Marketing within a business environment - Marketing Objectives

Question 1

Explain marketing objectives?

Answer 1

set out what a business wants to achieve from its marketing activities
tend to be ST, tactical, SMART

Question 2

Explain how and why marketing objectives are used by a business?

Answer 2

Businesses will ask themselves these questions:
1. Where are we now?
2. Where do we want to be?
3. How will we get there?

These help employees identify the marketing strategy

Question 3

Explain the need for marketing objectives?

Answer 3

Explain actions, set budgets, identify goals

Question 4

What are the advantages of setting objectives?

Answer 4

• helps business identify what it hopes to achieve and spend
• clear planning motivates employees
• business can rank projects so money can be targeted → efficient
• can assess performance against expectation

Question 5

what are the disadvantages of setting objectives?

Answer 5

• looks at every aspect except the consumer
• ensure plan includes other departments in the firm
• must be specific and clear or else employees may not remain focused
• must take external influences into account e.g. economy, environment, etc