Marketing Objectives and strategy Flashcards
marketing objectives
goals that a business attempts to achieve through its marketing objectives
Increase market share
A market objective business aim to achieve because having a larger market share is likely to give a business a competitive edge.
market share grows –> more output being produced –> exploit economies of scale –> lower costs
high market share –> influence prices in the market
Increase revenue
A marketing objective business aim to achieve because if revenues are higher it is likely that profits will also be higher.
Build a brand
another marketing objective, strong brands can generate huge returns, may exploit a USP and can differentiate themselves from competitors.
SMART objectives
SPECIFIC, MEASURABLE, ACHIEVABLE, REALISTIC, TIME SPECIFIC
The product life cycle
shows the different stages that a product passes through over time and the sales that can be expected at each stage.
extension strategies
ways to prolong the life of a product before it starts to decline
marketing mix
the mix of marketing elements used by a company, usually known as the 4Ps: product, price, place, promotion
MARKETING STRATEGIES
a set of plans that aim to achieve a specific marketing objective
outbound marketing strategies
involves directing marketing material at potential customers whether they are expecting it or not.
inbound marketing strategies
involves attracting potential customers to websites when they are looking for suppliers or solutions to problems.
hybrid strategies
involves a combination of both outbound and inbound methods
ways businesses can develop customer loyalty
- communication
- customer service
- customer incentives
- personalisation
- preferential treatment
