Marketing Objectives

Question 1

What is marketing?

Answer 1

The process of identifying, anticipating and satisfying customer needs profitably

Question 2

What do the processes of marketing mean?

Answer 2

Identifying - finding out by using market research

Anticipating - analysing the data collected

Satisfying customer needs - making sure stakeholders are happy with product

Profitably - adding value to product so when sold, price is greater than costs

Question 3

What is the role of marketing?

Answer 3

• has a direct effect on profitability and sales
• finds out what customers want, then attracts and persuades to buy
• larger business have specific staff for marketing

Question 4

What are marketing objectives for?

Answer 4

• set out what business wants to achieve from marketing

- help a business to achieve overall corporate objective

Question 5

What’s the marketing objective hierarchy?

Answer 5

Corporate objectives (grow revenue by 15% in next 5 years)
—->
Marketing objectives (increase UK market share by 27%)
—->
Marketing strategies (focus product range on high margin items)
—->
Marketing tactics (improve agreements with key suppliers)

Question 6

What are some possible marketing objectives?

Answer 6

• increase sales volume or value
• increase market size/share
• appeal to specific marketing segment
• create brand loyalty
• raise awareness
• secure survival

Question 7

Why does a business want brand loyalty?

Answer 7

-business may promote so customers become loyal
-allows a business to:
•benefit from repeat purchases
•lower spending on promotion
•charge higher prices as customers won’t mind

Question 8

Why would a business want to raise awareness?

Answer 8

-new product or brand needs exposure, relaunch or improvements need to be put out there

Question 9

Why does a business want survival?

Answer 9

They change how they market themselves in order to survive

Question 10

Why set marketing objectives?

Answer 10

• smart objectives give clear focus on what needs achieving
• benchmark to judge success/failure
• provides direction and common goal for employees
• motivates when aiming for a target
• good practices shared in order to meet timed or measurable targets

Question 11

What are the features of marketing objectives?

Answer 11

• they’re not static, change when a business’ situation changes
• impossible to all be followed at once
• the main objective chosen will be influenced by external and internal influences