Under the marketing management process, we need to regulate different marketing aspects, develop company goals and objectives, take strategic decisions and steps that can help cater to the needs of the customers in an appropriate way. The duty of a marketing manager is to conduct an extensive analysis of the marketing requirements and make certain decisions for the company. The main focus here is to develop an engaging marketing mix that is appropriate for your marketing strategy. The company’s senior managers decide the P’s for the marketing mix based on the needs of the customers. A student pursuing his career in marketing management learns about the various factors of business survival.
It is very important for a student to have enough knowledge and information about the objectives of marketing management. Once they have a clear understanding of the same, it gets easy for them to develop good management assignments.
Objectives of Marketing Management
There are various objectives that need to be considered for marketing management; some of them are-
Attracting new consumers
The main aim of marketing management is to engage new consumers so that they can raise the sales of the product. For doing this, managers employ various effective techniques and strategies like print, media, TV, and other social media platforms. With the help of the right strategy, companies can very easily boost the sales of their products and services.
To cater the needs of the customers
Another crucial aspect of marketing management is to cater the needs of the customers so that they are satisfied with the company and are loyal towards the business. To employ this technique, the company must maintain the quality of its products and services.
To manage the profitability aspect
For a business to run effectively, one must focus on managing the profitability of the business. To ensure the eloquent growth of the company, profits should be maintained. The marketers can further initiate different strategies to maintain the profit of the business. This also helps them ensure that everything is managed well.
To escalate the market share
Constructive business can only be ensured through the increase of the market share. Therefore, companies can use various implicit tools for expanding the market share of the firm and offering hefty discounts to the customers, for example, coupons, discounts, and loyalty points.
The plausible reputation of the company
It is vital that a company focuses on building its public reputation so that the business can grow well. They need to have a good image in the market so that the customers can feel happy about associating with their brand. The marketers can further develop different steps for building a coherent reputation for the company.
So, these were some of the key objectives that students need to note while compiling their marketing management assignments. They need to have clarity on this aspect so that they can use this knowledge appropriately.
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