D2C11 Setting Objectives Of Marketing Strategy

Question 1

Why are clear objectives necessary

Answer 1

Help people in different parts of the company understand their role in the marketing process
Make it easier for company to analyze whether the strategy is working

Question 2

Key areas of objectives

Answer 2

What types of marketing strategy does the company want to pursue
What are the aims of the marketing strategy
How will the success of the strategy be measured
Within what time period should be the objectives be achieved
Set budget

Question 3

List major types of marketing strategy

Answer 3

Undifferentiated or mass: appealing to the whole market or a large section of it with one single product
Niche: aiming one product at a specific segment of the market
Multiple: either appealing to numerous segments with one brand (each segment potentially require a different marketing approach) or launching several brands each targeting different segments

Question 4

List major aims of marketing strategy

Answer 4

Launch new product
Communicate improvements to existing product
Increase sales
Increase market share
Improve brand awareness
Improve brand identity
Attract new customers