Transcript Marketing Objectives

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Marketing
Objectives
A2 Business Studies
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Aims & Objectives
Aim:
• To understand SMART marketing objectives.
Objectives:
• Define marketing objectives and their criteria.
• Identify the need for marketing objectives.
• Describe what SMART marketing objectives are.
• Analyse the marketing objectives of three firms.
• Evaluate these objectives.
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Objectives
•
Goals or targets which a firm sets itself to achieve which provide a
focus for business decision making.
•
Short term targets, against which achievement and success can be
measured.
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Definable.
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Quantifiable.
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To judge performance.
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Marketing Objectives
Definition:
• The goals of the marketing
department which must be achieved.
• These objectives come from and are
designed to help achieve the overall
corporate objectives.
• Concerned with products, sales and
marketing only.
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Marketing Objectives
Why set marketing objectives?
Consider:
Budgets
Motivation
Aims
Other departments in a business
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Why set marketing objectives?
 Allows a business to control a
marketing plan and budget.
 Motivates employees.
 Provides a common goal, uniting
employees.
 Helps provide an overall focus and
aim for all departments.
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S.M.A.R.T Objectives
S = Specific
M = Measurable
A = Achievable
R = Realistic
T = Time specific.
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SMART Company Marketing
Objectives
Specific Targets – not vague statements = Highlight in
Green.
Measurable Targets – quantitative and achievable =
Highlight in Red.
Achievable – agreed by those in the business = State
whether you feel the business objectives are
achievable and whether you agree with them or not.
Realistic = are the objectives achievable. State
whether you feel they are realistic and achievable for
the specific business.
Time Specific = is there a time scale in which to be
completed. Highlight in Blue.
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Apple iPad
Marketing Objectives of Apple (iPad)
Increase product awareness among the target
audience by 30 percent in one year.
Inform target audience about features and
benefits of our product and its competitive
advantage, leading to a 10 percent increase in
sales in one year.
Decrease or remove potential customers'
resistance to buying our product, leading to a
20 percent increase in sales which will be
made in six months or less.
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Agree? Realistic?
Do you agree with the objectives and think they are
appropriate? Why?
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Do you feel they are realistic and achievable for
Apple? Why?
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Amazon.co.uk
Marketing Objectives of Amazon.co.uk
We aim to continually build a customer
database of at least 40 million
households in the UK.
We aim to achieve a market share of
48%.
We aim to achieve 75% customer
awareness of our brand in our target
markets.
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Agree? Realistic? Change Anything?
Do you agree with the objectives and think they are
appropriate? Why?
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Do you feel they are realistic and achievable for Amazon? Why?
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Would you change Amazons marketing objectives? What are
they lacking?
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Tesco
Marketing Objectives of Tesco
Aim to develop the brand name in the UK and Eastern
Europe by launching a new advertising campaign in both
regions of the EU. The campaign will be successful if sales
in the UK rise by 1.5% and in Eastern Europe by 8%.
Aim to increase market share in the UK from 31% to 33% by
December 2011 using pricing strategies and increasing the
benefits of the Tesco Clubcard for our customers.
To gain a 10% market share of the internet providers in 32
months time. This projection is based on market research
into the opportunities in the market and projections from
the finance department.
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Agree? Realistic? Change Anything?
Do you agree with the objectives and think they are
appropriate? Why?
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Do you feel they are realistic and achievable for Tesco? Why?
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Would you change Tesco’s marketing objectives? Justify your
reasoning.
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Homework.
Virgin Trains Marketing Objectives
Wednesday 17th November 2010.
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Q1.
• An objective is….
A short term target or goal.
A long term target or goal.
A goal which sets the aim of the
business.
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Q2.
Estimable.
Measurable.
Quantifiable.
• An objective must be
definable and…..
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Q3.
Agreed
Achievable
Applicable
• The ‘A’ in SMART target
stands for….
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Q4.
• Marketing objectives unite
employees and….
Motivates them
Demotivates them.
Allows the marketing department to
create the businesses aim.