Today’s Businesses face a number of challenges and opportunities including globalization, the effects of advances in technology, and economic changes. The since of marketing is developing by the day to keep up with the different changes in the market.
There are few competing concepts under which organizations can choose to conduct their business: the production concept, product concept, selling concept, marketing concept, and the holistic marketing concept. The first three are of limited use today.
The holistic marketing concept is based on the development, design, and implementation of marketing programs, processes, and activities, that recognizes their breadth and interdependencies. Holistic marketing recognizes that “everything matters” with marketing and that a broad, integrated perspective is often necessary. Four components of holistic marketing are relationship marketing, integrated marketing, internal marketing, and social marketing.
Marketing management has experienced a number of shifts in recent years as companies seek marketing excellence.
The set of tasks necessary for successful marketing management include developing marketing strategies and plans, connecting with customers, building strong brands, shaping the market offerings, delivering and communicating value, capturing marketing insights and performance, and creating successful long-term growth.