Marketing objectives

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  • Marketing Objectives
    • Marketing identifies customer needs and wants
      • Marketing covers research, analysis, planning and the marketing mix
        • Marketing helps to ensure customer loyalty
    • Marketing objectives are the Marketing departments aims/targets and they should be SMART
      • They tend to focus on sales
        • Sales Volume and Sales value e.g. an objective may be to reach a certain sales volume over a certain period of time
          • Sales value Sales  is based more on businesses that sell a variety of products they may say they want to achieve £400 million in sales over the year
      • Sales Growth- e.g. to sell 40,00 more ipads or increase sale revenue by £50,000 compared to last year
        • They may also do percentage growth
      • Market Share- the % of sales in a market made by one firm or brand e.g. to increase market share by 10%
      • Market Size and Market Growth- the market size is the total number of sales in the market over a period of time
        • A company might set objectives to stimulate market growth (as long as the companies market share stays the same or grows they will have an increase in sales
      • Marketing objectives can also be qualitative e.g. improving product quality or maintaining brand loyalty
    • Marketing tries to ensure that the business supplies goods and services that customers ant in or to make profit
    • Marketing Objectives are influenced by internal and external factors
      • INTERNAL
        • Corporate objectives
        • Finance  (the budget they are allocated)
        • Human resources - how much staff they have and what is achievable with these staff levels
      • EXTERNAL
        • Market- the state of the economy has a big impact on marketing objectives e.g. an economic boom is a good time to increase sale volume as income levels are generally higher
        • Competitors
        • Ethics and environmental factors
        • Technology- in markets where technology changes rapidly the marketing objectives would concentrate on price and sales
    • LAW
      • The law affects marketing objectives
        • Predatory pricing (cutting prices to force a competitor out of business) is illegal in the EU and US
        • Trade description act- business can't lie about products
        • Advertising of certain products are restricted
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