Marketing Objectives And Strategies

Question 1

What are marketing objectives

Answer 1

What the marketing department use to say exactly what it’s hoping to achieve

Question 2

Main marketing objectives

Answer 2

1. Increasing profit levels
2. Gaining market share
3. Creating and maintaining a strong brand ID

Question 3

What are qualitative objectives

Answer 3

These are non numerical plans for brand image
Product quality
Product development

Question 4

What are quantitive objectives

Answer 4

Specific figures for market share, market revenue, market penetration and profitability

Question 5

What are the 4 p’s

Answer 5

Price
Promotion
Place
Product

Question 6

What are marketing strategies

Answer 6

They say who the company’s target market is and how they’re going to use the marketing mix to achieve their marketing objectives

Question 7

Internal factors affecting marketing objectives - corporate objectives

Answer 7

• have to make sure they fit with companies overall targets

- so if the company want to improve short term profits then there is no point in innovating a new product

Question 8

Internal factors affecting marketing objectives - finance

Answer 8

1. Allocate marketing dept budget
2. Affects what objectives they can do
3. What’s realistic and what’s not

Question 9

Internal factors affecting marketing objectives - human resources

Answer 9

• workforce planning identifies how many staff the marketing dept may need
• if the business has decided to reduce staff levels, marketing may have to set less ambitious targets

Question 10

Internal factors influencing marketing objectives - operations

Answer 10

• the production dept can only supply so many units in a certain time period
• any objectives that include extra producing many not be possible realistically

Question 11

External factors affecting the marketing objectives - market

Answer 11

• the state of the economy has a big impact
• an economic boom is a good time to increase sales volume since income levels are generally higher
• in a recession the market dept is more likely to set an objective for maintaining market share

Question 12

External factors affecting the marketing objectives - technology

Answer 12

1. In a market where technology changes rapidly, the objectives of the marketing dept tend to me more focused on sales and price because new technology causes prices to rise or fall very fast
   E.g the price of DVD players has fallen rapidly since the birth of Blu Ray

Question 13

External factors influencing marketing objectives - competitors

Answer 13

• if a competitor is focuses on low prices, then the marketing dept may alter their objectives so customers see them as price competitive

Question 14

Low cost marketing strategies

Answer 14

1. Call for lowest cost of production for a given level of quality
2. In a price war the firm can stay profitable while the competition suffers losses
3. A very broad market is needed for this strategy - preferably a global market, with huge production faculties to fake advantage of economies of scale

Question 15

Differentation strategy

Answer 15

1. Requires a product with unique attributes which consumers value, so they percieve it to be better than rival products
2. A unique product “adds value” so the business can charge a premium price
3. However competition might try to copy the parody or consumer tastes could change