Marketing Management

                                                Marketing Management

a.
 Marketing management is defined as the analysis, planning,
implementation, and control of programs designed to create, build, and
maintain beneficial exchanges with target buyers for the purpose of
achieving organizational objectives.

                                                Demand Management

b.
 Marketing management is concerned not only with finding and increasing
demand, but also with changing or even reducing it.
o Demarketing’s aim is to reduce demand temporarily or permanently
(e.g., to move traffic away from a popular tourist attraction during
peak demand times).

o In reality, marketing management is really demand management.

                                Building Profitable Customer Relationships

c. Managing demand means managing customers.
o Demand comes from new customers and repeat customers.
o Today, besides making efforts to attract new customers, marketers
are going all out to retain and build relationships with existing
customers. It costs five times as much to attract a new customer as
it does to keep a current customer satisfied.

d. Because of changing demographics, a slow-growth economy, more
sophisticated competitors, and overcapacity in many industries, many
markets and market shares are shrinking.

e. The key to successful customer retention is superior customer value and
satisfaction.
                                  Marketing Management Practice

f. Marketing practice often passes through three stages: