Question

Explain in brief any five objectives of Marketing.

Answer 1

Marketing is the process by which manufacturers make goods available to consumers. It involves the transfer of goods and services from producers to consumers for value.

The five objectives of marketing are:

1. Customer satisfaction: Marketing aims to meet client needs by generating and delivering desired products or services at the appropriate time and price. Marketing efforts aim to understand client wants and preferences and produce goods or services accordingly.
2. Profitability: A business, as an economic institution, seeks to generate profits. Marketing allows a business to generate demand and capture a respectable piece of the market. It also helps to build and market the enterprise's reputation. Thus, it contributes to the firm's profitability.
3. Creating brand awareness: Marketing also seeks to establish a brand and raise public awareness about it. So that buyers become familiar with the product.
4. Coordination and integration: Marketing seeks to achieve effective coordination and integration of product, price, marketing, and distribution. It must also provide coordination between marketing and business activities, as customers can only be satisfied through the collaborative efforts of all divisions within an organisation.
5. Standard of living: Marketing strives to improve people's living standards by
   1. offering a wide range of products and services,
   2. introducing new and higher-quality products, and
   3. creating more job possibilities.