marketing objectives and strategy

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Marketing objectives and strategy
Marketing strategy is the plan for meeting your marketing goals or objectives. The objectives are
set after assessing trends and competition within the market, usually by company directors. Strategy
may also be set at the same level of seniority, or may be delegated from the directors to senior
managers. In this case, the managers will need to return to the directors to get approval for the
finance and the staff needed to give the strategy a chance to succeed. Remember, though, that just
as only one in five new products succeed, so many- perhaps most- marketing strategies fail to meet
their goals. This is because if a big opportunity exists, several companies may decide to aim for the
same goal- meaning, perhaps, that no-one can successfully make a profit.
Examples of strategies Examples of objectives
To concentrate media spending on cinema To boost consumer awareness to above 50%
advertising
Price competitively during the launch period Establish a younger, trendier image
To focus the budget on below-the-line activity To boost market share to over 15%
To cut media spending to provide more To maximise the profit made by declining brands
resources for new product development
To ensure a fully coordinated marketing mix Achieve distribution in more than 70% of outlets
Objectives should not be too ambitious because....
Because they need to be able to be achieved but still be challenging so that it gives the business
chance to progress and develop and better itself. Also because too ambitious objectives can
demotivate staff because they feel that they will never achieve it.
The product is usually the most important element in the marketing mix...
Because without the product there would be nothing to sell, and if the product was of horrific quality
so when you touch it then it disintegrates people aren't going to buy it no matter how cheap it is.
Strategic decisions are made at very senior levels of management...
Because the strategy could make or break the business, and if an inexperienced member of staff did
the strategies then things could start going wrong because they don't have the ability to identify the
best thing for the business.
Failure to meet an objective may not mean the strategy was wrong...
This is true because the objective for a new business may have been to expand, where as other new
businesses aim to survive. But also strategies could be wrong, so if they wanted to increase sales,
instead of advertising, they buy a load of stock this would be a wrong strategy, you would increase
stock if demand was high.

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