Presentation on theme: "Marketing Objectives Defined as: marketing ‘goals’ that the business must achieve in order to meet its wider business objectives."— Presentation transcript:
1Marketing ObjectivesDefined as: marketing ‘goals’ that the business must achieve in order to meet its wider business objectives
2Marketing Objectives Main ones for most businesses tend to be: Growth in market shareClearer product differentiationLong term brand value to customersCreating and launching new products / services – ‘Innovation’
3Objectives into marketing targets Going from big picture into smaller picturesTargets are ‘milestones’ on the road to achieving the objectivesTargets are usually short and medium term
4Objectives and small firms Small businesses don’t usually think about, or even write down targets and objectivesA criticism of the business manager/owner in a small businessIncrease sales by 10% for example
5Limitations on objectives There are always barriers to achieving objectivesSome internal – e.g. available resourcesSome external – e.g. changing market with competitor actionsThese may prevent all or some of the objectives being achieved
6Marketing model 1. Marketing objectives 5. Control And review Business objectives1. Marketing objectives5. ControlAnd review2. Gather data3. Form hypothesis4. Test the optionsTaken from :Marcouse et al, Business Studies, ed 2, 2003
7Analysis 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!
8Evaluation of marketing objectives The success of using objectives within a marketing strategy is to be realistic about setting the objectivesIt’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?