Marketing Objectives
Marketing Objectives “Marketing is the management process responsible for identifying, anticipating and satisfying consumers' requirements profitably” -Chartered Institute of Marketing Objectives are the targets set for an organisation to focus on and to plan strategies to achieve. Marketing Objectives are the goals or targets set by an organisation for products, sales and marketing; and are often part of a wider Corporate Objective
SMART Objectives Remember, objectives should be SMART: Specific (Who? What? Where? Why? Which?) Measurable (How will you know? Quantitative?) Attainable (How will you meet the target?) Realistic (Does it matter? Is it possible?) Time Based (When?)
Why are these objectives not SMART? To make sure new customers are happy with our service. To use retained profit from the previous quarter to open new stores. To increase total sales revenue by $27billion dollars through intensive marketing and diverse product launches; in order to exceed McDonalds as the leading fast food franchise in the world by the 11th November 2012. To release new products into the market over the next three months.
Example: Everything Everywhere Following the T-Mobile and Orange Merger, Everything Everywhere set the following target: How does this fit with its corporate objective? “to introduce 4G across 16 UK cities by the end of 2012, with 98% population coverage planned by the end of 2014.” “Best network: Building a new backbone for Britain, one that is set up to deliver for the people and the businesses of the UK in the 21st century.”
Homework Research 3 Marketing Objectives for the firm of your choice. Explain how they help to meet the firms corporate objectives.
Why do we have Marketing Objectives? Marketing objectives are put in place in order to: Motivate Individuals Provide clear and common goals Help devise and plan strategies to meet the objectives
Marketing Objectives Marketing Objectives are based around marketing, products and sales. Examples could include: Maintaining or Increasing Market Share Developing new products and product range Entering a New market Increase sales revenue Increase Brand Awareness/Loyalty Remember to convert these objectives into SMART objectives!
Influences on Marketing Objectives Influences on Marketing Objectives can be divided into Internal and External Influences; which are Internal and which are External? Finance- What is the financial position of the business? Human Resources- What expertise is available? Competitors Actions- How intense is the competition? Operational Issues- Production, Efficiency etc. Market Factors (i.e. the Economy) Organisational Objectives- Long term goals for the company Changes in Technology Changes in Preference (What consumers want)
Finance: Financial position can add or limit the marketing budget Internal External Finance: Financial position can add or limit the marketing budget Competitors Actions: Competitive markets may need more realistic targets or niche marketing. Human Resources: Objectives need to take into account the size and expertise of the workforce Market Factors (Economy): Different markets for growing or declining markets and economy Operational Issues: Targets are influenced by whether products can be provided at a low cost/good quality. Technological Change: Can change objectives, tastes and market access e.g. Amazon, eBay. Customer’s Taste/Preference: Marketing objectives should aim to predict and satisfy changes in preference. Corporate Objectives: Marketing objectives must be consistent with the corporate goals.
Which is not a marketing objective? To increase the firms market share To open up a new branch in the local area Increase work-force satisfaction Broaden the range of products
SMART Marketing Objectives. What does the M in smart Stand for? Give an example. What does the R Stand for? Give an example. What is the difference between marketing and corporate objectives?