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Understanding marketing
objectives
- Types of marketing
objective
- Size
- Can be measured by sales or market share
- Can be measured by sales or market share
- Marketing positioning
- a company's appeal to particular market
segments
- a company's appeal to particular market
segments
- Innovation/ increase in product
range
- Creation of brand loyalty/ Goodwill
- for example McDonald's aiming to
maintain the golden arches as the most
recognised logo in the world
- for example McDonald's aiming to
maintain the golden arches as the most
recognised logo in the world
- Security/ Survival
- Size
- Internal influences
- Corporate objectives
- The marketing department must ensure that their
objectives are consistent with the corporate
objectives
- The marketing department must ensure that their
objectives are consistent with the corporate
objectives
- Finance
- The more finance available the more which can
be spent on marketing
- The more finance available the more which can
be spent on marketing
- Human resources
- Capabilities and ad size of the
workforce must e taken into account
- Capabilities and ad size of the
workforce must e taken into account
- Operational issues
- Resources available
- The nature of the product
- if brand has built up a reputation then a
considerable weight can be placed on word
of mouth advertising
- if brand has built up a reputation then a
considerable weight can be placed on word
of mouth advertising
- Corporate objectives
- External
influences (PEST)
- Political factors
- government policies and legal factors
- government policies and legal factors
- Economic factors
- Growth in the economy- (more growth
means higher targets for sales can be
set) and the exchange rate
- Growth in the economy- (more growth
means higher targets for sales can be
set) and the exchange rate
- Social/
suppliers
- The efficiency, cost effectiveness,
quality and reliability and flexibility
of suppliers will all influence the
ability of the business to meet the
needs of the customers. social
factors include the environment
and trends.
- The efficiency, cost effectiveness,
quality and reliability and flexibility
of suppliers will all influence the
ability of the business to meet the
needs of the customers. social
factors include the environment
and trends.
- Technological change
- Major cause of change in consumer
tastes and markets
- Major cause of change in consumer
tastes and markets
- Market factors
- The growth or decline of a market
will have a major impact on
objectives
- Other factors
- Competitors actions and
performance
- Competitors actions and
performance
- The growth or decline of a market
will have a major impact on
objectives
- Political factors
- Reasons for setting marketing objectives
- provides a focus for direction
- works as a yardstick to measure success/
failure against
- improves coordination amongst departments
- Improves efficiency by examining reasons for success and
failure in different areas
- Improves efficiency by examining reasons for success and
failure in different areas
- improves coordination amongst departments
- works as a yardstick to measure success/
failure against
- provides a focus for direction
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