Objectives of Marketing
Objectives of marketing
After understanding the characteristics of marketing it would be easier for you to understand the Objectives of marketing. The main Objectives of marketing are as follows-
• Creation of demand- A business firm can sell goods and services only when there is customer willing to buy them. Therefore, creation of demand is one of the most important objectives of marketing. Marketing finds out the needs and preferences of customers. Hen advertising, personal selling, sales promotion and other methods are used to create demand and persuade customer to buy.
• Customer satisfaction- Modern marketing is customer oriented. All marketing activities begin with and end with customers. The focus is on selling satisfaction rather than selling one particular product or service.
• Market share- Every business firm seeks to have a reasonable share of the total demand. In a competitive market, aggressive selling efforts are necessary to make products and services popular. Good quality goods are offered at reasonable prices to capture a large share in the market.
• Profitability and Growth- Marketing is futile if the company doesn’t achieve profitability and growth. So another important objective of marketing is attaining growth and increasing profitability. It seeks to achieve long term goals of profitability and growth by satisfying the wants of customers. In order to survive and grow, a good business must create and satisfy customers. If the customers are not satisfied, business will fail to earn and survive. Therefore modern marketing begins and ends with customers.
• Goodwill- Marketing aims at building the reputation of the enterprise over a time. The enterprise attempts to earn a name for itself and build its position in the market by selling quality products at reasonable prices, and through efficient after sales services. An enterprise with good goodwill can easily survive in a competitive market so Goodwill is one of the important objectives of marketing which can never be neglected.
• Standard of Living- Modern marketing aims at improving the living standards of people by providing a wide variety of products and services. Marketing improves the standard of living of common man by supplying new and better quality products. Marketing benefits the society by creating employment opportunities.
These are the basic objectives of marketing which all enterprises strive hard to attain. All the objectives of marketing are important and failure to achieve any of the objectives of marketing can lead to the failure of the business.