The deviations are then identified and corrective action is undertaken. Marketing management performs the function of controlling of marketing activities. Competitors’ prices typically estab­lish significant limits to the range of choice, but there is usually some discretion. The best way to understand marketing is to visualize it as a practise that marketing firms undertake while working with markets. Not only must a number of products be priced, but if a marketing channel other than direct-to-user is employed, consideration must often be given to the prices set at each level of the marketing channel. Deviations are possible due to a variety of factors. There are two primary methods in conducting a marketing research. Since it has a wide coverage involving all factors required to satisfy customers, marketing management must be all-pervasive and part of every employee’s scope of work, from the subordinates to those in the higher management. Essentially, marketing planning is about determining strategy that requires detailing the steps that would be undertaken to achieve the set marketing goals. This led to a change in business orientation and product concept came into existence. It looks after the marketing system of the enterprise. The product concept ignores the role of other marketing activities. Second, understanding of marketing management will permit a better grasp of the role of marketing in economic development, which many countries are so earnestly seeking. Marketing management is a broad scope of the study of marketing focusing on the practical application of the techniques and marketing activities of a certain company or business. With marketing research, a company is able to gather the data necessary for accurate market analysis. The setting of marketing goals and objectives, 4. Marketing management helps to increase profit and sales volume. The ideas contained in these concepts give rise to different cultures in terms of how business is conducted with consumers. Ford’s Model T was among the early cars that was manufactured on an assembly line, which reduced the car’s production cost by efficiencies in production processes. First, people who could buy the product must be made aware and be informed about its superiority. Marketing opportunities are influenced by marketing environment, competition, government policies, mass-media, consumerism, public opinion, distribution structure, etc. The marketing concept which is also called the modern marketing concept as practised by most of the firms in the present situation is actually a combination of all the other concepts. This improves quality of life and makes life of consumers easier than before. Their survival does not depend on repeat business from the same customer. A market is a place or space that is made up of all present or potential buyers. The production concept was common to firms during the early period of industrialization when different products were born. Marketing management collects and analyses information related to consumer’s needs, wants and demands, competitor’s marketing strategies, changing market trends and preferences. “Promotion” is also often used in the trade literature in a restricts sense of special pricing arrangements to retailers and consumers. Controlling is a managerial function concerned with comparison of actual performance with the standard performance and locating the shortcomings if any, finally corrective measures are taken to overcome the shortcomings. Once the company has full information regarding marketing opportunities, they can formulate marketing strategies in the form of dynamic action-oriented formal plans to achieve mission, goal, and objectives. It has to implement marketing programme and evaluate continuously the effectiveness of marketing-mix. INTRODUCTION TO MARKETING MANAGEMENT 1. The art of marketing management is the effective adaptation of these elements to the uncontrollable in the marketing environ­ment so as to optimize the company’s welfare. Thoroughly knowing a company's current market, setting realistic goals and targets, developing new market penetration strategies and implementing effective marketing plans … The following are the features of marketing concept (modern marketing concept, integrated marketing concept, customer orientation): i. Pricing decisions are based on cost of the manufacturing and distribution of product, competitor’s pricing strategies, customer’s willingness to pay for the product, customer’s perception about the product.