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Marketing

ObjectivesA2 Business Studies

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Aims & Objectives

Aim:

• To understand SMART marketing objectives.

Objectives:

• Define marketing objectives and their criteria.

• Identify the need for marketing objectives.

• Describe what SMART marketing objectives are.

• Analyse the marketing objectives of three firms.

• Evaluate these objectives.

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Objectives

• Goals or targets which a firm sets itself to achieve which provide

a focus for business decision making.

• Short term targets, against which achievement and success can

be measured.

• Definable.

• Quantifiable.

• To judge performance.

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Marketing Objectives

Definition:

• The goals of the marketing department which must be achieved.

• These objectives come from and are designed to help achieve the overall corporate objectives.

• Concerned with products, sales and marketing only.

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Marketing Objectives

Why set marketing objectives?

Consider:BudgetsMotivationAimsOther departments in a business

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Why set marketing objectives?

Allows a business to control a marketing plan and budget.

Motivates employees.

Provides a common goal, uniting employees.

Helps provide an overall focus and aim for all departments.

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S.M.A.R.T Objectives

S = Specific

M = Measurable

A = Achievable

R = Realistic

T = Time specific.

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SMART Company Marketing Objectives

Specific Targets – not vague statements = Highlight in Green.

Measurable Targets – quantitative and achievable = Highlight in Red.

Achievable – agreed by those in the business = State whether you feel the business objectives are achievable and whether you agree with them or not.

Realistic = are the objectives achievable. State whether you feel they are realistic and achievable for the specific business.

Time Specific = is there a time scale in which to be completed. Highlight in Blue.

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Apple iPad

Marketing Objectives of Apple (iPad)

Increase product awareness among the target audience by 30 percent in one year.

Inform target audience about features and benefits of our product and its competitive advantage, leading to a 10 percent increase in sales in one year.

Decrease or remove potential customers' resistance to buying our product, leading to a 20 percent increase in sales which will be made in six months or less.

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Agree? Realistic?

Do you agree with the objectives and think they are appropriate? Why?

……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………….

Do you feel they are realistic and achievable for Apple? Why?

……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………….

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Amazon.co.uk

Marketing Objectives of Amazon.co.uk

We aim to continually build a customer database of at least 40 million households in the UK.

We aim to achieve a market share of 48%.

We aim to achieve 75% customer awareness of our brand in our target markets.

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Agree? Realistic? Change Anything?

Do you agree with the objectives and think they are appropriate? Why?……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………….

Do you feel they are realistic and achievable for Amazon? Why?………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………. 

Would you change Amazons marketing objectives? What are they lacking?……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………........................................................................................................................................................

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Tesco

Marketing Objectives of Tesco

Aim to develop the brand name in the UK and Eastern Europe by launching a new advertising campaign in both regions of the EU. The campaign will be successful if sales in the UK rise by 1.5% and in Eastern Europe by 8%.

Aim to increase market share in the UK from 31% to 33% by December 2011 using pricing strategies and increasing the benefits of the Tesco Clubcard for our customers.

To gain a 10% market share of the internet providers in 32 months time. This projection is based on market research into the opportunities in the market and projections from the finance department.

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Agree? Realistic? Change Anything?

Do you agree with the objectives and think they are appropriate? Why?……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………….Do you feel they are realistic and achievable for Tesco? Why?……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………….Would you change Tesco’s marketing objectives? Justify your reasoning.……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………….

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Homework.Virgin Trains Marketing Objectives

Wednesday 17th November 2010.

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A short term target or goal.

A long term target or goal.

A goal which sets the aim of the business.

• An objective is….Q1.

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Estimable.

Measurable.

Quantifiable.

• An objective must be definable and…..Q2.

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Agreed

Achievable

Applicable

• The ‘A’ in SMART target stands for….Q3.

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Motivates them

Demotivates them.

Allows the marketing department to create the businesses aim.

• Marketing objectives unite employees and….Q4.