Understanding marketing objectives
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The document discusses understanding marketing objectives. It begins by stating the objectives will describe the range of marketing objectives set by businesses and analyze their effectiveness. It then asks starter questions about company vision/aims, who sets objectives, what a corporate objective is, and what SMART stands for. Next, it asks starter questions about what a marketing objective is, listing key requirements, and the four main types. The document goes on to define marketing objectives and list key requirements. It discusses the four main types, and factors influencing marketing objectives both internally like corporate objectives and finance, and externally like competitors and technology.
Understanding marketing objectives
- 2. Objectives • Describe the range of marketing objectives set by businesses (C) • Analyse the effectiveness of marketing objectives (A*-B)
- 3. Starter for 10 • What is a company vision/aim? • Who sets the company aims and objectives? • What is a corporate objective? Give examples! • What does S.M.A.R.T stand for?
- 4. Starter for 10 • What is a marketing objective? • List 3 of the Key requirements • What are the four main types of marketing objective?
- 5. Marketing objectives Marketing objectives are the marketing targets that must be achieved in order for the company to achieve its overall goals, such as ‘to boost sales from £25 million to £40 million within three years’
- 6. Key Requirements Requirement Comment 1. Provides future direction Chrylser: ‘Our purpose is to produce cars and trucks that people will want to buy, will enjoy driving, and will want to buy again’ 2. Expresses a consumer benefit Pret a Manger: ‘Our mission is to sell handmade extremely fresh food’ 3. Realistic Innocent Drinks: ‘To be the most talent-rich company in Europe’?? 4. Motivating Body Shop: ‘Tirelessly work to narrow the gap between principle and practice, whilst making fun, passion and care part of our daily lives.’ 5. Fully Communicated Kwik Fit: ‘To get customers back on the road speedily, achieving 100% customer delight.’ 6. Consistently followed in practice Google: “Do no evil”???????
- 7. Types of marketing objective Four main types: 1. Increasing product differentiation 2. Growth 3. Continuity 4. Innovation How?
- 9. Internal factors influencing marketing objectives Marketing objectives Corporate objectives Finance Human Resources Operational issues
- 10. External factors influencing marketing objectives Marketing objectives Competitors Market factors Technological change
- 11. Plenary •Present your marketing plan for Hoover, and outline any possible problems
- 12. Marketing objectives in action Read the information, and then answer the questions