Q.
a) Define 'Marketing Management' within the property marketing context. (5 marks)
b) Elaborate four (4) alternative concepts or marketing philosophies under which organizations carry out their marketing strategies. (20 marks)
(25 marks, 2017 Q1)
A.
a) Definition of Marketing Management
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The American Marketing Association offers this managerial definition: Marketing (management) is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational goals.
From Wikipedia the definition of Marketing Management is
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 marketing resources and activities.
Market orientation is a company philosophy focused on discovering and meeting the needs and desires of its customers through its product mix.
Marketing Management in property marketing is a focus effort in making practical application of marketing mix, techniques and methods within the property company (mostly developers) to utilize its resources and carry out its strategic promotions to market its properties (products) to satisfy the needs of the target audience - the property buyers and investors.]
Ref:
Wikipedia
American Marketing Association
Investopedia
[x] Own account.
b) 4 marketing philosophies
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1. The Production Concept
2. The Product Concept
3. The Selling Concept
4. The Marketing Concept
5. The Societal Marketing Concept
Any of the 4 above are marketing philosophies that can be used to answer this question.
Abdul Hamid, Mar Iman (2002) An Introduction to Property Marketing. Penerbit UTM. Page 22.