What are the 4 goals of marketing

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 satisfying the needs and wants of their target markets. But what are the specific goals of marketing? How do marketers measure their success and effectiveness? In this article: What are the 4 goals of marketing, we will explore the four main goals of marketing and how they can be used to create a successful marketing strategy.

Profitability Objective

The first and most obvious goal of marketing is to generate profit for the business. Profit is the difference between the revenue and the cost of producing and delivering a product or service. Profitability objective is also known as return on investment (ROI) objective, as it measures how much value is created for every dollar spent on marketing activities.

Some examples of profitability objectives are:

• Increase sales revenue by 10% in the next quarter.
• Reduce marketing expenses by 15% in the next year.
• Achieve a 20% profit margin on each product or service sold.
• Increase customer lifetime value by 25% in the next six months.

To achieve profitability objectives, marketers need to consider the following factors:

• Product: The quality, features, benefits, and differentiation of the product or service offered.
• Price: The amount of money charged for the product or service, based on the value perceived by the customer and the competitive landscape.
• Place: The distribution channels and locations where the product or service is available and accessible to the customer.
• Promotion: The communication and persuasion methods used to inform, educate, and persuade the customer about the product or service.

Market Share Objective

The second goal of marketing is to increase market share, or the percentage of sales or customers that a business has in a given market. Market share objective is also known as competitive objective, as it measures how well a business performs against its competitors. Market share objective can be expressed in terms of volume (the number of units sold or customers served) or value (the amount of revenue generated or profit earned).

Some examples of market share objectives are:

• Increase market share by 5% in the next year.
• Become the market leader in terms of volume or value in the next six months.
• Grow faster than the industry average in the next quarter.
• Maintain or defend current market share in a mature or declining market.

To achieve market share objectives, marketers need to consider the following factors:

• Customer: The characteristics, preferences, behaviors, and needs of the target market segments.
• Competition: The strengths, weaknesses, opportunities, and threats of the current and potential competitors.
• Environment: The political, economic, social, technological, legal, and ecological factors that affect the market conditions and customer demand.
• Strategy: The positioning, differentiation, and value proposition of the business in relation to its competitors and customers.

Promotional Objective

The third goal of marketing is to increase brand awareness, or the extent to which customers recognize and recall a brand name or logo. Brand awareness objective is also known as communication objective, as it measures how effectively a business communicates its message and identity to its target audience. Brand awareness objective can be expressed in terms of reach (the number of people exposed to a brand message) or frequency (the number of times a person is exposed to a brand message).

Some examples of brand awareness objectives are:

• Increase brand awareness by 20% in the next month.
• Achieve a 50% recall rate for brand name or logo in the next week.
• Generate 1000 impressions per day for brand message on social media platforms in the next three months.
• Create a viral campaign that reaches 10 million views on YouTube in the next year.

To achieve brand awareness objectives, marketers need to consider the following factors:

• Content: The information, entertainment, education, or inspiration that a brand provides to its audience through various media formats.
• Channel: The medium or platform that a brand uses to deliver its content to its audience, such as print, TV, radio, online, social media, etc.
• Context: The situation or environment that influences how a brand’s content is perceived and received by its audience, such as time, location, mood, etc.

Creativity: The originality, uniqueness , and relevance of a brand’s content that attracts and engages its audience.

To achieve brand awareness objectives, marketers need to use a variety of content marketing strategies, such as storytelling, influencer marketing, user-generated content, social media marketing, etc. Content marketing is the creation and distribution of valuable, relevant, and consistent content to attract and retain a clearly defined audience and ultimately drive profitable customer action.

Customer Satisfaction Objective

The fourth and final goal of marketing is to increase customer satisfaction, or the extent to which customers are happy with their purchase or experience with a brand. Customer satisfaction objective is also known as relationship objective, as it measures how well a business builds and maintains long-term relationships with its customers. Customer satisfaction objective can be expressed in terms of loyalty (the likelihood of customers to repeat purchase or recommend a brand) or retention (the percentage of customers who remain with a brand over a period of time).

Some examples of customer satisfaction objectives are:

• Increase customer loyalty by 15% in the next year.
• Achieve a 90% customer retention rate in the next month.
• Reduce customer churn rate by 10% in the next quarter.
• Increase customer referrals by 20% in the next six months.

To achieve customer satisfaction objectives, marketers need to consider the following factors:

• Quality: The degree to which a product or service meets or exceeds customer expectations in terms of performance, reliability, durability, etc.
• Service: The degree to which a business provides assistance, support, guidance, and care to its customers before, during, and after the purchase or experience.
• Value: The degree to which a product or service provides benefits that outweigh the costs for the customer.
• Feedback: The degree to which a business collects, analyzes, and acts on customer opinions, suggestions, complaints, and compliments.

These four factors are also known as the 4 Qs of marketing, and they are an example of a “marketing orientation,” or the philosophy that puts customer needs and wants at the center of all marketing decisions.

Conclusion of What are the 4 goals of marketing

In conclusion, the four main goals of marketing are profitability, market share, brand awareness, and customer satisfaction. These goals help marketers plan, execute, and what are the 4 goals of marketing.

By setting SMART (Specific, Measurable, Achievable, Relevant, Time-bound) objectives for each goal, marketers can monitor their progress and performance and adjust their actions accordingly. By achieving these goals, marketers can create value for their businesses and their customers.

FAQs

Q: What are the 4 Ps of marketing?

A: The 4 Ps of marketing are product, price, place, and promotion. They are an example of a marketing mix, or the combined tools and methodologies used by marketers to achieve their marketing objectives.

Q: What is SWOT analysis?

A: SWOT analysis is a tool for conducting a situational analysis of a business and its environment. It stands for Strengths, Weaknesses, Opportunities, and Threats. It helps marketers identify the internal and external factors that affect their marketing goals.

Q: What is content marketing?

A: Content marketing is the creation and distribution of valuable, relevant, and consistent content to attract and retain a clearly defined audience and ultimately drive profitable customer action. It is a strategy for achieving brand awareness objectives.