Marketing management is a business discipline, that focuses on the constructive appositeness of marketing modus operandi and the management of a firm’s marketing assets and activities. Globalization has led firms to market beyond the borders of their home countries, making international marketing highly significant and an integral part of a firm’s marketing strategy.
Marketing managers are recurrently answerable for influencing the level, timing, and composition of consumer demand accepted definition of the term. Marketing management main focus is to provide right product to the right customer. A highly affordable and competitive price for a product or service needs proper marketing communication.
There are four principal marketing mix enforced in every business:
These are four basic topics of marketing mix which needs to manage in every business to enhance product selling or promotion.
• Product – This refers to the main part of marketing mix. It provides that product developed is as per the target market and customer requirements. Product should be made according to customers’ needs and demands as they are the king of any business.
• Price – This refers to place the best price in the marketing mix. It is the most important part so fixing the price of any product is very crucial. It is a factor which provides competitive advantage to a company.
• Place – This should be done like that the product and service should be available and in the reach of target market.
• Promotion – This is also a very important part as in today’s competitive world companies need to implement right promotion mix for their products. They need to study what is the target market and which is the most favorable medium.
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