D2C11 Setting Objectives Of Marketing Strategy

Question 1

Key areas of objectives

Answer 1

What types of marketing strategy does the company want to pursue

• -undifferentiated / mass (whole market or large section with single prod)
• niche - single prod aimed at specific segment
• multiple - appealing to numerous segments with one brand (ea seg may require different mktg approach)
• several brands to various / different segments

What are the aims of the marketing strategy

• launch new prod
• commun improvements to existing prod
• increase sals
• increase mkt share
• inc brand awareness
• imp brand id
• attract new customers

How will the success of the strategy be measured (quantifiable)

Within what time period should be the objectives be achieved

• cb short term or severalyears

What is the set budget

• mktg is expensive and the cost should be relative to the profit the campaign will produce

Once the marketing objectives are set, these should be validated against a SWOT analysis.

Question 2

What are the objectives of a SWOT analysis?

Answer 2

The SWOT analysis can provide insight into the feasibility of objectives

SWOT identifies factors that are relevant to achieving the objective

• Analysis indicates to what extent each of the factors support achieving the objecitve (swot)
• It can help an organisation understand why certain objectives might be difficult to achieve and if an alternative should be considered
• It can illustrate where the objectives might not fit, either with internal strengths/weaknesses or with external opportunities / threats

Question 3

To execute a swot what is done

Answer 3

The objective is selected prior to starting the swot

Strengths and weaknesses have an internal focus and the following are answered

• What resources or tools are needed
• What does the company have that can be exploited to achieve the objective
  
  • reputation, relationships, locations, production facilities, reliable support industry (logistics, bottling), strong financial position, capabilities and scale for prod volumes, innovation, ability to build strong brands etc

Opportunities and threats have an external focus

• PESTEL analysis is conducted to consider all the external forces that might influence the achievement of the objectives.

Once the SWOT analysis is completed, it should have a formal conclusion, and recommendations that emerge.