Understanding Marketing Objectives

Marketing Objectives- the goals of the marketing function which come from and are designed to help achieve the corporate objectives.

 

 

Marketing objectives may include:

 



1. To maintain or increase market share.

2. To target a new market segment of an existing market or develop a new market.

3.To develop new goods and services as a result of market research findings or technological developments.



Whatever the marketing objectives are, they should always be quantifiable targets so that success can be judged.

What is the SMART objective for this organisation? Click on the picture below.

 

Internal Factors influencing the setting of marketing objectives

• Corporate objectives
• Finance

Worth the money? Click here.

• Human resources
• Operational issues

External Factors influencing the setting of marketing objectives

• Competitor actions
• Technological developments
• Economic change

Stretch & Challenge. Read this chapter.

Analysing Markets and Marketing

Why analyse your market?

Gathering evidence for devising a new strategy.

Identifying significant patterns in sales.

Methods of analysing markets:

Moving averages



Test markets



Extrapolation & Correlation

 

The use of technology in analysing data:

 

 



 

Difficulties in analysing marketing data:

The samples on which forecasts are made are too small.

Some industries are subject to rapid change. Think mobile phones.

Major changes in the external environment (such as a recession) can impact on consumer behaviour.

 

 Major marketing errors. Details here.



Selecting Marketing Strategies

Ansoff's Matrix

 

More details here.

 

 

 

Low cost versus differentiation:

More details here.

Video 2:
 

 

  

Risks and benefits of entering overseas markets:
 



Developing and Implementing Marketing Plans

 

Key components of a marketing plan. Details here.



Internal and external influences on a marketing plan: