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Business Studies
Unit F292 Business Functions…read more

Slide 2

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Marketing objectives
· An objective is a goal that needs to be achieved. It is
desired outcome of marketing plan or functions.
· Mission statements are the overall aims. Show what
business wants to achieve . Must be realistic
· An aim states what you want
· An objectives set out what you need to have achieved to
get what you want
· A strategy is a course of action which enables you to meet
your objectives.
· Can be long term or short term
· Strategic objectives may be increasing sales, increasing
market share , increasing product awareness and gaining a
USP…read more

Slide 3

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Marketing objectives cont....
· Tactical objectives can be divided by marketing mix
· Product objectives: Launching new products,
improving products , improving after sales service and
product packaging . It can also be to extend the life of
a product
· Price Objectives: Remaining competitive, reducing
prices and developing new pricing strategies
· Promotion objectives : Increasing brand loyalty,
maintaining brand awareness, advertising and
promotion options
· Place objectives: Increasing product availability and
delivery times…read more

Slide 4

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Marketing strategy
· A plan to achieve stated marketing objectives
· Can be described using marketing mix
· Tactics: day to day decisions that are taken to manage the
firm and to help fulfil overall strategy
· Product strategy: Product life cycle, positioning and Boston
Matrix . Strategy e.g. for product:
- Updating and improving product range
- ongoing market research and after sales services
- Marketing departments to work closely with research
and development to insure product demand and effective
production of products.…read more

Slide 5

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Marketing strategy cont...
· Promotion strategy: Advertising campaigns and variety
of promotional activities such as competitions or free
· Place or distribution strategy: choice of retail outlets
and impact of this on other marketing aspects
· Market research strategy : Gathering of information is
vital. Need to ensure validity of this data
· Price strategy: every decisions to a price change should
be taken as n overall strategic plan . The desire to
remain competitive is reflected on this…read more

Slide 6

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· A process that attempts to identify customer demand
and then satisfy it at a profit
· Importance/ significance of marketing
- Identifying customer demand: takes time to
understand what customers want. If no one want the
product allot of money may be wasted on promotion
production etc . Firms there fore do market research
- Satisfying customer demand: Firms respond to
information gathered by market research using element
of market research into a strategy in which supply will
match will demand. They need to know they can meet
the wants of the customers.
- Making a profit: profits can be objectives for firms.
If not need to avoid making a loss on the activities…read more

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