Business unit 3

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Marketing objectives:

1.) Market size

2.) Market value and volume

3.) Market growth

4.) Market share

5.) Sales growth

6.) Market positioning

7.) Innovation/ increased product range

8.) Security/survival

9.) Environmental/ethical objectives

10.) Branding/ brand loyalty

Market growth and sales growth = new - old / old x 100

Market share= number of sales by that business / total sales in that market x 100

Market size= the total sale volume or value of a product

Benefits of marketing objectives:

  • Objectives should be SMART which means objectives are clear
  • Specific objectives provide clarity to employees
  • Measurable and time bound objectives can improve efficiency
  • Achievable and realistic objectives mean that employees are motivated because they know they can do it
  • When employees have a common objective it means they can become team like
  • Objectives provide a yardstick for success or failure

Drawbacks of marketing objectives:

  • External changes are not always easy to predict so marketing objectives could be set on incorrect assumptions
  • Internal changes to other objectives may affect marketing objectives. For example if a business' operational departments quality is poor then this creates unreliability and this affects a marketing departments objective for brand loyalty
  • Objectives may conflict for example, a financial objective of improving cash flow may be affected if a business wants to improve innovation and product range…

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