Chapter 7: Understanding Marketing Objectives

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  • Understanding Marketing Objectives
    • Types of marketing objectives
      • size
        • specific sales volume
        • measured by sales or market share
        • % rise on sales revenue
        • target % market share
        • market leadership or certain market position
      • market positioning
        • concerned with a company's appeal to a particular market segment
      • innovation
      • creation of brand loyalty
      • security/survival
    • Reasons for setting marketing objectives
      • act as a focus for decision making and effort
      • provide a yardstick against which success or failure can be measured
      • improve co-ordination, by giving teams and departments a common purpose
      • improve efficiency, by examining reasons for success or failure in different areas
    • Internal influences on marketing objectives
      • corporate objectives
        • must be consistent with corporate objectives
      • finance
        • healthy financial background can afford to put more resources into marketing
      • human resources (HR)
        • must take into account size and capabilities of workforce
      • operational issues
        • marketing relies on other department in order to reach its objectives
      • resources available
        • strong financial situation can purchase whatever resources are required to achieve ambitious marketing objectives
      • nature of the product
        • acts both as an opportunity and a constraint on marketing objectives
    • External influences on marketing objectives
      • suppliers
        • efficiency, cost efficiency, quality, reliability, flexibility will influence ability to meet needs of customers
      • market factors
        • growth or decline will have an impact upon marketing objectives
      • competitor's actions
        • highly competitive market makes it hard to achieve high market share
      • technological change
        • major cause of rapid change in consumer tastes and markets
      • economic factors
        • growth in the economy or change in exchange rate
      • political factos
        • government policies and pressures on issues
      • legal factors
        • can act as a constraint on marketing objectives

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