Marketing Objectives

1. Marketing Objectives Defined as: marketing ‘goals’ that the business must achieve in order to meet its wider business objectives

2. Marketing Objectives Main ones for most businesses tend to be: • Growth in market share • Clearer product differentiation • Long term brand value to customers • Creating and launching new products / services – ‘Innovation’

3. Objectives into marketing targets • Going from big picture into smaller pictures • Targets are ‘milestones’ on the road to achieving the objectives • Targets are usually short and medium term

4. Objectives and small firms • Small businesses don’t usually think about, or even write down targets and objectives • A criticism of the business manager/owner in a small business Increase sales by 10% for example

5. Limitations on objectives • There are always barriers to achieving objectives • Some internal – e.g. available resources • Some external – e.g. changing market with competitor actions • These may prevent all or some of the objectives being achieved

6. Marketing model Business objectives 1. Marketing objectives 5. Control And review 2. Gather data 3. Form hypothesis 4. Test the options Taken from :Marcouse et al, Business Studies, ed 2, 2003

7. Analysis of marketing objectives • To create an effective marketing strategy you need to have clear objectives – it will probably fail without them! • Objectives are different to strategy, so look up the definition of marketing strategy now so you are clear about this!

8. Evaluation of marketing objectives • The success of using objectives within a marketing strategy is to be realistic about setting the objectives • It’s unlikely a new ‘sports shop’ in your nearest shopping centre will win a large market share from well established stores like JJB Sports is it?