Understanding marketing objectives

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Marketing Objectives

  • Analysing the markets in which they operates
  • Setting marketing objectives
  • Selecting market tactics and strategies
  • Developing and implementing marketing plan
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Growth and profitability

  • A business might want to increase sales, revenue, profit through market
  • Increase its revenue by selling more products
  • Charge a higher price
  • Both should lead to higher profits
  • So might launching new products
  • Create a competitive advantage over their rivals Marketing can help a business to do this
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Gaining and maintaining sales and market share

  • A  business may attempt to prevent losses and declining sales
  • Maintain market share, through its marketing
  • When a new product is launched. New products often require marketing and promotion to break into the market and for sales to take off.
  • To develop over the long-term.
  • Some products have very long life cycles such as the Mini motor car and Heinz Beans
  • They have sold continuously over many years as a result of marketing extension strategies designed to maintain sales
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Product Differentiation

  • Differentiate products from those of competitors by changing the marketing mix such as:
  • Charging a lower or higher price
  • Changing the packaging,
  • Design and ingredients of the product,
  • advertising and other forms of promotion
  • Selling the product in different typres of retailer
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Product introduction

  • Launch new products onto the markets
  • Market research could have indicated that this product would be successful
  • Some businesses introduce products regularly, such as new versions of computer software and games
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Product innovation

  • Some products are genuinely new and innovative.
  • New technology has created a new product or research has found a new medicine
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Consumer Knowledge

  • Consumers need to know what products are available from business
  • Without awareness they may not buy products
  • Raising the awareness of the products
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