Marketing Objectives

Question 1

setting ovjectives importance

Answer 1

take into account position in market

needs of cinsumers

actions of competitors

vital to ensure these factors are met within the marketing mix

Question 2

how to set marketing objectives

Answer 2

where are we now? - SWOT ANALYSIS - INT + EXT AUDIT

where do we want to be? - setting goals for the future - STRATEGIC OBJECTIVE or MARKETING OBJECTIVE

how will we get there? - MARKETING STRATEGY NEEDED + using the MARKETING MIX to formulate a strategy by how itll be achieved in a time frame.

Question 3

Advantages of setting objectives

Answer 3

• helps the business idnetify what it hopes to achieve through any spending on marketing
• planning is a good way to motivate working and set targets for achieving goals
• market planning means business can rank projects so that money can be targetted used where itll be most effective in improving performance
• makes it possible for the business to assess performance against expectations - marketing planning can help avoid spending and undertaking campaigns with no guarantee of successful outcome for this spending and time used to make it etc.

Question 4

Disadvantages of setting objectives

Answer 4

• looks at every aspect of marketing except the consumer - theyre the most vital to any plan success
• plans must include the other departments in the firm - need to work together not in isolation
• need to be clear, specific and focused not vague and with no idea of outcome or outcome success- too much money to waste on for there to be no guaranteed success
• need to take external situations into account

Question 5

How to assess a business success

Answer 5

sales
market share
number of equries or hits from the campaign
satisfaction success