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1- How is marketing management both an art and a science? What marketing challenges and opportunities do businesses face today?

2-What are some trends or mega-trends recognized in general or personally in the macroenvironment? Which of these trends or mega-trends should marketers target? Why?

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1. Marketing management can be considered both as an art and a science. Just like Science, marketing management follows generally accepted principles, process, cause and effect relationship, etc. It is also considered an art because just like art, mastery and perfection requires practice, creativity, personal skills and practical knowledge that can be developed through experiences. In order to be successful, the marketing manager needs to learn the knowledge that science can give and the art of applying the knowledge acquired.
According to Dowling, et. al, there are five types of marketing knowledge, namely: marketing concepts, generalizations, structural frameworks, strategic principles, and market-sensing principles. These concepts describe the language of the discipline while the other knowledge types provide the science of the discipline. Marketing is evolutionary therefore, all the knowledge learned are just considered 'best beliefs' rather than absolute truths. The main responsibility of marketing is to attain and retain target customers. In order to attain this, marketers need to practice and master the art of building relationships with their customers so that they can keep them. The marketing manager needs to learn about people relationship and develop the skills in handling different types of personalities. ...

Solution Summary

How marketing management is an art and at the same time a science, marketing challenges and opportunities, trends or megatrends in the macroenvironment. References are included.