In this article we would be discussing about the difference between the marketing and marketing management. Generally, marketing is a wide concept which consists of many activities. Furthermore, management consists of different processes, which starts by identifying the customer needs or requirement by customer for particular goods and services. It further entails to produce therequired goods and services with appropriate defined qualities and standards as demanded by the customer. Furthermore, it demands for price fixation of goods and services produced,and discussion on the procedure required for promotion of final goods or products which are being set ready for sale. Obviously, one cannot achieve complete efficiency in the above discussed activities, unless there is optimum utilization is obtained in the activities performed by the management. Thus, it entitles the involvement of management concept in marketing activities. Management concepts deal with planning, organizing, staffing, coordinating, directing and also budgeting. Although, marketing is a broad term and some of the aspect of management will be covered under marketing activity.
Management term is divided into different type of branches, namely Operation management, Human resource management, Finance and Information technology management, and Strategic and Marketing management. This is easily understandable that ‘Marketing’ is one of a type of branch within management. Marketing’s plays a vital role in management and is very scholarly, as with the help of marketing only company is able to build a healthy relationship with the customers. Marketing entitles an organization to produce improvised goods and products by focusing on the demand made by the public for the same goods. Marketing focuses to contrive the products for which the customer will be happily interested in buying or utilizing the product with an affordable price.
We can easily differentiate marketing and marketing management by deriving their focus in their respected areas, which is being explained as follows:
Marketing focuses on specific areas, which are discussed as below:
- Marketing creates employment: It involves many people in order to perform marketing activities, leads to make a complex mechanism structure. Large number of individual and bodies are involved in order to perform different type of activities. Thus, marketing provides employment opportunity to many people and individuals. In the modern era of large scale of industrialization and production, it is estimated that 40% of the population are directly or indirectly dependent upon marketing.
- Marketing is helpful in development in the economy: In marketing organization, it is assumed that if there is more organized market than it will provide the strongest economy, and if less organized market will provide the weaker economy. Adam Smith has also stated that “nothing happens in the country until and unless somebody sells something to someone”. Marketing act as a backbone in the economy of the country.
- Enabling in the transfer, movement and exchange of goods: Marketing comes out to be very helpful for the both i.e. the producer and the consumer. Goods and services are provided to the customer with the help of various intermediaries like retailers, wholesalers, and so on. Goods and services are provided to the customer at the right time, right place, withright price and with the right product and services as demanded by the consumer.
- Marketing provides a base for new innovative ideas: Marketing is a dynamic concept provides an organization to prevail easily in fast changing environment. In the current scenario and rapid changing taste and preferences of the people, marketing provides an instant remedy by providing with innovative ideas meeting up taste and preferences of the people.
Whereas marketing management focuses on specific areas, which are discussed as below:
- Work together in order to achieve group and organizational goals: It organizes all the factors of production, assembling, and integrates the resources in an effective manner in order to achieve goals with optimum utilization of resources. Goals of every individual working in an organization are directed and amalgamated towards the organizational goals, so that personal goals can also be achieved in order to achieve the organizational goal. This provides a great personal satisfaction in the mindset of an individual working in the organization.
- Enables in reducing the operating costs: It brings out or produces the maximum output with the minimal input by utilizing the present resources at optimum level. It enforces workforce to work in an efficient manner without wasting any time or input while producing the goods. Furthermore, with such zero (minimal) wastage an organization is able to reduce its operating costs in order to meet the current demand.
- Resources are utilized to its greatest extent: All the physical and human resources are utilized to itseffective productivity, allocated by the management in the organization. Management utilizes the best alternative resource available from the various options available, for the purpose of prevention of use scarce resources. Management allocates and recruits an individual which fits best for the demanded job and task performance. Thus, management provides an organization to use its resources to a great extent and with an optimum utilization of resources.
- Provides managers with useful insight of current happenings in the organization: Management concept provides principle guidelines for the managers to perform upon. This enforces managers to take the right decision at the right time. This concept lets managers learn and experience from their mistakes made by them in past records. Furthermore, while reviewing all the past record, the manager will be more efficient in order to give a right decision with insight of reality.