Marketing management:

1. In a broader sense we can say that marketing management is the activity of providing goods or services from producers to customers. Over and above exchange of goods with money it also includes market research, distributive method, sales promotion, storage, insurance, etc.
The main elements of marketing management are goods or services, forming physical distribution policy, price policy, increase in sale, packaging, etc.

2. Marketing management studies the needs of customers and passes the information to the production department. The production department then produces goods or services that are needed by the customers which are then finally made available to the customers.

3. Thus, marketing management helps in satisfying the needs of a particular customer or group of such customers. It focuses on optimum utilization of resources and increasing the profitability of the organization.

4. Marketing management also aims at creating demand for goods or services in the market.

Functions of marketing management:

1. Product or Product-mix: The marketing management gives inputs for taking decision regarding development of new product or upgrading existing product. The input could be for appearance, colour, size, shape, weight, print, packing, guarantee of work, after sales services, variety of product, etc.

2. Price:

• In modern times, a customer expects availability of better quality of goods at reasonable rate. Therefore utmost care should be taken while deciding the price of the product.
• The price decision includes sales policy, credit policy, policy regarding discount, wholesale or retail sale and also commission to mediators, etc.

3. Distribution:

• Distribution-mix include decisions regarding various ways of selling like direct selling, through the whole seller, retailers agents, as well as problems related to transportation, etc.
• Distribution-mix is related to the size and scope of a business unit.

4. Promotion:

• The main aim of promotion is to increase the sale.
• It includes advertisement, publicity, selling through salesmen, ways and means to attract customers and traders, etc.
• Though promotion mix is expensive, it leads to increase in sale, which results into higher profitability.