Marketing Strategies: Understanding Marketing Objectives

Section 3.3

Chapter 7

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Marketing objectives

Marketing: the process of identifying, anticipating and satisfying customer needs profitably
Marketing objectives: the goals of the marketing function which come from and are designed to help achieve corporate objectives

Corporate objectives > Marketing objectives > Marketing strategies > Marketing tactics

  • Maintaining/increasing market share ensure they do not lose ground to other competitors
  • Developing new products/innovation as a result of market research; other products may be reaching the end of their life cycle, competition may be fierce
  • Meeting the needs of customers good customer service
  • Target new market/market segment  when one becomes saturated or sales decline, a firm may consider who their products are aimed at and if they need to change the audience
  • Gaining competitive advantage reducing average distribution costs or improving brand recognition
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Internal influences on marketing objectives

The amount of money available to the marketing function, including the marketing departments budgets and expected returns

  • The overall financial position is important
  • The expected return is important when deciding on an expenditure budget, if objectives have successfully been achieved in the past this cna increase the likelihood of finance being available in the future

Human resources:
The abilities of the workforce will have an impact on the marketing objectives cause they can limit what the business is able to do. Employees need to have the necessary skills

Corporate objectives and operational issues will also have an effect of the decision of marketing objectives because operations will involve capacity and efficiency of production

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External influences on marketing objectives

Competitors actions:
Assessment of their actions and their marketing mix and spending

Technological change:
Affecting prodution time and labour costs- new machinery may be less labour reliant, and speed up the production process, however changes can reduce product life cycles

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