Question

The concept of marketing is customer centric which aims to achieve long term business growth. Justify the statement by explaining any five objectives of marketing.

Answer 1

Five Objectives of Marketing:

1. Customer satisfaction: The primary objective of marketing is to satisfy the needs of consumers by producing the right products and services at the right time, right place and right price. All marketing activities are guided by information concerning what customers expect from business. No business enterprise can survive and grow in the long run unless it provides full satisfaction to consumers.
2. Profitability: A commercial enterprise is an economic institution. Profits are crucial for the company's survival and success. Customer happiness is crucial for maximising revenues.
3. Coordination and Integration: Marketing must aim at bringing about an effective coordination and integration between product, price, promotion and distribution It must also ensure coordination between marketing and business activities such as manufacturing, finance, personnel, etc.
4. Service to society: Marketing should focus on improving the quality of living of people by providing a wide variety of quality products and services at reasonable prices. According to Malcom McNair, “Marketing is the creation and delivery of a standard of living to society”. Marketing should also be oriented towards conservation of national resources and protection of environment.
5. Creation of Demand: A business firm can sell goods and services only when there are customers willing to buy them, therefore, the first purpose of marketing is to create demand for goods and services. For this purpose, marketing finds out the needs and preferences of customers.