The Objectives of Marketing Explained in
Detail
February 10, 2019 By Hitesh Bhasin Tagged With: Marketing management articles
Marketing is all about making the potential customers aware of all the products and services that
you offer as an organization. It is one of the essential elements in any organization and paying
selective attention to this concept should be vital for the all‐round development of an
organization. So, what are the objectives of effective marketing? Let us check them out in detail
further in this post.
What are the Objectives of Marketing?
Dr. Philip Kotler, the widely acclaimed management guru, defines marketing as “the art of
exploring, creating and delivering value to the target audience at a profit… it should identify and
quantify the target market and the profit potential that this market offers you.”
These lines should provide you with an idea about the specific objectives of marketing as
a strategy. The target market and profit margins are significant factors to be considered. From
that perspective, the objectives of marketing can be subdivided into the following four
subcategories‐
1.
2.
3.
4.
Objectives based on Market Share
Objectives based on Profitability
Objectives based on Promotions
Objectives based on Growth
Objectives of Marketing based
on Market Share
Market share, in simple terms, is the
percentage of the total market size that
the product is aiming to capture.
Increasing the market share is what you
need to look for as a marketing
professional. It should be one of the
essential
elements
in
any
comprehensive marketing plan you may
have developed for your business.
Acquiring new customers continuously is one of the most prominent goals in any organization‐
that too at a minimum possible Cost Per Acquisition.
A good example of a marketing objective would be to plan an increase in market share
consistently every year until you reach the position where you have the highest market share.
Even then, you will have to strive to make sure that you maintain that position continuously. If
you are in a service area, your objective would be to increase the number of customers that rate
your services on a higher scale and give repeat business.
Objectives of Marketing based on Profitability
Profit is one of the primary goals for the growth of your
organization. Your marketing objectives always attempt
to keep it at the center stage. Profitability is one of the
major elements you need to take off if you want to keep
your business sustained.
Some of the elements that may need special attention
may include a net profit margin, asset turnover, and
financial leveraging. Net profit margin will take into
account the profits made by the retailer of your
products. It is generally expressed as a ratio to the net
sales of the product. Asset turnover refers to the profit
earned for the amount spent over a stipulated time. This
metric takes into account all the costs incurred until the product is delivered to the customer.
For instance, reducing the costs of the premises by shifting to a new location that offers you
saving in the rental can be seen as a good example to cut costs and improve the net profit margin.
Objectives of Marketing based on Promotions
Promotion of your goods and services plays a major role in enhancing awareness about the
services you offer. A marketing strategy begins with the creation of a brand identity and taglines
for an efficient display of your products and services.
Emails, social media, print and TV are some of the mediums for achieving the promotional
objectives of marketing. Having a solid strategy in place before you embark on this journey will
help a long way. Check out the options that are best suited for achieving the goals. Choose those
platforms that add real value to the campaign.
Some of the goals that promotional objectives of marketing can include are increasing the
business, encouraging the repeat buyers, improving the brand awareness and introduction of
new products based on the feedback from the regular clients and customers, etc. The reward
points schemes run by many business organizations can be seen as one of the finest examples of
promotional marketing objectives. Launching discount offers or holding press conferences to
provide enough exposure to the new product in particular and the brand, in general, is yet
another prime example of the promotional activity within marketing.
Objectives of Marketing based on Growth
Today, many businesses face a lack of insight into
the future. If your goal is to see your business
grow, it is quite important to keep your eyes open
to the changes that are happening in the business
world‐ particularly in the field your company is
operating in. Thinking out of the box can lead you
to the height of success.
A prime example of our times can be attributed to
the
launch
and
success
of Reliance
Communications. When the mobile phones were
limited to the elite few in the 2000s, the innovative
marketing from Reliance brought it into the reach
of the common man with affordable phones and
plans. This strategy turned out to be a game
changer, and the result is in front of us. Reliance Jio repeated the history with its
innovative planning yet again in 2016.
Looking into the future and seeing the likely changes in your chosen sector is a crucial factor and
your marketing objective needs to be focused on this arena. Also, have competence in reading
into what the customers are looking forward to and invest in research into the possible
improvement in your products and services based on their expectations.
Using SMART Goals to Achieve Marketing Objectives
Marketing Gurus around the world have
been stressing on the need to opt for a
plan that helps you the best results in
the least possible time. The best strategy
is to become SMART.
The SMART objectives of marketing
involve the following attribute to your
marketing plan –

S‐ Specific (Stay specific to your goals
and the numbers. No ambiguous




statements)
M – Measurable (The achievement planned should be measurable. Eg. Percentage
increase)
A – Achievable (Set goals that are within reach of the capabilities of the organization)
R – Realistic (Make sure you have the relevant resources to achieve the goals set)
T – Time‐bound (provide time bound achievement goal)
The main purpose of the SMART objectives would be as follows‐



Motivating the team into achieving the best possible results through a coordinated and
streamlined approach.
Offering a consistent focus for the accomplishment of the goals.
Making the organization has complete control over its marketing initiatives.
Marketing Objectives Examples
Given the SMART objectives we mentioned above, the following examples may help drive the
message more clearly.
1) The Marketing Objective is to increase the size of our Malaysian sales from $200,000 in 2015
to $400,000 in 2020.
Meaning – A SMART objective of marketing based on the growth perspective. Here the objective
of marketing can be achieved by using sales and marketing means to improve sales and growth
of the company.
2) The Marketing Objective is to increase the market share of our X brand of the product by 25
percent by September 2019.
Meaning – This is a perfect example of a SMART objective through the market Share perspective
wherein the focus of the company is increasing market share. For this, focus is required on
increasing channel partners and improving distribution in a region.
3) The Marketing Objective may be to survive in a penetrative market such as low‐cost
smartphones.
Meaning – In such a case, Survival is the objective of marketing and the brand can innovate
or differentiate to keep itself alive and to demand premium even in a penetrating market. Or it
can look at its cost structure, study consumer behavior and come up with a plan to survive if the
market is too penetrative.
Before we conclude …
It is important to note that there is a difference between marketing objectives and marketing
goals. Marketing objectives fit as the smaller short time tasks that fit into your marketing goals.
A marketing goal is ideally planned for long term achievements.
In any case, the marketing objectives of any organization should be set realistically and should
be adhered too in a consistent manner. A visible objective will also act as a driving force for your
employees and help them stay motivated towards the achievement of these set objectives and
goals thereof. So, go SMART in the right spirit and make your organization stay on top.
References
Bhasin, H. (2019, February 10). Marketing91.com. Retrieved from Website of Marketing91.com:
https://www.marketing91.com/the‐objectives‐of‐marketing/