Presentation on theme: "Marketing Objectives Defined as: marketing goals that the business must achieve in order to meet its wider business objectives."— Presentation transcript:
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 dont 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 2. Gather data 3. Form hypothesis 4. Test the options 5. Control And review Taken from :Marcouse et al, Business Studies, ed 2, 2003
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 Its 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?