Objectives of Marketing Management
Marketing management is concerned with those activities which are necessary to determine and satisfy the needs of customers so as to achieve the objectives of business. Thus, the basic goal of marketing management is to achieve the objectives of the business. A business aims at earning reasonable long-term profits by satisfying the needs of customers. In the light of this statement, we may state the objectives of marketing management as follows:
1. To create customers for the business. The marketing manager must attract customers to buy the firm’s products and services. This will facilitate increased sales. New customers may be attracted through advertisement and sales promotion activities such as distribution of samples, display of goods, etc.
2. To satisfy the needs of the customers. The marketing manager must study the demands of customers before offering them any goods or services. Selling the goods or services is not that important, as the satisfaction of the customer’s needs. Modern marketing begins and ends with the needs of customers.
3. To determine marketing-mix that will satisfy the needs of the customers. Product, pricing, promotion and physical distribution should be so planned as to meet the requirements of different kinds of customers.
4. To generate adequate profits for the business. The marketing miry rekey tizzy.
Sufficient profits must be earned as a result of sale of want-satisfying products. If the firm is not earning profits, it will not be able to survive in the market. Moreover, profits are also needed for the growth and diversification of the firm.
5. To earn goodwill for the business. To build up the public image of firm over a period is another objective of marketing. The marketing department provides quality products to customers at reasonable prices and thus creates its impact on the customers. The marketing manager attempts to raise the goodwill of the business by initiating image building activities such as sales promotion, publicity and advertisement, high quality, reasonable price, convenient distribution outlets, etc. If a firm enjoys goodwill in the market, it will increase the morale of its sales-force. They will show greater loyalty and will develop a sense of service to the customers. This will further enhance the reputation of the business.
6. To raise standard of living of the people. Marketing management attempts to raise the standard of living of the people by providing them better products at reasonable prices. It facilitates production and distribution of a wide variety of goods and services for use by the customer.
