Download Marketing Objectives Defined as: marketing ‘goals’ that the

Marketing Objectives
Defined as: marketing ‘goals’ that the
business must achieve in order to meet
its wider business objectives
Marketing Objectives
Main ones for most businesses
tend to be:
1.
Growth in market share
2.
Clearer product
differentiation
3.
Long term brand value to
customers
4.
Creating and launching
new products / services –
‘Innovation’
Objectives into marketing
targets
• Going from big picture
into smaller pictures
• Targets are ‘milestones’
on the road to achieving
the objectives
• Targets are usually
short and medium term
Objectives and small firms
• Small businesses don’t
usually think about, or
even write down targets
and objectives
• A criticism of the
business
manager/owner in a
small business
Increase sales by
10% for example
Limitations on objectives
• There are always barriers to achieving
objectives
• Some internal – e.g. available resources
• Some external – e.g. changing market with
competitor actions
• These may prevent all or some of the
objectives being achieved
Marketing model
Business objectives
1. Marketing objectives
5. Control
And review
2. Gather data
3. Form hypothesis
Taken from :Marcouse et al, Business
Studies, ed 2, 2003
4. Test the options
Analysis of marketing
objectives
• To create an effective marketing strategy you
need to have clear objectives – it will
probably fail without them!
• Objectives are different to strategy, so look up
the definition of marketing strategy now so
you are clear about this!
Evaluation of marketing
objectives
• The success of using objectives within a
marketing strategy is to be realistic about
setting the objectives
• It’s unlikely a new ‘sports shop’ in your
nearest shopping centre will win a large
market share from well established stores like
JJB Sports is it?