What are Marketing Objectives?
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August 20, 2018 at 7:18 am #16515
What are Marketing Objectives?August 20, 2018 at 7:19 am #16516
According to American Marketing Association, ‘Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.’
Philip Kotler defines marketing as, ‘marketing is about Satisfying needs and wants through an exchange process.’
There are various objectives for marketing and some of them are-
a) Market Share- A company working in any industry will want to have a good market share of its product. A company with a very less market share would find hard to survive in the market, thus the company needs to gain their market share from their competitors.
b) Brand Recognition- Company wants to establish a brand image in the market so that the customer can differentiate their product from the competitors. Brand recognition becomes very important at the time when there is no difference between the two company’s product. It is just the brand image of the company in the eyes of the customer, which induces them to buy that particular product.
c) Customer Satisfaction- Customer is the kingpin of the market for the company. The company can survive only by satisfying their customers so it becomes a major task for them to satisfy their customers. Marketing activities help the company in satisfying the customers.
d) Customers Retention- A company would never want a customer for just one time. They would want to have them every single day, week, or month. Therefore, the company tries to keep their customers with them through different marketing strategies.
e) Distribution- Company operating in India would always want the people of the United States to buy their products. Distribution channels must be effective for the company and the team of marketing decides it.
f) Market Development- Marketing helps the company in providing insights related to different market segments. The company cannot earn much if they will keep working in one market. Thus, marketing development is one of the important objectives of the marketing.
g) Quality- Quality of the product at a low price can keep the customers with the company. Otherwise, quality-oriented customers would refuse to buy it next time. Thus, marketing activity helps in keeping the standard quality of the product.
h) Price Sensitive- Company may find different ways to charge a higher price to customers who are ready to pay high price and low price to the price-sensitive customers. For example, yield management and revenue management are common strategies for selling inventory at the highest possible price.
i) Promotion- Marketing helps in promotion of the product. Marketing department offers various promotional techniques to the company, which ultimately leads to an increase in sales.
j) Customer Relationships- Marketing helps in maintaining a cordial relationship with the customers of the company.
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