Skip to page content

Marketing — Part 2: Objectives, Importance and Functions

Beta

Lesson

Objectives, Importance and Functions

Part 2: what marketing aims at, why it matters, and the functions it performs.

In this lesson you will

Explain the objectives of marketing and its importance to firms, consumers and society
Describe the functions of marketing, such as market research, buying, assembling, standardisation, grading, storage, transport, financing, risk bearing and selling

Part 2 at a glance

Concept

Objectives of marketing

Table of five objectives of marketing with an imagined example of each
Objective	Imagined example
Creating demand	Cooking demos for a new fox-nut snack
Customer satisfaction	Free replacement of a spoiled mango box
Increasing market share	Aiming to double share of bangle sales
Profitable sales volume	Selling more at a fair margin
Goodwill and image	A name that importers trust

Concept

Importance of marketing

Table of the importance of marketing to the firm, to consumers and to society
Marketing helps…	How
The firm	More sales and profit; information for decisions; new products
Consumers	Wider choice, better quality, information, value for money
Society	Jobs, economic growth, goods reaching every region, higher living standards