Setting Objectives For Market Strategy

Question 1

What are the four key considerations of an objective?

Answer 1

• Type of strategy
• Aims of strategy
• Method of measuring success
• Time frame for achieving objective

Question 2

What are the three options for a marketing strategy?

Answer 2

• Undifferentiated/Mass, which appeals to an entire market
• Niche, aimed at specific segment of market
• Multiple, appealing to different segments (different strategies/brands for each segment)

Question 3

What are some possible aims of a strategy?

Answer 3

• Launch a new product
• Communicate improvements
• Increase sales
• Increase market share
• Improve brand awareness or identity
• Attract new consumers

Question 4

How could success of a marketing strategy be measured?

Answer 4

• Increase in profits
• Increase in market share
• Value of sales

Question 5

How are marketing budgets measured?

Answer 5

In reference to projected profits