What are the Objectives of Marketing?
What are the Objectives of Marketing?
Marketing Management is an amalgamation of all the functions and actions which are necessary to provide optimal customer service to ensure customer satisfaction and loyalty. Thus, the prime focus of marketing management is to achieve the objectives of the business which is to earn profits by ensuring that the customer’s prerogative of high quality product and superior customer service is met. The following are some of the objectives of Marketing.
1. Identify the need for a product/service – Without a clear understanding of the need of the product or the service for the customer, as an organization or as a provider of the product or service, one cannot fathom the mandatory elements and functions that should be present in a product. In order to meet the customer expectations, a clear study of the market has to be undertaken to adequately understand the requirements of the customer in terms of the product or service.
2. Generate desire for the product/service – It is also essential that enough excitement and inquisitiveness is built across the consumer segment and for that effective marketing techniques have to be used. The marketing mix which includes product, pricing, promotion and physical distribution of the product should be drawn with caution and innovative practices should be embraced in order to generate enough interest regarding the product. For example, effective print media and television advertisements, road shows and trade conferences etc. go a long way in generating enough buzz regarding a product at the time its launch.
3. Increase profits for business growth – All efforts of the marketing team in promoting a product or a service should be steered towards generating profits for the business. Focus on the return on investments is a necessity for the marketing team, as the generation of profits is required for future growth and diversification of the business along with sustenance of the current operations.
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Marketing Management is an amalgamation of all the functions and actions which are necessary to provide optimal customer service to ensure customer satisfaction and loyalty. Thus, the prime focus of marketing management is to achieve the objectives of the business which is to earn profits by ensuring that the customer’s prerogative of high quality product and superior customer service is met. The following are some of the objectives of Marketing.
1. Identify the need for a product/service – Without a clear understanding of the need of the product or the service for the customer, as an organization or as a provider of the product or service, one cannot fathom the mandatory elements and functions that should be present in a product. In order to meet the customer expectations, a clear study of the market has to be undertaken to adequately understand the requirements of the customer in terms of the product or service.
2. Generate desire for the product/service – It is also essential that enough excitement and inquisitiveness is built across the consumer segment and for that effective marketing techniques have to be used. The marketing mix which includes product, pricing, promotion and physical distribution of the product should be drawn with caution and innovative practices should be embraced in order to generate enough interest regarding the product. For example, effective print media and television advertisements, road shows and trade conferences etc. go a long way in generating enough buzz regarding a product at the time its launch.
3. Increase profits for business growth – All efforts of the marketing team in promoting a product or a service should be steered towards generating profits for the business. Focus on the return on investments is a necessity for the marketing team, as the generation of profits is required for future growth and diversification of the business along with sustenance of the current operations.
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