Understanding marketing objectives

Description

Business A2 AQA
jocelyn1
Mind Map by jocelyn1, updated more than 1 year ago
jocelyn1
Created by jocelyn1 over 10 years ago
22
1

Resource summary

Understanding marketing objectives
  1. Types of marketing objective
    1. Size
      1. Can be measured by sales or market share
      2. Marketing positioning
        1. a company's appeal to particular market segments
        2. Innovation/ increase in product range
          1. Creation of brand loyalty/ Goodwill
            1. for example McDonald's aiming to maintain the golden arches as the most recognised logo in the world
            2. Security/ Survival
            3. Internal influences
              1. Corporate objectives
                1. The marketing department must ensure that their objectives are consistent with the corporate objectives
                2. Finance
                  1. The more finance available the more which can be spent on marketing
                  2. Human resources
                    1. Capabilities and ad size of the workforce must e taken into account
                    2. Operational issues
                      1. Resources available
                        1. The nature of the product
                          1. if brand has built up a reputation then a considerable weight can be placed on word of mouth advertising
                        2. External influences (PEST)
                          1. Political factors
                            1. government policies and legal factors
                            2. Economic factors
                              1. Growth in the economy- (more growth means higher targets for sales can be set) and the exchange rate
                              2. Social/ suppliers
                                1. The efficiency, cost effectiveness, quality and reliability and flexibility of suppliers will all influence the ability of the business to meet the needs of the customers. social factors include the environment and trends.
                                2. Technological change
                                  1. Major cause of change in consumer tastes and markets
                                  2. Market factors
                                    1. The growth or decline of a market will have a major impact on objectives
                                      1. Other factors
                                        1. Competitors actions and performance
                                    2. Reasons for setting marketing objectives
                                      1. provides a focus for direction
                                        1. works as a yardstick to measure success/ failure against
                                          1. improves coordination amongst departments
                                            1. Improves efficiency by examining reasons for success and failure in different areas
                                      Show full summary Hide full summary

                                      Similar

                                      The Rock Cycle
                                      eimearkelly3
                                      The SAT Test
                                      philip.ellis
                                      Practice For First Certificate Grammar I
                                      Alice McClean
                                      History - Treaty of Versailles
                                      suhhyun98
                                      PSBD TEST 1
                                      amrik.sachdeva
                                      CCNA Security 210-260 IINS - Exam 1
                                      Mike M
                                      1PR101 2.test - Část 12.
                                      Nikola Truong
                                      1PR101 2.test - Část 19.
                                      Nikola Truong
                                      OP doplnovaci otazky II.
                                      Helen Phamova
                                      Core 1.10 Polymers (Plastics)
                                      T Andrews
                                      General Pathoanatomy Final MCQs (201-300)- 3rd Year- PMU
                                      Med Student