Business unit 3

Marketing objectives:

1.) Market size

2.) Market value and volume

3.) Market growth

4.) Market share

5.) Sales growth

6.) Market positioning

7.) Innovation/ increased product range

8.) Security/survival

9.) Environmental/ethical objectives

10.) Branding/ brand loyalty

Market growth and sales growth = new - old / old x 100

Market share= number of sales by that business / total sales in that market x 100

Market size= the total sale volume or value of a product

Benefits of marketing objectives:

• Objectives should be SMART which means objectives are clear
• Specific objectives provide clarity to employees
• Measurable and time bound objectives can improve efficiency
• Achievable and realistic objectives mean that employees are motivated because they know they can do it
• When employees have a common objective it means they can become team like
• Objectives provide a yardstick for success or failure

Drawbacks of marketing objectives:

• External changes are not always easy to predict so marketing objectives could be set on incorrect assumptions
• Internal changes to other objectives may affect marketing objectives. For example if a business' operational departments quality is poor then this creates unreliability and this affects a marketing departments objective for brand loyalty
• Objectives may conflict for example, a financial objective of improving cash flow may be affected if a business wants to improve innovation and product range…