What does a market means? 

A market is a place where by parties engage in exchange of goods and services. For exchange to take place there should be at least two parties each having something of value and there should be a medium for exchange to take place. Exchange can take place between two parties but for a competitive market there should be more than one buyer or seller.

Marketing

 It is an art and science of providing appropriate stimulus to get desired response. it is the process of communicating the value of product or service to achieve the purpose of customer attraction or customer retention in turn selling the product.

Management

It is the strategy of using limited resources to provide a desired services or product. it is the combination of two terms efficiency and effectiveness.management is subjective in nature possibility of multiple answers to the same question.

Marketing Management

It is an art and science of creating appropriate stimulus to get a desirable response using the limited resource effectively and efficiently as management is applied to marketing it becomes marketing management . It constitute both art and science. Art is a subjective and science is objective . art is not quantifiable and is different for different person whereas science in quantifiable and it can be measured .

Why to study marketing management ?

Since marketing management deals with appropriate stimulus which may not be percepted uniformly by all, study of marketing management is necessary so that the relationship between stimulus and response can be studied. stimulus and response is a cause and effect relationship. a stimulus can be appropriate for one but may not be same for other. that's why filter comes into picture. filter is a interpretation of stimulus. human behavior depends on learning which may differ from person to person hence for same stimulus there may be different filters and different response. So  we need to study marketing management to enhance our ability to identify those filters.

Marketing Mix

It is a business tool used in marketing by the marketers.It is critical in determining brand offers or product.The optimization of marketing mix depends on one's ability to identify filters. It is related to four points

                                                            

 a)Price: The amount a customer pays for the product.The price is very important as it                                determines the company's profit and hence survival.

                                   

  b)Promotion: All of the methods of communication that a marketer may use to provide information to different parties about product . Promotion comprises elements such as advertising public relations ,sales organisation & promotion.

                                   

 c)Product: A product is seen as an item that satisfies what a consumer demands.

                                     
d)Place:  Refers to providing the product at a place which is convenient for consumers to   
                     access.

                                     Thank you !!