Marketing management is a business discipline that focuses on planning, organizing, and controlling the activities of a company’s marketing department. The primary goal of marketing management is to generate revenue and profits for the company. In order to do so, marketing management must create and implement strategies that will help the company reach its desired goals. In this article, we will discuss 10 objectives of marketing management.
1. Increase Brand Awareness
The first objective of marketing management is to increase brand awareness. This involves creating campaigns that will help people recognize and remember the company’s brand. This can be done through various channels such as advertising, public relations, and social media. Brand awareness is important because it helps the company build trust with its customers and create a positive image in the minds of potential customers.
2. Increase Sales
The second objective of marketing management is to increase sales. This involves creating strategies that will help the company reach its desired sales goals. This can include creating promotions and discounts, creating targeted marketing campaigns, and using various channels to reach potential customers. Increasing sales is important because it helps the company generate revenue and profits.
3. Improve Customer Satisfaction
The third objective of marketing management is to improve customer satisfaction. This involves creating strategies that will help the company provide better customer service and create a positive customer experience. This can include providing helpful information, responding to customer inquiries quickly, and providing quality products and services. Improving customer satisfaction is important because it helps the company build loyalty with its customers and create a positive reputation in the marketplace.
4. Increase Market Share
The fourth objective of marketing management is to increase market share. This involves creating strategies that will help the company gain more customers and increase its share of the market. This can include creating targeted marketing campaigns, offering discounts and promotions, and using various channels to reach potential customers. Increasing market share is important because it helps the company compete with its competitors and create a larger customer base.
5. Increase Profits
The fifth objective of marketing management is to increase profits. This involves creating strategies that will help the company generate more revenue and reduce costs. This can include creating promotions and discounts, creating targeted marketing campaigns, and using various channels to reach potential customers. Increasing profits is important because it helps the company remain financially stable and create a positive financial outlook.
6. Develop New Products
The sixth objective of marketing management is to develop new products. This involves creating strategies that will help the company create and launch new products. This can include conducting market research, creating product prototypes, and testing the products in the market. Developing new products is important because it helps the company stay ahead of its competitors and create new revenue streams.
7. Manage Pricing
The seventh objective of marketing management is to manage pricing. This involves creating strategies that will help the company determine the optimal price for its products and services. This can include conducting market research, analyzing customer demand, and comparing prices with competitors. Managing pricing is important because it helps the company maximize profits and remain competitive in the marketplace.
8. Monitor Competitor Activity
The eighth objective of marketing management is to monitor competitor activity. This involves creating strategies that will help the company stay informed about its competitors’ activities. This can include monitoring their advertising campaigns, analyzing their pricing strategies, and tracking their product launches. Monitoring competitor activity is important because it helps the company stay ahead of its competitors and create better strategies.
9. Expand into New Markets
The ninth objective of marketing management is to expand into new markets. This involves creating strategies that will help the company enter new markets and reach potential customers. This can include conducting market research, creating targeted marketing campaigns, and using various channels to reach potential customers. Expanding into new markets is important because it helps the company increase its customer base and create new revenue streams.
10. Measure and Analyze Results
The tenth objective of marketing management is to measure and analyze results. This involves creating strategies that will help the company track the effectiveness of its marketing campaigns. This can include tracking customer engagement, analyzing customer feedback, and measuring the return on investment of its marketing activities. Measuring and analyzing results is important because it helps the company understand the effectiveness of its marketing strategies and make improvements.