What are the Basic Goals of Marketing
Mariam Peyton is a professional Financial Analyst. She holds a Masters degree in Economics. She specialises in financial analysis and forecasting. Her expertise includes studying the financial performance of companies, markets and entire industries looking for trends, insights and information that can help you glean rich insights for use in academic and market research.
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Marketing is the process through which organizations engage their customers to construct strong customer relationships, create customer value, and capture value from them. On the other hand, Ferrel and Hartline (2011) define marketing as a set of processes an organization uses to create, communicate, and deliver value to customers and manage customer relationships in such a manner that benefits both the organization and stakeholders. For a product or service to sell easily, marketers have to efficiently engage consumers by understanding their needs and developing products that provide superior value. They must also price, distribute, and promote organizational products or services effectively
The purpose of any company’s marketing strategy is to improve and fulfill the needs and wants of customers and make a profit in the process. Currently, consumers seek high quality, lower prices, and better services. On top of that, competitors are always seeking to grow their market share in the highly competitive environment through innovation, product improvement, and effectively satisfying customer needs and desires. For new and established businesses to survive, it is essential to invest in marketing and adapt their marketing strategies to keep up with today’s volatile market. Marketing involves several activities that enhance an organization’s ability to effectively satisfy the needs and desires of its customers, thereby strengthening its position within the market.
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What are the Basic Goals of Marketing? Case Study
Key Learning Outcomes
By the end of the case, students should be able to:
- Understand the concept of marketing and its role in business and society and explain the marketing process and the elements of a marketing plan.
- Analyze the external and internal factors that affect marketing decisions.
- Apply the marketing mix (product, price, place, and promotion) to different types of markets and situations.
1.0 INTRODUCTION
Marketing is the process of creating, delivering and exchanging value for customers, clients, partners and society at large. Marketing helps businesses achieve their objectives by identifying and satisfying the needs and wants of their target markets.
But what are the basic goals of marketing? How do marketers measure their success and effectiveness?
1. Increase awareness and recognition
One of the primary goals of marketing is to increase the awareness and recognition of a brand, product or service among potential and existing customers. Awareness refers to the extent to which customers are familiar with a brand or its offerings, while recognition refers to the ability of customers to recall or recognize a brand or its features when prompted.
Awareness and recognition are important because they help customers form associations and preferences for a brand, as well as influence their purchase decisions and loyalty. Marketers use various strategies and tactics to increase awareness and recognition, such as advertising, public relations, social media, content marketing, events, sponsorships, word-of-mouth and referrals.
2. Generate leads and sales
Another common goal of marketing is to generate leads and sales for a business. Leads are potential customers who have expressed interest in a product or service, while sales are actual transactions or conversions that result from marketing efforts. Generating leads and sales is essential for generating revenue and profit for a business.
Marketers use different methods and channels to generate leads and sales, such as direct marketing, email marketing, telemarketing, online marketing, search engine optimization (SEO), search engine marketing (SEM), landing pages, webinars, e-commerce platforms, etc.
3. Build relationships and loyalty
A third goal of marketing is to build relationships and loyalty with customers. Relationships refer to the ongoing interactions and communications between a business and its customers, while loyalty refers to the degree of attachment and commitment that customers have towards a brand or its products or services.
Building relationships and loyalty is important because it helps retain existing customers, increase their lifetime value, reduce customer acquisition costs, enhance customer satisfaction and advocacy, create positive word-of-mouth and referrals, and foster a competitive advantage. Marketers use various tools and techniques to build relationships and loyalty, such as customer relationship management (CRM) systems, loyalty programs, newsletters, blogs, social media, feedback surveys, customer service, etc.
Marketing is vital for any business that wants to succeed in today's competitive and dynamic marketplace. Marketing helps businesses achieve their goals by creating value for their customers and stakeholders. Some of the basic goals of marketing are to increase awareness and recognition, generate leads and sales, and build relationships and loyalty. By aligning these goals with the overall business strategy, marketers can ensure that their efforts are effective and efficient.
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