In this world of globalization. We can see marketing at every level of the hierarchy. Every individual, group, and community is being marketed every time. Marketing affects you consciously or unconsciously. Every time you don’t need to know that you are being marketed. Marketing is the backbone of every business and the objectives of marketing management are also important. Everything has changed in the last years because of technological advancements including marketing.
In this blog, we will discuss the introduction, Importance, scope, and objectives of marketing management. So in this blog, we will discuss the objectives of marketing management in detail. Before we discuss Marketing management we should have a sight at marketing’s definition.
Defintion of marketing
Marketing:- It is a function and process for giving value to customers. The whole process aims to increase the scale conversion rate and build good relations between company management and customer.
Different meanings of marketing are given by different people at different phases of the century and the objectives of marketing management also differ.
a) Features of Marketing
1. Marketing as an economic function
Marketing includes all the activities from getting goods from the manufacturer and selling goods to a consumer the process through which consumers get the final product is also concerned with marketing.
2. Change in ownership
When a product is sold through marketing then its owner is changed through a process thus it is called the transformation of ownership procedure.
3. Interacting system of activities
In the process of marketing, everyone who is included the in the business tries to earn profit maybe to maintain good relationships o to satisfy its customers all of these things made a natural system of interaction of activities.
b) Examples of sales growth
1. Growth in sales
Sales growth is a good example of marketing management as we know every business has to increase revenue for growth and as far as the revenue or sales will grow its profit will also grow. So to achieve that revenue target companies have to make sales through the different markets in object objectives different companies said different goals according to their potential, for example, a company in the IT sector will set a target of 15% of sale growth for this year or a quarter and small company of hardware will set up its sale growth increment for about 7 to 8% for a quarter.
2. Generating Leads
2nd stage of marketing is to generate leads through different processes. Generating leads is a simple method in which consumers will land on your sales procedure. Say that reaching more people will create will be referred to as creating more leaves it is directly proportional to the sales of the company as many leads your salesperson will get you will get more leads for the sale of your product.
3. Conversion rates
Conversion rate is the third and most important process in the sales procedure. The leads which were generated by the sales steam or a platform will be the further procedure by the conversion rates the person who will be interested in your buying your product will be considered as a conversed target. Conversion rates can be increased through various processes if we are business is online then you can give them a free trial of a product or can or you can offer a free sign up’s you can also provide them support team to help them.
4. Brand awareness
Brand awareness means how much of your consumer base or your target audience is known to your brand. How many people are aware of your brand? You can also track the record of your target audience that there are they are well known to your brand. The more you increase brand awareness it will be easy for you. There are different ways to popularize your brand like social media marketing.
5. Increase organic traffic
According to the details, organic traffic generates more than 40% of the revenue of the site and about 55% of the whole traffic which comes on your side is organic the more you have organic traffic more it will be beneficial for your site it will help you grow constantly consistently and a good base. Objectives of marketing management help to know Organic traffic helps your page to rank on search engines very easily.
c) OBJECTIVES OF MARKETING MANAGEMENT
(1) Creation of Demand: objectives of Marketing management aim at the creation of demand for goods and services through various methods. Initially, it is ascertained what the consumer needs, and later on, production is made by the company according to these needs which increases the demand for production.
(2) Increase in the Market Share: Every business makes efforts to establish itself right on a large part of the market for the increase in its sales. A business organization follows various types of sales methods for increasing its sales and for having control of a large market area.
(3) Creation of Goodwill: Marketing management develops and increases the goodwill of the business. Under it, various activities are performed for popularising the product of the organization like advertising, reasonable price, high quality, after-sales services, etc.
(4) Profit Maximisation: The main aim of marketing management is to increase the income of the business and it is possible only when the organization earns more and more profits because, in the absence of profits, the survival of the business gets endangered. Objectives of profit maximization can be achieved only by satisfying the consumers.
(5) Objectives of marketing management Increase in Efficiency Research, sales, purchase, advertising, packaging, etc are included in marketing activities. Effective execution of the above activities is the main objective of marketing management. If any manager accomplishes these objectives, then its benefit is obtained not only by the marketing manager but by the whole organization.
(6) Increase in Standard of Living: Marketing management on one side increases the production and sales through marketing and another side, it living standard of people by providing types of products and services to the consumers.
(7) Consumer Satisfaction: Marketing management aims at satisfying the consumers because consumer satisfaction is helpful in the success of the business. Consumers can be satisfied by considering their requirements and the marketing manager can estimate the required research.
So in this blog objectives of marketing management, we saw examples, features, and objectives of marketing management. we have also seen the benefits of marketing. General aspects of marketing were discussed in simple language. We hope you liked our blog objectives of marketing management. If you find it slightly informational then please share it with your friends.