According to marketing guru, Phillip Kotler, the mantra of marketing is creating, communicating and delivering Value to the Target market at a Profit.
Creating value for the product or service is called product management. Product management is creating or innovating products or services. For example P&G decided to make some funny thing on each Pringle (a potato chip), the scientist could not find a solution internally until they discovered cookie maker in Italy who printed funny things at his cookies. This is called open innovation or open technology used for product management which means ideas are taken from where ever the companies can.
Communicating the value is called branding or brand management. Brand managing or brand building means packaging a product or service. Branding means communicating a promise to the customer, creating excitement and interest about the product and differentiating it from the rest. The brand represents the company for what it stands for and inspires everything that the company does or acts. Brand comprises of an emotional element generally aiming for mind share and heart share of the customer. There is new direction now aiming for the spirit share of the customer. It is a share of something that’s little more than narrow to one’s own interest .It is about being caring and is appreciated for intending to care about the shape of the world. So according to Phillip Kotler creating an emotional relationship is more than limited to the persons own nurturing his or her ego.
Delivering value to the target customer is called customer management. Simply sending direct mails or messages to a database of customers is not customer management. Dealing with customer requires meeting/actually communicating with the customers and knowing them really beyond the data base. Customer database is best utilized to get help from the customer for co- creating product and the advertisement for the company. You are delivering value to customers when they are finding your products and services are seen as a great choice and good value for money/time.
So an effective functioning of Product management, Brand management and Customer management can give desired results.