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- Objectives of Marketing Management
- Goals of Marketing Management
- What should be the Ultimate Purpose of Adopting Marketing Management Policy For A Business Concern?
General management has some goals and objectives, just like that marketing management also has some goals or objectives.
Marketing Management discusses how to manage the marketing sight of a company or business. It works with the keeping of some goal or objectives. The marketing management department will implement those in their regular activities.
By the way, the following marketing management objectives are discussed below.
1 Collection and Analysis
of all Information Related to the Marketing:
One of the goals and
objectives of marketing management is to collect all the information
related to the marketing from different sources and make the final
decision by analyzing all data.
2 Product Planning:
A plan has to be
prepared for the production of the product after collecting and
analyzing the necessary information related to marketing.
The purpose of marketing management is to plan according to the tastes and preferences of the buyers by estimating the potential demand in each market.
3
Appropriate Distribution Management:
Appropriate distribution processes
have to be taken for the product after production according to the
product's distribution plan.
The purpose of marketing management is to adopt the appropriate distribution management. Product distribution should be planned before starting the production.
4 Product Pricing:
The appropriate price of the product has to be determined before
introducing the product to the market.
The price of a product serves as an important tool for a product to hit the market. An important purpose of marketing management is to determine the appropriate price of the product.
5 Development and Expansion of a Product of the Market:
The
organization has to think about the market development and expansion of
the product after sending the product to the market at a fixed price.
The company undertakes various expansion activities to expand its sales to develop and expand the product market.
6 Increase Profits by Reducing Costs:
By keeping normal product sales and increasing sales and
keeping the distribution costs to a minimum level the normal profit can
be achieved.
So A company always tries to keep the production cost of the product at a minimum. In this way, the organization increases the amount of profit by reducing the number of production costs, and thus marketing management does one of their important work.
7 Evaluate the Complete Work:
First of all, the company will implement its plan. One
of the goals of marketing management is to identify all the shortcomings
in the implementation of the marketing plan and to make arrangements to
change and refine them.
8. Finding Strategies to Create Product Demand:
One of the purposes of marketing management is to create demand
for a product in any way. The main job of marketing management is the
production of products according to the needs of the consumers.
In many cases, the product is produced first and then the demand for the product is increased by informing the customer about the usefulness of the product.
9 Achievement Customer Satisfaction:
The marketing manager
must know the needs and satisfaction of the customer before offering any
product or service because today all types of business are
customer-oriented.
If customer satisfaction is not achieved, the business would not survive a long time.
10 Building the Company's Reputation, Goodwill and Image:
The marketing manager has to create a
strategy to build a good reputation of the company in a given period of
time. The marketing department tries to achieve customer satisfaction by
setting reasonable prices for the company's products.
Marketing managers try to enhance the reputation of the company by keeping the price of the product reasonable by keeping the quality of the product good through advertising and making the product easily available to all outlets.
From the above discussion it can be finally said that the overall goal and objective of marketing management is to increase sales and discover new markets as well as to increase the profit of the business organization.
