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Objective of Marketing Management

The chief objective of business has always been to earn profits by satisfying the needs and wants of consumers. Marketing management plays an important role in this direction by product planning and development and their value exchange. The main objectives of marketing management in light of the overall objectives of the business are as under:-

Creation of demand: - Marketing tries to create demand by attracting new customers through advertisement, personal selling, sales promotion etc. A business enterprise first identifies the needs and wants of the consumers and then produces and supplies them the goods of their liking. It helps in create demand

Market share: - Marketing also aims to increase the market share by following aggressive selling techniques, i.e. advertisement, personal selling, etc., necessary to survive in the competitive environment.

Profitability and growth: - The long-term objective of marketing is to increase profits by satisfying the needs and wants of the consumers is an essential aspect of marketing for enhanced profitability and growth of the business.

The increase in goodwill: - Marketing function is also helpful in increasing the goodwill of a business. It provides quality goods at a reasonable price to customers and satisfies their needs. It also undertakes adverting sales promotions, which creates the enterprise's image among the people.

Satisfaction of needs and wants of customers: - Another essential trait of marketing is to satisfy the customers' needs. For this purpose, a marketing manager undertakes marketing research projects to identify the needs and wants of the customers thus, marketing begins and ends only with one objective, i.e. satisfaction of customers.

Standard of living: Marketing aims to increase the standard of living of the people by satisfying their needs through:

  • Providing them with a large variety of goods and services.

  • Supplying new and better quality goods.

  • Creating employment opportunities.

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