Meaning of Marketing Management : 

Marketing management is that functional area of business which generates revenue by producing and selling goods and services for consumer satisfaction.

Importance of marketing Management : 

The importance of marketing management can be studied under the following four heads for the sake of better understanding of the concept: 

(I) Importance for the Businessmen / Enterprise 

(II) Importance for the Customers 

(III) Importance for the Society 

(IV) Importance for the Nation.

(I) Importance for Businessmen / Enterprise : 

Importance for Businessmen / Enterprise can be explained by the following ways : 

• To maintain its existence in competitive environment : 

Through efficient marketing function, an organisation can exist in the modem competitive business environment. 

• Basis of Planning : 

Marketing management links consumers with the market. Various decisions are taken, production and marketing plans are developed and action programmes are specified by marketing management. 

• Enhance Sales : 

Marketing management can analyse changes taking place the market and consumer behaviour. This can be used to develop products which meet the specification of the consumers. 

•  Large-Scale Production : 

Increased sales result in increased production of goods and services. 

•  Distribution at Minimum Cost : 

When long-term production takes place due to efficient marketing, ultimately, an organisation enjoys economy of scale and reduces its per unit cost. 

•  Increase in Profits : 

Effective marketing system helps in increasing profits.

(II) Importance for the Customers :

•  Availability of good quality goods at lowest price : 

Strong marketing strategies bring down production and distribution cost. This makes it possible for customers to get quality goods with widest choice at cheapest price.

• Satisfaction of Needs : 

The needs wants, interests, desires, taste and preference of consumers hold an important place in an effective marketing system. Marketing research helps in producing new goods with improved features thus satisfying the needs of consumers.

• After-Sales Service : 

By marketing, after-sales services like maintenance and repair services, etc. are offered free of cost.

• Timely Availability of Goods : 

Through an effective marketing system, with the best channels of distribution and physical distribution provision, today, consumers can buy any type of goods or services at any time (24×7).

(III) Importance for Society :

• Availability of Goods at Reasonable Price : 

Through an efficient marketing management, the marketer provides the goods and services to consumers at comparatively cheaper price.

• Increase in Employment : 

Marketing creates job opportunities in different areas, like distribution, advertisement, etc. to a large number of people.

• Freedom from Malpractices : 

Effective market management eradicates malpractices and unscrupulous activities like adulteration, etc.

• Creation of Social Values : 

Modern approach of marketing focuses on customer satisfaction. A businessman regards customers as a pivot for all functions activities, and has realised, that for maximising profits, customer satisfaction is the key to success.

(IV) Importance for Nation :

• Optimum utilisation of national reasources : 

Marketing helps in optimum utilisation and fair distribution of all the natural and capital resources for the economic development of a country.

• Protection from Economic Recession : 

Marketing maintain a balance between the demand and supply of a commodity. By creating demand for goods, marketing saves nation from economic recession, etc.

• Increase in National Income : 

By persuading buyers to buy goods and services, marketing plays a significant role in increasing GDP / National Income.