Management is the direction of a group’s efforts towards the achievement of its goals. The group may be an association of individuals with a purpose such as a business. Management is also a collective term for those people who direct other people. Individually they are called managers or in other enterprises they are called executives.

Managers have the power and authority to make and enforce rules. They also usually have responsibility i.e. their success or failure as managers is judged by a higher authority. The individuals whose efforts are directed by a manager are the manager’s subordinates. To exert authority effectively and carry out their responsibilities, managers must have leadership, the ability to make a group perform effectively to achieve a goal.

Four specific functions common to all management activities are planning, organizing, motivating and coordinating, and controlling. Goals and the policies that are used as guides in achieving them must be determined and constantly reviewed by the management. A system of authority and responsibility must be set up and maintained. Management must direct the group at all times by exercising leadership. The relationship of individuals and activities within the group must be arranged for greatest efficiency. The accomplishments of the group must be critically examined by management, and corrections and improvements made when found necessary.

Doing a successful marketing campaign requires a great deal of information about customer demands, about transportation and storage facilities, and about competing producers in the industry. The systematic collection and analysis of information to aid decision-making and planning in any aspect of the market is called marketing research.

Market research covers many areas of inquiry. Market analysis involves determining the number and location of potential customers for a product. Sales research employs analysis of a company’s past sales records in order to aid sales planning. Consumer research is concerned with determining attitudes, reactions, and preferences of customers. Advertising research attempts to determine how advertising can be best used to influence consumers to buy.

Marketing research may be conducted by members of the marketing department of a manufacturing firm or by outside agencies. Some advertising agencies have special departments that do marketing research for clients. There are also firms whose business is entirely in marketing research.

A marketing research firm may specialize in only a certain type of marketing problem or research technique. One firm, for example, may only test the effectiveness of particular advertisements. Another firm may deal with any type of marketing question, but use only public surveys for getting information.