Management of marketing activities and campaigns in order to achieve the desired marketing objectives is termed as marketing management. It involves planning of strategies & their implementation, monitoring & controlling of activities and directing the staff members to achieve the intended goals of marketing. There are different objectives for marketing management. The top five objectives of marketing management are listed below:
1. Demand creation
Every business works to fulfill the demands of the customers. So, marketing management should aim at creating demands. Generally, it is believed that customer needs are never-ending. The customers come up with new needs as soon as the previous needs are satisfied. So, in order to create demand, old needs should be fulfilled.
Furthermore, customer needs and preferences changes with time. Thus, a marketing manager must be abreast of current customer preferences and customer needs. He must then strive to satisfy customer needs by the production of required products.
2. Augment market share
Market share refers to the percentage of customers a business holds among all the customers in the sector. The success of a business depends upon the percent of the market share that it has acquired among its competitors.
In this homogeneous market, every firm competes with others to increase its market share by attracting customers thereby increasing its sales. This is achieved with the help of effective marketing. Apart from this, better customer care services, attractive advertisements, enhanced promotional activities, consumer-friendly prices, etc are some of the strategies that must be adopted to enhance market share.
3. Customer Satisfaction
Customers are at the core of every business and marketing is customer-oriented. It begins before the production and it continues even after the sale of products to surf through the customer’s reactions.
Every marketing manager must strive to satisfy his customers at an optimal level. Providing the right product to the right customer in the right time and at the right place is very necessary for customer satisfaction. Moreover, customer satisfaction is imperative in the long run as it becomes difficult for a company to sustain if it fails to satisfy its customers.
4. Profitability
Profits are essential for the successful run of a business. An enterprise must earn profits on a regular basis as that will affect the bottom line of business. It is through effective marketing management that business enhances its profitability through demand creation and by augmenting the market share.
5. Creation of Goodwill
Creating brand awareness is essential to enhance the sales of a business. That is why it essential for a business to create sound public image and reputation. This is among the top objectives of marketing management.
Effective marketing management ensures that quality goods are provided to the customers at a reasonable price. This helps in creating a positive image of the company in the customer’s mind and it attracts more potential customers.
These were the core objectives of marketing management. Every marketing manager must be well-versed with these objectives and he should have the acumen to create effective strategies. At MIT School of Distance Education (MIT-SDE) we offer PGDM and PGDBA courses in Marketing Management to create experts marketing managers. We update the syllabus regularly to sync with the industrial scenario. We train future market managers in such a way that they immediately get absorbed in the industry after the completion of course. Our study material is prepared by the industry experts which ensures that candidates are familiarized with industry-specific concepts. So, enroll for our job-oriented management courses and enhance your employ-ability skills.