Marketing Objectives
The targets the marketing department wishes to achieve that are compatible with the...
organization's overall objectives
The tactics a company takes in order to fulfill their objectives
If a company had a growth objective, the marketing team could...
expand internationally or widen e-commerce, launch new products
What type of industry (sector) is the extended marketing mix used for?
Service sector
What are 2 reasons that marketing objectives are important for?
- Allows progress to be monitored
- Measures success
- Provides prupose/direction/motivation
- Helps the planning of appropriate strategies
- Allows focusing of marketing mix
Define 2 of the extended "P"s, and how would they be used by a real life company
Physical Environment: creating a welcoming atmosphere
People: customer service
Process: sales aftercare
What do SMART objectives stand for?
Specific, Measurable, Agreed, Realistic, Time-Constrained
Define market development and product development
Market development: Selling existing products in new markets, such as through the use of international marketing) or e-commerce
Product development: Selling new products in existing markets. It is a common marketing strategy for businesses operating in high-tech industries.
Name 4 marketing objectives and their purpose
- Market Share: percent in the industry, can be achieved through penetration
- Market Leadership: greatest market share in industry
- Customer Satisfaction: customers are satisfied with price, quality, service
- Product Positioning: the place you want your product to have in the target market
- High Market Standingļ¼The extent to which a firm has a presence in a marketplace (image + reputation)
Define diversification and product innovation, and explain how a real life company could use these strategies to achieve their objectives
Diversification:Marketing new products in new markets. High-risk strategy, used by financially stable businesses pursuing growth
Product Innovation: A new product onto the market, can help a firm to gain first-mover advantage in establishing itself.