Marketing drives a business. Without marketing, a business will be stagnant and perhaps die eventually. That’s why marketing is crucial in today’s economy. It not only serves in the field of sales and increasing the revenues but it also takes an active role in identifying the customer base and what they want.
Following are the few basic objectives of marketing management
- Demand creation – Marketing isn’t only about selling products. It also takes into account of studies of the demography to spot what people wants. Also in micro levels, what type of people wants what products. Based upon this, different quality of the same product could be made which will address the need for different people based on their needs.
- Customer satisfaction – Customer satisfaction is an important part of marketing in today’s economy. Unless you could satisfy a customer, the business doesn’t hold any importance as without customer satisfaction, no business can run for a long time. Various researches have been made to identify what the customer wants and hence addressing their issues could be the first step to satisfying their needs.
- Market share – Market share of a business is to increase its percentage of the share based upon products with a comparison to the whole market. This market share is very important to each company or organization and hence they innovate different ways to increase the share. In the end, the customer is at a beneficial position as they can buy a better product at cheaper costs.
- Generation of profit: marketing also has an important aspect in the generation of more revenues. As marketing makes the products more penetrate into people’s life, the awareness that brings with it could increase the demand and hence can Garner more revenues than ever before. The sole aim of marketing is to increase the brand awareness so that more and more people buy the products.