2. Marketing is the study and management of exchange relationships. Marketing is
used to create, keep and satisfy the customer. With the customer as the focus of
its activities, it can be concluded that Marketing is one of the premier
components of Business Management - the other being innovation.
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8. Objectives of Marketing
Some of the major objectives of marketing management are as follows:
1. Creation of Demand
2. Customer Satisfaction
3. Market Share
4. Generation of Profits
5. Creation of Goodwill and Public Image.
9. Creation of Demand:The marketing management’s first objective is to create
demand through various means. A conscious attempt is made to find out the
preferences and tastes of the consumers. Goods and services are produced to
satisfy the needs of the customers. Demand is also created by informing the
customers the utility of various goods and services.
Customer Satisfaction:The marketing manager must study the demands of
customers before offering them any goods or services. Selling the goods or
services is not that important as the satisfaction of the customers’ needs.
marketing is customer- oriented. It begins and ends with the customer.
10. Market Share:Every business aims at increasing its market share, i.e., the ratio of
its sales to the total sales in the economy. For instance, both Pepsi and Coke
compete with each other to increase their market share. For this, they have
adopted innovative advertising, innovative packaging, sales promotion activities,
etc.
Generation of Profits:The marketing department is the only department which
generates revenue for the business. Sufficient profits must be earned as a result
sale of want-satisfying products. If the firm is not earning profits, it will not be
to survive in the market. Moreover, profits are also needed for the growth and
diversification of the firm.
11. Creation of Goodwill and Public Image:To build up the public image of a firm
over a period is another objective of marketing. The marketing department
provides quality products to customers at reasonable prices and thus creates its
impact on the customers.
The marketing manager attempts to raise the goodwill of the business by
initiating image- building activities such a sales promotion, publicity and
advertisement, high quality, reasonable price, convenient distribution outlets,
13. Market orientation is a company philosophy focused on discovering and meeting the needs and
desires of its customers through its product mix.
What is 'Market Orientation'
Market orientation is a company philosophy focused on discovering and meeting the needs and
desires of its customers through its product mix. Unlike past marketing strategies that
concentrated on establishing selling points for existing products, market orientation works in
reverse, attempting to tailor products to meet the demands of customers. In essence, market
orientation can be thought of as a coordinated marketing campaign between a company and its
customers.
14. Market orientation is a customer-centered approach to product design. A variety
of research is often conducted to determine what consumers view as immediate
needs, primary concerns or personal preferences. This allows a company to focus
product development funds on the characteristics that are most in demand at the
time in the hope of fulfilling consumer desires through their product choices.
15. Benefits and Risks of Market Orientation
Market orientation provides for customer service and support improvements geared towards
specific consumer desires, as well. This helps ensure customer satisfaction remains high with the
company as a whole and can function as a way to promote brand loyalty and positive word-of-
mouth advertising. Beyond the consumer stated needs or wants, additional data analysis may
reveal trends or consumer desires that are not specifically expressed. These trends, even when not
specifically expressed, can allow the product to develop in intuitive way, attempting to anticipate
consumer need before it becomes obvious. This can include improvements that the consumer may
not be directly aware of as being an option.
At times, market orientation may reveal customer desires that are not cost effective to implement.
This leaves the business in a position to have to determine which consumer stated needs will yield
optimum returns for the business while still meeting general customer expectations or needs. This
also promotes long-term development strategy as options that are not cost effective today may
become cost effective down the line.
