Marketing, Process & Management Q1 - Estate Agent's Examination Part 1&2

Q.
(a) Elaborate the steps in marketing process. (10 marks)

(b) Elaborate the differences between 'marketing' and 'marketing management'. (15 marks)

(25 marks, 2016 Q1)

A.
a) Marketing process

This is standard repeat question.

The marketing process model based on the publications of Philip Kotler. It consists of 5 steps, beginning with the market & environment research. After fixing the targets and setting the strategies, they will be realized by the marketing mix in step 4. The last step in the process is the marketing controlling.
See below links for more reading.

5 steps in marketing process
4 or 5 steps marketing process?
The marketing process
2012 Q2b

Ref:
Earlier posts.

b) Difference between "marketing" and "Marketing Management".

The question could be answered as "Strategic Marketing" versus "Marketing Management" or "Marketing in General" versus "Marketing Management".

If "Marketing in General" is used, then "Marketing Management" is a subset of "Marketing in General". That means Marketing Management is the management of the activities carried out in marketing.

However, if "Strategic Marketing" is compared to "Marketing Management", then they are two aspects of the same thing. Strategic Marketing is like Macro, and Marketing Management is more like Micro.

For one, marketing management looks at the little activities to assemble together becoming a marketing project as a whole. Whereas, strategic marketing studies the surrounding environment of the market, and come out with the solution to the marketing problem.

Strategic marketing is outward looking rather than inward looking. It studies the environment and the competitions.

Management of marketing is more daily job of working along the deadlines, and making sure the marketing plan are being implemented.

Ref:
https://www.marketing91.com/difference-strategic-marketing-marketing-management/

Marketing vs Marketing Management

"Marketing in General" however have a broad definition. In fact, there are many marketing definitions. The better definitions are focused upon market orientation and the satisfaction of customer needs.

"Marketing is the social process by which individuals and organizations obtain what they need and want through creating and exchanging value with others."

Kotler and Armstrong (2010).

"Marketing is the management process for identifying, anticipating and satisfying customer requirements profitably."

The Chartered Institute of Marketing (CIM).Accessed 2012.

"Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large." (Approved October 2007)

American Marketing Association Board of Directors. Accessed 2012.

Marketing Management is defined as:

"The application, tracking and review of a company's marketing resources and activities.
The scope of a business' marketing management depends on the size of the business and the industry in which the business operates. Effective marketing management will use a company's resources to increase its customer base, improve customer opinions of the company's products and services, and increase the company's perceived value."

http://www.businessdictionary.com/definition/marketing-management.html

"Marketing management is the organizational discipline which focuses on the practical application of marketing orientation, techniques and methods inside enterprises and organizations and on the management of a firm's marketingresources and activities."

Wikipedia

[An easy way to differentiate Marketing Management from Marketing is the below example.

Think of Marketing as "Assortment of Chocolates". Marketing Management is "a box organizing the chocolates".

In Forrest Gump, the movie said "Life was like a box of chocolates, you never know what you're gonna get." Life is an assortment of Chocolate. Indeed, Life is bigger than the Chocolate. But life is also all the chocolate added up together. The mechanism which holds up the chocolate is the box. The box presents the chocolates - which is life, in a meaningful way. Imagine a pile of chocolates, a tray of chocolates or a box of well placed chocolates, which one is better? Of course, a box of chocolate.

So, Marketing is like the chocolates, they are in small parts different components of marketing mix, tools, research, etc. The whole is also called "marketing". They are loose parts, essential parts and not so essential parts. They are internal parts - like products (features and benefits) and external parts - like competitors. The way it is best organized is by having some form of system. This is managing the parts in an organised system. Marketing management is this system which holds all that together.]

Ref:

Various definitions from respective sites.

Own account.