11. Setting Objectives of the Marketing Strategy

Question 1

What are the three broad types of marketing strategy and which parts of the market do they target?

Answer 1

Types of marketing strategies:

• Undifferentiated or mass – appeals to the whole market, or a large section of it, with a single product; for example, many branded wines available in supermarkets and other large retailers.
• Niche – aiming a product at a specific segment of the market; many wines are niche products.
• Multiple – either appeals to numerous segments with one brand (each segment will potentially require a different marketing approach) or launching several brands each targeting different segments.

Question 2

What are 7 possible objectives of a marketing strategy?

Answer 2

Possible objectives of a marketing strategy:

1. INCREASE sales.
2. INCREASE market share.
3. IMPROVE brand awareness.
4. IMPROVE brand identity.
5. ATTRACT new customers.
6. COMMUNICATE product improvements.
7. LAUNCH new product.