Understanding Marketing Objectives Flashcards
1
Q
Marketing objectives
A
- Maintain and increase market share - ensures company can defend itself from competitors who want to take market share away but objectives may be to Incase the percentage of the total market it controls
- To target a new segment of an existing market - cadburys with daily milk fair trade is targeting consumers who want to buy an ethical product,
- To target a brand new market with a existing product - subways entered uk few years ago cos American market became Saturated (no growth)
- To develop new products as a result of technological findings, market research findings and changes to fashion
2
Q
Internal factors influencing the setting of marketing objectives
A
- Finance - consider firms cash flow position so have sufficient day to day finance in order to undertake tactical marketing
- the more money we have greater the amount that we can spend in marketing and be more aggressive with it - Human resources - personal - man power
Training, capabilities and competences of staff - Operational issues -
(1) meeting the expectations of customers - dependant upon quality
(2) production must meet demand, so we must gear up production to forecast/ anticipate demand
(3) order processing must meet customer expectations
3
Q
External factors influencing the setting of marketing objectives
A
- Competitors actions - if an existing competitor reduces its prices then we need to do something similar
- Technological change - need to consider how we market our products - apps to promote products e.g subways great for monitoring sales + tracking down customers
- Market factors - growth bs decline of markets will influence our objectives, declining market with cause us to think defensively, but expanding market will help us develop new products