Where do you see yourself…? Reflect on where you see yourself in 10years time and write this on a post-it note. = 5mins

Did Dreams Become Reality? Celebrity What do think were the ambitions of these people when they were your age? How did they get to where they wanted to be? E.g. Harry Judd To play in a successful band Took music lessons at school *Extension: where do you think they see themselves in the next 20years?

Learning Objectives TOPIC: Topic 4: Marketing LESSON TITLE: Marketing Aims and Objectives COMPETENCY FOCUS: Entrepreneurship (S4): To develop your entrepreneurial skills in preparing a realistic proposal for a new business start-up. You will understand the process a business will have to go through when starting up, including the underlying principles of starting a business.   [IB Learner Profile Development: Communicator] Learning Objectives By the end of the lesson, you should be able to… 1) Distinguish between marketing objectives and corporate objectives 2) Explain why marketing objectives are important, using examples 3) Examine how appropriate the marketing objectives are in achieving the goals of an organisation. SMSC: You will assess the organisational culture of businesses in terms of fundamental structure, purpose and strategy development. CRITICAL THINKING KEY: Knowledge Application Analysis Evaluation

Every organisation has one!!! Mission Statement Identifies the main purpose and vision of the organisation. For example… "McDonald's vision is to be the world's best quick service restaurant experience. Being the best means providing outstanding quality, service, cleanliness, and value, so that we make every customer in every restaurant smile."

What is an aim? Aim: What a business wants to achieve in the long term . For example, to maximise profit or to survive.

What is an objective? Objective: steps businesses take that helps them to achieve their aims. E.g. To increase sales by 5% per month over the next 12 months.

Summary Aim: What you want to achieve long-term Objective: How you are going to achieve it

Aim or Objective? To make a profit To advertise products which will increase sales and help the business make a profit To survive during the recession To reduce prices of products to help beat the competition To increase our advertising to help grow the company

Add an amount (£, %) and a time (months, years) Objectives Objectives must be SMART: Specific Measurable Agreed Realistic Time-constrained General Rule… Add an amount (£, %) and a time (months, years)

Make these SMART! To increase sales To develop a new innovative product to rival the iphone. To increase advertising on TV To monitor our spending

So what is a Marketing Objective? ‘Goals set for the marketing department to help the business to achieve its overall objectives’. (WHERE WE WANT TO BE) Marketing Strategy: long-term plan established to achieve marketing objectives. (HOW WE ARE GOING TO GET THERE)

Cascading of Objectives AIM CORPORATE OBJECTIVES DIVISIONAL OBJECTIVES DEPARTMENTAL OBJECTIVES INDIVIDUAL TARGETS

GROUP TASK Working in pairs, you will be given a company. Your task is to produce a Marketing Plan for that company that includes the following… Company Mission Statement Corporate Aims (with reasons for your choice) Corporate Objectives (with reasons for your choice) Marketing Aims Marketing Objectives Marketing Strategy (Include in this your marketing mix)

Aim or Objective? To maximise profit To employ 10 new staff in the sales department in the next 2 years To survive during the recession To increase awareness of the cause To develop a new product to sell to teenagers by 2016.

Reflection Reflect on what you have learnt this lesson. What do you need to know more about?

Reflection www.businessstudiesonline.co.uk