Setting the Objectives of the Marketing Strategy

Question 1

What is the first thing that corporations should do when creating a marketing strategy?

Answer 1

Define its objectives

Question 2

What are the three broad options for marketing strategies?

Answer 2

1. Undifferentiated or Mass
2. Niche
3. Multiple

Question 3

Explain what it means to use a undifferentiated or mass marketing strategy

Answer 3

This is where the goal is to appeal to the whole market, or a large section of it, with a single product.

Some examples would be many of the branded wines available at supermarkets and other large retailers.

Question 4

Define what a Multiple marketing strategy is

Answer 4

Either appealing to numerous sections of the market with one brand (each segment will potentially require a different marketing approach) or launching several brands each targeting different segments

Question 5

Marketing Objectives should cover what four key areas?

Answer 5

1. What type of marketing strategy does the company want to pursue?
2. What are the aims of the marketing strategy?
3. How will the success of the strategy be measured? (profits, value of sales, market share)
4. Within what time period should the objectives be achieved? (short term or over the course of several years)

Question 6

Aside from the 4 key areas of marketing objectives, what is another important element to consider?

Answer 6

Setting a marketing budget. Even large companies only set aside a small amount of money to promote their products

Question 7

How are most marketing budgets determined?

Answer 7

The budget is generally set by reference to the profits which the marketing campaign is expected to produce.

There is no point to a marketing campaign that cost more than it brings in.