Abstract: Marketing is a very important aspect in business since it contributes greatly to the success of the organisation. production and distribution depend largely on marketing .Many people think that sales and marketing are basically the same .These two concepts are different in many aspects. Marketing covers advertising, promotion, public relation, and sales. It is the process of introducing and promoting the product or service into the market and encourages sales from the buying public. Marketing management is, in its essence at the very core of corporate development. The assumption is that all goods and services produced by an enterprise need to be brought within the reach of, and made available at competitive price, the market that it seeks to exploit. Nature and quality of products and services, pricing policies, competition, distribution network, retail outlets, vendor development, brand promotion and effective market research and control are some of the salient feature of the complex task of marketing. The focus is on marketing available and selling products and services that are acceptable, useful, competitively priced and backed by effective after sale service. Marketing is a cornerstone activity for any organisation. It is one of the utmost activities that an organisation does from its inception to growth, till it is in the business. Its effectiveness could be gauged from the fact that it is one of the utmost reasons for any organisation to bloom or go down the memory lane. We’ve all heard someone in the course of business say that “marketing is fluff and hype.” However, the wisest, most savvy, and most successful businesspeople understand that marketing is far from that. Marketing is everything you do on a daily basis to sell a product or provide a service to a customer. Marketing encompasses every way in which a customer perceives a business and everything that generates enough interest from a customer and encourages customers to actually pay for the product or service. As Peter Vessenes suggests, cash may be king, “but marketing is everything.” What does it really mean to market your service or product? Often, people immediately equate marketing with advertising and see only the amount of money that advertising will cost. However, by definition, marketing is actually the process by which we offer goods or services up for sale. Forward-thinking marketing strategists suggest that marketing is not a “cost” or “expense” but rather an investment, because much of the benefit of marketing is longer-term and may take years to fully provide its benefit. Marketing has also been referred to as a social and managerial process by which individuals and groups obtain what they need and want through creating, offering, and exchanging products of value with others. Additionally, it is all too often equated only with the more focused function of selling. But marketing encompasses a wider range of activities that must be a fully integrated process and, indeed, will form a foundation and catalyst for making sales. Further, the key to successful sales is a consistent proactive marketing strategy. Competitive Marketing Strategy (CMS) has relationship marketing (RM) as one of the key functionality in enhancing business performance. RM is defined as the identification, establishment, maintenance, enhancement, modification and termination of relationships with customers to create value for customers and profit for organization by a series of relational exchanges that have both a history and a future. Relational exchanges can be viewed under transaction cost analysis and social exchange theories depending on the context. The role of RM in CMS includes: guide moments of truth, improve profitability, build partnering, address ‘Customer Better’, buy in of customer attention, protect emotional well being, understand consumer psyche, build trust with customer. All these roles are observed empirically in the hotel industry, with some hotels placing emphasis on their extraordinary operations and services to engage with the customer.
Keywords: Strategic Marketing, Firms, Deployment, Resources, Performance, relational exchanges, emotional wellbeing, trust, profitability, partnering
Title: ROLE OF MARKETING MANAGEMENT IN THE ADMINISTRATION OF CORPORATE SECTOR
Author: Obaid-Ur-Rehman
International Journal of Management and Commerce Innovations
ISSN 2348-7585 (Online)
Research Publish Journals
