Here's what no one tells you about Marketing Management | Shiv Nadar University
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Here's what no one tells you about Marketing Management

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The concept of marketing came into the picture during the industrial revolution. The industrial revolution lasted between the 18th to 19th centuries, and during this time, a rapid social change took place. These changes were motivated by innovations in the scientific and technological industries. During this period, the purchasing of goods began to be more accessible, and customers got inclined towards this. The mass production of goods also evoked the sense of availability of goods at any time. This created a massive demand for products as more and more people started to rely on ready-made products from shops instead of growing or making them. This naturally opened the doors for mass production of goods which increased the demand for more producers. These producers had to be capable of finding better ways to develop products that customers needed. In addition, they had to find more sophisticated approaches to inform about these products and commodities, thus creating a need for marketing. 

What is Marketing Management? 

In simple words, marketing management deals with various ways to find out the profitable opportunities and satisfy the customers. Therefore, it is consumer-oriented and has the potential to find out services that can satisfy the consumers.  

Advantages of marketing management: 

Marketing Widens the Market: The application of marketing helps draw out consumers' hidden wants, creates new demand, and locates the untapped areas. Good marketing helps in finding various possibilities of selling new products. It helps in increasing the production of goods and helps in increasing the profit for companies. 

Marketing Facilitates Exchanges: Marketing helps in the ownership and possession of goods and Services as it creates time, place and possession utilities for the goods and services. A marketing strategy is helpful for both producers and consumers as it caters to these people's specific needs and preferences. Thus, helping the producers to know about the specific needs and preferences of customers. 

Marketing Helps in Optimal Utilization of Resources: The producers can utilize their resources completely with the marketing efforts. The optimal use of resources helps in reducing the cost of the company as well. 

Marketing Accelerates Other Activities: With the presence of marketing, many other activities of the society such as banking, transport, insurance, etc. 

Marketing Raises the Standard of Living:  The availability of necessary items, comforts, luxuries, and every kind of service has helped improve the standard of living for people. 

Marketing Provides Gainful Employment Opportunities: More production and manufacturing are happening with the increase in marketing efforts. This creates a need for more workforce and labour, which increases employment as well. 

Marketing Provides Maximum Satisfaction of Human Wants: With the help of marketing, a communication channel has been created between consumers and producers. It removes the hindrance of knowledge about the products. As a result, consumers understand the usage of products in a better manner and enable complete satisfaction. 

Marketing Acts as a Basis for Making Decisions: A good marketing strategy helps entrepreneurs to confront many problems in their field of work. When the marketing strategies didn’t exist, people connected to local markets and consumers very easily, but now the scenario has changed. Now, marketing has become very complex and tedious. The producers are now largely dependent upon the marketing mechanism to decide which, how, and how much to produce.

Marketing Stabilizes the Economic Conditions: Marketing is a way to keep the economy revolving, providing steady and stable economic conditions that make everyone happy. A reasonable marketing effort helps in bridging the gap between producers and consumers. It acts as a connecting point between the economic wheel of the nation and the product, not commodities. It helps in balancing production with consumption and maintains stable pricing. 

Many colleges offer a course in marketing management and MBA courses. Shiv Nadar University is one of the top-notch universities which provides these courses. Their MBA course fees are quite affordable and help the candidates to acquire in-depth knowledge of management. Their MBA course details are available on their website as well. 

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