Q.9. Give the objectives of marketing management.
Ans. Objectives of Marketing Management: The objectives of marketing management are as follows:
1. Satisfying Customer’s Needs and Wants: Marketing managers should carefully determine the needs and demands of the customers in order to satisfy them with their products and services. The process of marketing management is customer-oriented and all its marketing activities revolve around customers.
2. Increasing the Business Profitability: The marketing department is the main source of income for the organization. The productivity and profitability of the marketing department ensure the long-term survival and success of the organization. So, profit-making is one of the major aims of marketing management which can be guaranteed through high sales volume.
3. Managing the Marketing Mix: The marketing mix refers to the association of four basic elements of marketing, i.e. product, price, place and promotion. Marketing management helps to effectively plan and implement these elements in the most appropriate manner to meet customer demands.
4. Creating New Customers: The prime objective of a marketing manager is to build new customers for the company’s product. Managers use different techniques such as advertisement, sales promotion, etc. to attract new customers. This objective helps in increasing the sales of the organization.
5. Enhancing the Standard of Living: Another key objective of marketing management is to enhance the living standards of people. Therefore, marketing involves various innovative techniques and marketing research so as to introduce a wide range of goods and services to the consumers.