Process: Marketing objectives

Question 1

What are market objectives

Answer 1

Marketing objectives are the realistic and measurable goals to be achieved through the marketing plan (think SMART goals). The marketing objectives should be closely aligned to the overall business goals, but more customer-oriented than the goals for the entire business.Three
common marketing objectives include:

Question 2

Market share

Answer 2

Market share refers to the business’s share of the total industry sales for a particular product (compared to direct competitors). Businesses often develop an extensive product range, using many different brand names to gain an extra few percentage points of market share.

Question 3

Expanding product range

Answer 3

● Adding more products 

● Toyota is releasing hybrid cards 

● Apple brings a new phone each year

Question 4

Maximising customer service

Answer 4

● Customer service means responding to the needs and problems of the customer 

● High levels of customer service will result in improved customer satisfaction and establishes a sound customer base with the possibility of repeat purchases. 

● Research has shown that one dissatisfied customer usually tells eleven others, who in turn will each tell another five. 

● To maximise customer services businesses could train employees, anticipate market trends, conduct market research, research competitor offerings, establish/maintain long-term customer relationships, encourage all employees’ customer-oriented approach.

Question 5

Toyota case Study

Answer 5

Toyota remains the best-selling brand in Australia, but its market share has taken a big hit in 2023 as supply struggles continue to bite (as a flow on effect from COVID + closure of manufacturing sites in Australia). To date in 2023, Toyota has sold 40,918 cars in Australia, representing a 15.2% share of the market. That’s down on the 22.1% share it held at the same point in 2022.’

11.5% market share from the global Automative industry