MP - objectives, target markets and strategies

Question 1

establish objectives

Answer 1

Objectives are future targets the business hopes to achieve through implementing a strategy/plan.

Question 2

Establishing objectives is beneficial as it

Answer 2

Quantifies the purpose of marketing activities

Gives direction

Acts as a benchmark for future comparison (Did we actually achieve what we set to do?)

Question 3

the substance of these objectives

Answer 3

Marketing goals may include increases in:
o	Sales
o	Profitability
o	Market share
o	Geographic representation/availability
o	Customer service

Question 4

establishing smart objectives In order to be effective, all objectives OR goals must be:

Answer 4

Specific 
Measurable 
Attainable 
Realistic 
Timed

Question 5

identifying target market

Answer 5

Before any marketing strategies can be developed the business must clearly identify who they are trying to reach and persuade to buy their products. This is their target market

Most businesses will segment the market based on common characteristics to determine their target market.

They can approach this in three main ways:

a) An undifferentiated target market
b) A differentiated target market
c) A concentrated target market

Question 6

identifying target market - undifferentiated

Answer 6

No segments with a single mix of marketing strategies

the whole market is viewed as one segment

Question 7

identifying target market - differentiated

Answer 7

(break the market up into segments and focus on multiple segments each with their own marketing mix)

Question 8

identifying target market - concentrated

Answer 8

(break the market up into segments but only focus on one)

Question 9

developing market strategies

Answer 9

Once a business has established what they are working towards (their objectives) and who they will be targeting, they must now design and refine certain strategies that will reach, inform and persuade the target market that this product and/or service is worth their money.

Marketing strategies are tactics to reach and inform the target market and persuade them to buy from the business

They must be specifically designed around the target market’s characteristics if marketing goals are to be achieved.

Question 10

A marketing mix will be made of specific strategies from EACH of the 7 P’s including:

Answer 10

	Product
	Price
	Promotion
	Place (distribution)
	People
	Processes 
	Physical evidence