Marketing Objectives Defined as: marketing ‘goals’ that the business must achieve in order to meet its wider business objectives Marketing Objectives Main ones for most businesses tend to be: 1. Growth in market share 2. Clearer product differentiation 3. Long term brand value to customers 4. Creating and launching new products / services – ‘Innovation’ Objectives into marketing targets • Going from big picture into smaller pictures • Targets are ‘milestones’ on the road to achieving the objectives • Targets are usually short and medium term Objectives and small firms • Small businesses don’t usually think about, or even write down targets and objectives • A criticism of the business manager/owner in a small business Increase sales by 10% for example Limitations on objectives • There are always barriers to achieving objectives • Some internal – e.g. available resources • Some external – e.g. changing market with competitor actions • These may prevent all or some of the objectives being achieved Marketing model Business objectives 1. Marketing objectives 5. Control And review 2. Gather data 3. Form hypothesis Taken from :Marcouse et al, Business Studies, ed 2, 2003 4. Test the options Analysis of marketing objectives • To create an effective marketing strategy you need to have clear objectives – it will probably fail without them! • Objectives are different to strategy, so look up the definition of marketing strategy now so you are clear about this! Evaluation of marketing objectives • The success of using objectives within a marketing strategy is to be realistic about setting the objectives • It’s unlikely a new ‘sports shop’ in your nearest shopping centre will win a large market share from well established stores like JJB Sports is it?