Objectives of Marketing Management
Management is the process of getting things done through other people. Following are the five key objectives of marketing management:-
Generate customer base
The responsibility of the marketing manager is to attract new customers and retain old customers for the business enterprise. Thus, to create product awareness among people many promotional activities viz. advertisement, distribution of samples, display of goods, etc. are carried out, which in turn increase sell of goods and services and generate profit for the firm.
The basic priority of the modern marketing is the satisfaction of the customer (or consumer). Thus, the marketing manager scientifically studies the needs and demands of the customers before offering them any goods or services. Here, satisfying customers does not simply mean matching products with customers’ needs. It also requires regular supply of goods and services of reasonable quality at fair prices.
The purpose of business activity is to increase its market share i.e. the ratio of its sales to the total sales in the economy. For this, companies may adopt all means of sales promotion viz. discounts, sales promotion, gifts, gift coupons, etc. to create awareness of its product in the market.
Without earning profit, no firm can survive in the market. Thus, profits are also needed for the growth and diversification of the firm. Hence, for maximization of profit, the marketing manager tries to satisfy the needs and wants of customer and maintains the regular supply of goods and services at fair prices.
Earn goodwill for the business
To build up the public image of the firm, the marketing management provides good quality products to the customers at reasonable rates and thus creates its positive image among the customers. The role of marketing manager is to sustain and raise the goodwill of the business through sales promotion, publicity, advertisement, high quality and reasonable prices of products, convenient distribution outlets, etc. If a firm enjoys goodwill in the market, it would increase the morale of its’ sales-force, which in turn increases profit.
Increases living standard among people
The marketing management attempts to increase the quality of life of the people by providing them better goods and services at reasonable rates. It facilitates production and distribution of a wide variety of goods and services for use by the customer.