Marketing Management – Orientation to the Field

Marketing is the general term used to describe the act of bringing together people who have some sort of mutual or exchange of interests so that they can interact and establish a relationship in order to achieve some type of goal. Marketing also refers to the creative process by which an organisation undertakes to engage with its targeted market, build personal relationships so as to create value for customers so as to gain financial reward in return, and finally, to identify, understand and capture potential future prospects. In today’s competitive business environment, marketing has become integral to the survival and even the growth of many businesses. The importance of marketing should not be underestimated, especially for small businesses which often do not have the resources or other forms of external financing needed to launch and sustain marketing initiatives.

As such, it is imperative to develop the skills of marketing management in order to promote the business. These marketing concepts are used across many domains of activity, such as the corporate sector, retail and even non-profit organizations. However, one of the most important arenas in which these marketing concepts play a crucial role is at the social level. Marketing strategies formulated at the social level lay the groundwork for the development of a strong marketplace and long-term sustainability.

In fact, marketing management theory proposes that there are three major approaches to the discipline. The first is called the market orientation, which seeks to identify and target the need of the marketplace. This requires an analysis of the marketplace and the factors that affect buying decisions. The second approach is called the individualistic perspective, which seeks to apply the marketing concept in a more individualistic context, for instance by focusing on selling experiences instead of creating products. Finally, the third approach is known as comprehensive marketing management, which focuses on the combination of the market, individualistic and social aspects.