Download Marketing Objectives File

Marketing Objectives
Intro to Marketing
Marketing
• It is a function of a business and makes up
part of the business operations.
• Marketing involves a wide range of
stakeholders.
• Can be seen by the relationship between the
buyer and seller.
• Marketing is a process that follows a series of
stages not just a one off. STP??
STP
Segmentation
Targeting
Positioning
What are Objectives?
Marketing objectives
Typical focus of Marketing
Objectives
• Sales – increasing volume or value of sales
over a given period of time.
• Market Share – Similar to a sales target, but
given context in relation to changes in the
market and competitor performance also.
• Brand Awareness – Increasing recognisability
of the business and its products.
• But some other areas they can relate to are:
Marketing objectives refer to
But none of these
are SMART!
SMART Targets
Examples of SMART targets
Now you try it!
The following companies have had a few ‘problems’ in
recent years… what would you advise them to have
as their new marketing objectives….
•
•
•
•
•
Cadburys (Salmonella cost £20m)
McDonalds (Supersize me etc)
Euro tunnel (£6.4 bn debt & Tunnel Fire)
Dell (product recall – battery exploding!)
Microsoft (fined 280m euros – for bundling & not
following EU laws)
Influences on Marketing Objectives
• Influences can be both internal and external,
in groups can you identify the internal
influences (other functional areas) and the
external influences (PESTLE).
Internal
• Operations – Capacity, quality, efficiency
• Finance – Affordability, investment appraisal,
budgeting
• Human Resources – Skills, Motivation,
Attitudes.
External
• Very dependent on the business, but general
considerations include:
– Taxes, legislation changes
– Inflation rates and other economic variables
– Changing tastes and trends due to shifts in
demographic profile
– Advancement of technology
– Waste management and carbon footprint
– Competitor actions
Now it’s your turn again
• What would be the influences on these
company’s new Marketing objectives
• Cadburys
• Euro Tunnel
• McDonalds
• Dell
• Microsoft
Case Study
• Complete the 4 questions to go with the
Recovery Kitchens Ltd Case Study.
Homework
• Now complete Homework 1 of the Marketing
homework
Progress Questions
1. Explain what is meant by a marketing
objective.
2. What are the four functions in a business?
3. Explain 2 internal influences on a business’s
marketing objectives.
4. Explain 2 external influences on a business’s
marketing objectives.
5. Explain 2 benefits of setting marketing
objectives.