D2:Setting the objectives of the marketing strategy

Question 1

The first vital part of creating a marketing strategy is to define its objectives.

Answer 1

Clearly define objectives will help people in differer parts of the company understand their role in the marketing process
** objectives will also make it easier for the company to analyse whether the strategy is working or not

Question 2

The objectives should cover 4 key areas:

1) What type of marketing strategy does the company want to pursue (na te streven)?

Answer 2

There are three broad options:

1) undifferentiated or mass: appealing (aantrekkelijk) to the whole market, or a large section of it, with a single product
eg: many branded wines available in supermarkets and other large retailers

2) Niche: aiming a product at a specific segment of the market, many wines are niche products
3) multiple: either appealing to numereous segments of the market with one brand (each segment will potentially require a different marketing approach) or launching several brands each targetting different segments

Question 3

2) What are the aims of the marketing strategy?

Answer 3

1) Launch a new product
2) communicate improvements to existing product
3) increase sales
4) increase market share
5) improve brand awareness
6) improve brand identity
7) attract new consumers

Question 4

3) How will the succes of the strategy be measured ?

Answer 4

Profits, value of sales or market share ?

Question 5

4) within what time period should the objectives be achieved?

Answer 5

It could be a short term strategy or be for a period of several years

Question 6

Another important element is to set the marketing budget:

Answer 6

Marketing can be a very expensive activity

** tip: The budget should be set by reference to the profits which the marketing campaign is expected to produce