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August 25, 2017 , , , , , , , ,


What Is Management According To Kotler?
"Marketing management is 'the art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value' (Kotler and Keller, 2008: 5)."

 The concept reviews the process used to determine what products or services may be of interest to customers and the strategy to use for marketing mix. It also explores the process of understanding, creating and delivering value to targeted business markets and customers.

Marketing Management Definition


 Marketing is the process used to determine what products or services may be of interest to customers and the strategy to use in sales, communications and business development (Kotler et al. 1996). The American Association of Marketing define marketing management as the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services in order to create, exchange and satisfy individual and organisational objectives (Grönroos, 1989).

 Management is the process of reaching organizational goals by working with and through people and other organizational resources.

 Management has the following 3 characteristics:
It is a process or series of continuing and related activities.
It involves and concentrates on reaching organizational goals.
It reaches these goals by working with and through people and other organizational resources.


MANAGEMENT FUNCTIONS:
The 4 basic management functions that make up the management process are described in the following sections:

PLANNINGORGANIZINGINFLUENCINGCONTROLLING

PLANNING:


 Planning involves choosing tasks that must be performed to attain organizational goals, outlining how the tasks must be performed, and indicating when they should be performed.

 Planning activity focuses on attaining goals. Managers outline exactly what organizations should do to be successful. Planning is concerned with the success of the organization in the short term as well as in the long term.

ORGANIZING:
Organizing can be thought of as assigning the tasks developed in the planning stages, to various individuals or groups within the organization. Organizing is to create a mechanism to put plans into action.

 People within the organization are given work assignments that contribute to the company’s goals. Tasks are organized so that the output of each individual contributes to the success of departments, which, in turn, contributes to the success of divisions, which ultimately contributes to the success of the organization.

INFLUENCING:
Influencing is also referred to as motivating,leading or directing.Influencing can be defined as guiding the activities of organization members in he direction that helps the organization move towards the fulfillment of the goals.

 The purpose of influencing is to increase productivity. Human-oriented work situations usually generate higher levels of production over the long term than do task oriented work situations because people find the latter type distasteful.

CONTROLLING:
Controlling is the following roles played by the manager:

 Gather information that measures performance
Compare present performance to pre established performance norms.
Determine the next action plan and modifications for meeting the desired performance parameters.
Controlling is an ongoing process.
Download Kotler Markeeting Management Book
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August 24, 2017 , , , , , , , ,



What is 'Marketing'

Marketing are activities of a company associated with buying and selling a product or service. It includes advertising, selling and delivering products to people. People who work in marketing departments of companies try to get the attention of target audiences by using slogans, packaging design, celebrity endorsements and general media exposure.

BREAKING DOWN 'Marketing'

Marketing is everything a company does to acquire customers and maintain a relationship with them. Even the small tasks like writing thank-you letters, playing golf with a prospective client, returning calls promptly and meeting with a past client for coffee can be thought of as marketing. The ultimate goal of marketing is to match a company's products and services to the people who need and want them, thereby ensuring profitability.
The four P's of marketing are product, place, price and promotion.

 Product refers to an item or items a business intends to sell. When examining a product, questions should be asked such as, what product is being sold? What differentiates the product from its competitors? Can the product be marketed with a secondary product? And are there substitute products in the market?

 Price refers to how much the product is likely to cost. When establishing price, considerations needs to be given to cost the unit cost price, marketing costs and distribution expenses.

 Place refers to distribution of the product. Key considerations include whether the product is going to be sold through a physical store front, online or made available through both distribution channels?

 Finally, promotion refers to the integrated marketing communications campaign. Promotional activities may include advertising, personal selling, sales promotions, public relations, direct marketing, sponsorship and guerrilla marketing. Promotions are likely to vary being dependent on what stage of product life cycle the product is currently in. Marketers must be aware that consumers associate a product’s price and distribution with its quality, and would be prudent to take this into account when devising the overall marketing strategy.


Online Marketing

As of 2015, approximately 70% of U.S. adults shop online at least monthly, and 33% are thought to shop online every week. Online sales in the United States are expected to increase from $335 billion in 2015 to $523 billion in 2020, a staggering rise of 56%. Taking these statistics into consideration, it is vital for marketers to utilize online tools such as social media and digital advertising, both on website and mobile device applications, as well as internet forums. Considering an appropriate distribution channel for products purchased online is also an important step in the process. Online marketing is a critical element of a complete marketing strategy.
There are many different definitions of marketing. Consider some of the following alternative definitions:
“The all-embracing function that links the business with customer needs and wants in order to get the right product to the right place at the right time”

 “The achievement of corporate goals through meeting and exceeding customer needs better than the competition”

 “The management process that identifies, anticipates and supplies customer requirements efficiently and profitably”

 “Marketing may be defined as a set of human activities directed at facilitating and consummating exchanges”

 Which definition is right? In short, they all are. They all try to embody the essence of marketing:
Marketing is about meeting the needs and wants of customers; Marketing is a business-wide function – it is not something that operates alone from other business activities; Marketing is about understanding customers and finding ways to provide products or services which customers demand

Download Markeeting Management 13th Edition

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August 24, 2017 , , , , , , , ,


Peter Drucker


Peter Drucker is world-renowned for his innovative thinking in the ways of business management. His work turned management theory into ...

 Peter Drucker is world-renowned for his innovative thinking in the ways of business management. His work turned management theory into a serious discipline among sociologists and he participated in nearly every aspect of management theory development. The practice of business ethics and morals was at the top of the list of the many elements of business management Drucker found important. This guide will introduce you to aspects of Drucker's theories and the organizational results of his life's work.
MBO

 MBO stands for Management by Objectives, a phrase coined by Peter Drucker in his book "The Practice of Management," published in 1954. MBO measures the performance of employees as compared to typical standards for the job. The belief is that, if employees help determine those standards, they will be more likely to fulfill them. 
SMART Method

 Drucker's SMART Method is a means of checking to make sure an objective is valid. Managers carried out this verification by using the SMART acronym to make sure the objective is specific, measurable, achievable, realistic and time-related. 
Knowledge worker

 "Knowledge worker" is one of the many terms coined by Drucker within his management theories. By the measure of today's society, a knowledge worker is equivalent to the executive of a company. 
Decentralization

 Drucker was a believer in decentralization of management. He saw that many leaders try to take on everything in a demonstration of power or a means of maintaining control, under the assumption that only they can accomplish a task correctly. Drucker believed that managers should delegate tasks in order to empower employees. 
School of Management

 Peter Drucker came on as staff at Claremont Graduate University in California in 1971, when he began constructing one of the nation's first executive MBA programs for working professionals. In honor of his work, the university named its management school after him in 1987. Later, his Japanese friend and businessman received the same honor, resulting in the Peter F. Drucker and Masatoshi Ito Graduate School of Management. 
Claremont Graduate University's School of Management.
Drucker Institute

 More than 100 followers of Drucker's management theories tried to determine his legacy following his death in 2005. Thus began The Drucker Institute.
The Peter Drucker theory of management is a series of founding principles that reflect the importance of modern management objectives ...

 The Peter Drucker theory of management is a series of founding principles that reflect the importance of modern management objectives in today's society. The Peter Drucker theory reflects the significance of organizational environments and the ability of managers to work collectively with their employees to initiate change and progress. Peter Drucker and management are essential to the evolution and growth of today's small and large businesses.

 The Peter Drucker management theory is essential to the social and organizational aspects of modern management processes. Drucker's theory reflects many timely aspects of organizational management, including flexible hours, virtual processes, and team building exercises. The Peter Drucker management theory addresses knowledge management and the ability of workers to share information effectively.

 1. The management theory of Peter Drucker addresses unique designs for the future of business management.

 2. Inventing management is one of Peter Drucker's most influential principles.

 3. A knowledge society reflects the significance of information sharing in today's small and large organizations.

 Support the Drucker theory through organizational change management

 There are a number of courses and products available that support the Peter Drucker theory of the knowledge worker. These offerings enable employees and leaders to adapt effectively to change within the workplace, and to clearly understand the role of the knowledge worker in today's society. 

 Purchase books the describe the management theory of Peter Drucker for your organization

 Peter Drucker's principles are expertly conveyed in a series of books that describe the steps to becoming a successful employee or manager within an organization. These books are designed for organizations to reflect upon their own strengths and weaknesses in order to improve organizational outcomes. 
Utilize the theories of Peter Drucker through executive training opportunities

 Many organizations offer executive training opportunities that capture the essence of Peter Drucker's primary theories summarized in The Effective Executive. Executive coaches work hands-on with executives to develop the tools that are necessary for success and longevity in the workplace. 
Develop a series of workplace principles that emphasize the theories of Peter Drucker. Develop an understanding of how managers and executives may benefit from the development of a knowledge society within a given workplace environment.

Download Management By Peter Drucker

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August 24, 2017 , , , , , , , ,



What is Management?



 Management is essential for organized life and necessary to run all types of management. Good management is the backbone of successful organizations. Managing life means getting things done to achieve life’s objectives and managing an organization means getting things done with and through other people to achieve its objectives.

 Whether management is an art or science, will continue to be a subject of debate. However, most management thinkers agree that some form of formal academic management background helps in managing successfully. Practically, all CEO’s are university graduates. Hence, the reason for including business degree programs in all academic institutions.

 Management is a set of principles relating to the functions of planning, organizing, directing and controlling, and the application of these principles in harnessing physical, financial, human and informational resources efficiently and effectively to achieve organizational goals.

Definition of Management


 Many management thinkers have defined management in their own ways. For example, Van Fleet and Peterson define management, ‘as a set of activities directed at the efficient and effective utilization of resources in the pursuit of one or more goals.’

 Megginson, Mosley and Pietri define management as ‘working with human, financial and physical resources to achieve organizational objectives by performing the planning, organizing, leading and controlling functions‘.

 Kreitner’s definition of management:

 ‘Management is a problem solving process of effectively achieving organizational objectives through the efficient use of scarce resources in a changing environment.’

 According to F.W. Taylor, ‘Management is an art of knowing what to do, when to do and see that it is done in the best and cheapest way‘.

 According to Harold Koontz, ‘Management is an art of getting things done through and with the people in formally organized groups. It is an art of creating an environment in which people can perform and individuals and can co-operate towards attainment of group goals.‘

 A leader has certain inherent qualities and traits which assist him in playing a directing role and wielding commanding influence which others. Leadership is an integral part of management and plays a vital role in managerial operations, while management is an integral component of technical as well as social processes. The practice of management is as old as human civilization. However, the study of management in a systematic and scientific way as a distinct body of knowledge is only of recent origin.

 Management in some form or another is an integral part of living and is essential wherever human efforts are to be undertaken to achieve desired objectives. The basic ingredients of management are always at play, whether we manage our lives or our business.

 For example, let us look at the managerial role of a simple housewife and how she uses the managerial ingredients in managing the home. First, she appraises her household and its needs. She forecasts the needs of the household for a period of a week or a month or longer. She takes stock of her resources and any constraints on these resources. She plans and organizes her resources to obtain the maximum benefits out of these resources. She monitors and controls the household budget and expenses and other activities. In a large household, she divides the work among other members and coordinates their activities. She encourages and motivates them to do their best in completing their activities. She is always in search for improve, mention goals, resources and in means to attain these goals. These ingredients, generally, are the basic functions of management.

 Management can be defined in detail in following categories :

    Management as a Process    Management as an Activity    Management as a Discipline    Management as a Group    Management as a Science    Management as an Art    Management as a Profession

The concept of management is as old as the human race itself. The concept of ‘family’ itself required that life be organized and resources of food be apportioned in a manner so as to maximize the utility of such resources. Taking proper steps to safeguard the family from attacks by wild animals, planning on where to go fishing and hunting and whom to go with, organizing these groups into chiefs and hunting and fishing bands where chiefs gave directions, and so on, are all subtle ingredients of management and organization.

 A study of various people around the world shows good examples of organizational structures and organizational evolution over the years. A village open market in a tribe and a large department store in a modern city serve the same needs in a similar fashion, which is putting things together that people need. While the tribal organization was simple in nature, the modern organization is much more sophisticated and complex with many technological innovations. However, the basic form of management and organizational structure seem to have existed since the beginning of organized human activity.
Even the recorded history shows the application of some current management techniques as far back as 5000 BC., when the ancient Sumerians used written records in assisting governmental operations. The Egyptian pyramids, built as early as 3000 BC., required the organized efforts of over 1,00,000 workers. It would be natural to assume that all functions of modern management, namely, planning, organizing, directing and controlling played a significant role in the construction of these monuments. Similarly, the early civilization of India bears witness to organized living.

 Management, as a system, is not only an essential element of an organized society, but also an integral part of life when we talk about managing our lives. Managing life is not much different from managing an organization and this ‘art’ of management has been with us from time immemorial. Just as a well managed life is much better organized, goal oriented and successful, ‘good’ management of an organization makes the difference between the success and the failure of the organization.

 Perhaps, the importance of management was highlighted by the late President of United States, John F. Kennedy when he said that, the role of management in our society is critical in human progress. It serves to identify a great need of our time: to improve standards of living for all people through effective utilization of human and material sources.

 Similarly, Peter F. Drucker, a noted management authority has emphasized the importance of management to social living. He proclaimed nearly 25 years ago that, ‘effective management was becoming the main resource of developed nations and that it was the most needed resource for developing nations.’

 A manager’s job is highly crucial to the success of any organization. The more complex the organization, the more crucial is the manager’s role in it. A good manager makes things happen. The importance of management in any organization was emphasized by Professor Leonard R. Sayles in his address to a group of management development specialists, as follows:

 ‘We must find ways of convincing society as a whole, and those who train managers in particular, that the real leadership problems of our institutions-the getting things done, the implementation, the evolving of a consensus, the making of the right decisions at the right time with the right people is where the action is. Although we as a society haven’t learned to give much credit to managers, I hope we can move toward recognizing that managerial and leadership jobs are among the most critical tasks of our society. As such, they deserve the professional status that we give to more traditional fields of knowledge.’

Download Management 11th Edition By Stephen P Robbins

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