

For suppose mobile phone can attract every one

Promotions

To improve sales promotion activities are very important like one plus one offers, coupons, discounts

Place

Based on product, we should select the place

Example to sale loptop, we should select a locality where education people are available

Price

To attract customers, price is very important. Based on people reactions on product, we should decide price to get more customers

Product

In marketing management, product is very important