Definition
It is a process of where by a company, identifies,
anticipates and satisfies customer’s needs
profitability.
Identification
Market researches and its different methods enable a company
to identify the need and wants of customers. Market researches help companies
to identify the change in customer behavior.
Anticipation
Research methodologies quantitative methods help company to
analyses to dater collected through market methods and thereby leads definite
anticipate (forecast)
Satisfies
It’s very important for a company to satisfy its king and
queen. Long term survival and it can be done by providing goods at lower price
or cheaper price, goods quality product, providing goods at the convenient
locations and providing discounts and other proportions.
Profitability
Merely (simply) satisfy customer does not guarantee success
for the company.
So that company has to sell the products at a price above
the cost of production.
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Role of
marketing department
The main role of marketing department is to increase the
sales. It is done by shifting demand curve upward to right. The main purpose of
advertisement, promotional activities, creating a good brand loyalty support is
increasing the demand for the product.
The above given graph shows the role of marketing
department. The organization without the marketing department is able to sell
OQ quantity of the products at OP price. The introduction of marketing
department would enable the company to increase the demand for the product from
OQ to OQ1. So that the product from OQ curve shift upward to right from DD to
DD1.
Marketing objectives
The objectives of the marketing department should be
compatible with the objectives of the business. Marketing department does not
working isolation rather it is part and parcel of the business organization. All
objectives set by the marketing department should support the company in
achieving its objectives.
Possible
marketing objectives
1.
Increasing sales.
2.
Creating a good brand loyalty.
3.
To increasing the market share.
4.
Changing market position.
Factors
affecting marketing objectives
The achievement of the marketing objectives depends on several
factors. A company takes account of following factors before setting its
objectives.
Internal factors
Marketing research finding
forecasted sales, forecasted profit, and availability of finance.
External factors
Competitors, GOV, technology,
suppliers and change in laws.
Marketing strategy
The way in which the company tries to achieve the Marketing
objective of the company is known as marketing strategy. There are several ways
by which a company can achieve its objectives
.
Eg:- if the marketing
objective of the company is to increase sales the company can do it in
different ways. Such as
·
increasing
advertisement
·
decreasing price
·
introduction of after sales service
·
providing discount
·
increasing the quality of product
·
redesigning the product
·
adding new features of product
·
distribution the product through different channels
of distribution
·
by value adding service
why formulating marketing strategies a company has to
considered the following things.
1.
Target market
2.
Strength of business
3.
Marketing mix
Market
oriented VS Product oriented
Having a good marketing objective and an appropriate strategy
does not grantee success. The success of the company depends on the nature of
the product produced. The whole range of product can be categorized to market
oriented and product oriented products.
