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Download 3. Marketing Objectives Instructions
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…align with business objectives Edmodo code is reset: 3 u h z e k sign up Students must… ◦ Understand that marketing objectives need to align with and support the objectives of the business, e.g. growth of revenues from sales Students should… ◦ Explain how marketing objectives support business objectives, e.g. explain how a business wanting to grow its revenues from sales might choose one of four marketing strategies (penetration, product development, market development, or diversification) to accomplish this Students could… ◦ Evaluate the appropriateness of the marketing objectives given the business objectives by applying the concept of marketing strategies or Product Life Cycle. Let’s assume your business objective is to grow its revenue from product sales (There are many business objectives possible but for the sake of understanding marketing objectives, let’s assume your business wants to grow its revenues.) The principle: marketing objectives must align with business objectives. Increase Sales Revenues Increased Sales Volumes Market Penetration – ◦ increase sales of current products in current markets Product Development – ◦ produce new products for current markets Market development – ◦ find and target new markets for current products Diversification – ◦ find new markets and target these with new products Business Objective Marketing Strategy to Follow e.g. the business objective (growth of sales) can be achieved by following one of four marketing strategies… The marketing objective may be to increase market share of existing markets by reducing prices ◦ The marketing objective is to increase the business’ proportion (share) of total sales in a market, e.g. Pepsi in UAE has 52% of UAE cola market and wants 57% by offering promotions or discounts ◦ Objective may be accomplished by increasing advertising in key markets, such as professional soccer/rugby/cricket games. The marketing objective might be to increase the amount of sales revenue in a market by offering new and improved products, e.g. Pepsi in UAE offers pomegranate flavoured Pepsi. ◦ Improving existing products by adding “New! Improved!” features or brands to current product lines The marketing objective might be to increase sales in NEW markets for current products by offering same products to new consumers, e.g. finding new export markets ◦ Little improvement is envisioned in the product and growth in revenues comes from finding and targeting new consumers, e.g. a Kenyan coffee cooperative might seek new markets in the UAE Marketing objectives might seek to increase sales in NEW markets with NEW products, e.g. Nokia developing exciting new products for new markets. ◦ Diversification strategy can require a substantial investment in research and development, and investment in finding new target markets, or ◦ Diversification may be a simple modification to an existing line such as pink vs blue disposable shavers for women and men. Microsoft offers new Windows 12 OS Ethiopian Coffee Cooperative sells Fair Trade Coffee to British specialty coffee business An iPhone developer creates a new app for a new client (what’s the business?) Sugar cane producers increase sales by selling to biofuel producers. Proctor and Gamble Company enters a new consumer market with a new line of animal deodorants. But first, read page 219 top Assuming your business goal is to increase revenues from sales, which marketing strategy might provide the best result for the subject of your marketing plan? Note: increasing revenues is just one business goal, but its an important one!