11: Setting the Objectives of the Marketing Strategy

Question 1

What are the 4 key areas that objectives should cover?

Answer 1

1. What type of marketing strategy does the company want to pursue?
2. What are the aims of the marketing strategy?
3. How will the success of the strategy be measured?
4. Within what time period should the objectives be achieved?

Question 2

What are the three broad types of marketing strategies?

Answer 2

1. Undifferentiated or mass
2. Niche
3. Multiple

Question 3

Describe undifferentiated or mass marketing strategies.

Answer 3

appealing 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

Question 4

Describe niche marketing strategies.

Answer 4

aiming a product at a specific segment of the market; many wines are niche products

Question 5

Describe multiple marketing strategies.

Answer 5

either appealing to numerous segments with one brand (each segment will potentially require a different marketing approach) or launching several brands each targeting different segments

Question 6

Give some examples of marketing strategy aims.

Answer 6

• launch a new product
• communicate improvements to existing product
• increase sales
• increase market share
• improve brand awareness
• improve brand identity
• attract new consumers