IDENTIFYING MARKETING AIMS AND OBJECTIVES 3.1. CORPORATE OBJECTIVES MARKETING OBJECTIVES Developing new products Improving market share Diversification.

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Presentation transcript:

IDENTIFYING MARKETING AIMS AND OBJECTIVES 3.1

CORPORATE OBJECTIVES MARKETING OBJECTIVES Developing new products Improving market share Diversification Improving profitability Increasing brand awareness Re-launch of product Understanding customers’ needs The organisations’ overall goals MARKETING OBJECTIVES

Marketing objectives: establishing the business Understanding customer needs A successful business finds out what the customers want and attempts to supply goods and services that meet those needs. An example of a company understanding its customers is The Feel Good Drinks Company. Market research into consumer needs was carried as the business was planned. This has lead to rising sales and the company being shortlisted for the Orange award for the best marketing campaign for a small business.

Marketing objectives: establishing the business Developing new products New businesses need to develop new products in order to gain a foothold in the market. Established businesses also develop new products to meet the changing needs of the market place or to reflect advances in technology. MP3 USB Walkman cassette player Walkman CD player Walkman MiniDisc player

Marketing objectives: establishing the business Increasing brand awareness A new firm will need to raise customers’ awareness of the business and its products. This can be achieved by advertising, free samples, or by television or newspaper coverage. Established companies may seek to raise the profile of their business and their existing products and brands. Some use the strength of their existing brand names to develop and market new products.

Marketing objectives: expanding the business Improving profitability Profits are the surplus of revenue after costs are deducted. Many business have a corporate aim to maximise profits. Profitability can be improved by investing more in marketing in order to increase sales and therefore profitability. Another approach could be to alter the customers perceptions of the product therefore increasing prices without reducing sales. £

Marketing objectives: expanding the business Improving market share Market share is the percentage or proportion of the total sales in a market achieved by one business. If the overall market is not growing, a business can only increase its market share at the expense of its competitors.

Marketing objectives: expanding the business Diversification A strategy involving a business going into a new market which is totally different from those targeted by the existing activities of the firm. It is particularly appropriate for a business with a strong brand image. Diversification allows a business to spread risk. Mars has recently diversified its product range by making drinks as well as its more established range of chocolate.

Marketing objectives: expanding the business Product relaunches Product relaunches are used to boost sales of flagging brands or products. It is a common strategy used by the confectionary, washing powder and household cleaning industries. Companies may also wish to reposition a product in the market, the aim might be to make a product appear more luxurious or prestigious to consumers.