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Marketing management.

Management, by definition, is a function of planning, organizing, coordinating, directing and controlling. Any managerial systems at any managerial level, is characterized in terms of these general functions Management is revealed in a variety or Specific activities. Marketing management refers to a broad concept covering organization of production and sales of products, which is based on consumer requirements

research. All companies must look beyond their present situation and develop a long-term strategy to meet changing conditions in their industry. Marketing management, therefore, consist of evaluating market opportunities, selecting markets, developing market strategies, planning marketing tactics and controlling marketing results.

Strategic planning includes defining the company's long-term as well as specific objectives, such as sales volume, market share, profitability and innovation, and deciding on financial, material and other resources necessary to achieve those objectives.

In problems of market selection and product planning one of the key concepts is that of the Product Life Cycle. That products pass through various stages between life and death (introduction—growth — maturity— decline) is hard to deny. Equally accepted is the understanding that a company should have a mix of products with representation in each of these stages. Companies can make far more effective marketing decisions if they take time to find one where each of their products stands in its life cycle.

However, the concept of the product life cycle seems frequently forgotten in marketing planning, which leads to wrong decision-making. This may well be seen in the following story.

A supplier of some light industrial equipment felt that the decline in the sales of his major product was due to the lad that it was not receiving the sales support it deserved. In order to give extra sales support to this problem case a special advertising campaign was run.

Review exercises.

I. Translate into Ukrainian.

1. To settle the problem of the engine weight they improved some of its parts. 2. The internal combustion engine to be used in this lorry is of a new design. 3. The road surface to be repaired was destroyed many years ago by heavy vehicles. 4. Goods to be transported to the north are stored at the railway station. 5. The main step to take is to settle the problem of city transport at peak hours. 6. The results to be received may vary considerably. 7. He remembered at once to have been living in the Crimea when he was a child. 8. He was too tired to be asked any questions. 9. England looks like one well ordered park. Englishmen like to preserve various old trees. There are some trees which were even too old to be cut for building ships in the seventeenth century. 10. The first step in the perfection of the internal combustion engine was made by N. Otto. He introduced the four-stroke cycle of operation, a principle used in most petrol and diesel engines today.

11. A high speed electronic machine has introduced great changes in carrying out various mathematical calculations. This electronic machine works ac­cording to a programme to be prepared in advance and can carry out several thousand arithmetic operations per second. 12. The invention of the car wheel led to the development of two-wheeled carts at first and then to four-wheeled carriages.