MRKT100_ Module 1 Marketing Management and Marketing Process Reviewer.pdf

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YAL-CBA 1st Year Batch CouncilEagles V.6Marketing ManagementPrepared by: Nicole Shawnee OngBusiness AdministrationBusinessis the activity of making one'sliving or making money by producing orbuying and selling products (such as goodsand services). Simply put, it is "any activity orenterprise entered into for profit.Administrationis the RANGE of activitiesconnectedwithORGANIZINGandSUPERVISING the way that an organizationor institution functions.Key: holder of the key.Functional Areas of Business Administration1. Marketing2. Operations3. Finance4. Human ResourceIs Marketing an important learning field ofBusiness Administration?Yes, because the business world existsbecause of PRODUCTSgood and services.All products are the result of a marketingprocess.Without marketing there will be no product tospeak of, hence no business to create.Marketing is the “key” to any business.The entrepreneur is the holder of the “key”.All other fields follow: Human Resource,Operations, Finance, etc.Simple put…No MarketingNo ProductNo BusinessNo Business AdministrationMarketing ManagementMarketing Management is the process ofplanning, organizing, implementing, andcontrolling marketing activities to facilitateexchangeEFFECTIVELYANDEFFICIENTLY.EFFECTIVENESS is the degree to which anexchange helps achieve an organization’sobjectives.EFFICIENCYreferstominimizingtheresources an organization must spend toachieveaspecificlevelofdesiredexchanges.OVERALL GOAL: is to facilitate highlydesirable exchanges and to minimize thecostof doing so.Planning is a systematic process of:1. Assessing opportunities and resources;2. Determining marketing objectives;3. Developing strategy/ies; and4. Plans for implementation and control.

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Term
Summer
Professor
NoProfessor
Tags
Marketing, Chartered Institute of Marketing, Nicole Shawnee Ong

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