Understanding marketing objectives

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Business A2 AQA

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Understanding marketing objectives
1 Types of marketing objective
1.1 Size
1.1.1 Can be measured by sales or market share
1.2 Marketing positioning
1.2.1 a company's appeal to particular market segments
1.3 Innovation/ increase in product range
1.4 Creation of brand loyalty/ Goodwill
1.4.1 for example McDonald's aiming to maintain the golden arches as the most recognised logo in the world
1.5 Security/ Survival
2 Internal influences
2.1 Corporate objectives
2.1.1 The marketing department must ensure that their objectives are consistent with the corporate objectives
2.2 Finance
2.2.1 The more finance available the more which can be spent on marketing
2.3 Human resources
2.3.1 Capabilities and ad size of the workforce must e taken into account
2.4 Operational issues
2.5 Resources available
2.6 The nature of the product
2.6.1 if brand has built up a reputation then a considerable weight can be placed on word of mouth advertising
3 External influences (PEST)
3.1 Political factors
3.1.1 government policies and legal factors
3.2 Economic factors
3.2.1 Growth in the economy- (more growth means higher targets for sales can be set) and the exchange rate
3.3 Social/ suppliers
3.3.1 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.
3.4 Technological change
3.4.1 Major cause of change in consumer tastes and markets
3.5 Market factors
3.5.1 The growth or decline of a market will have a major impact on objectives
3.5.2 Other factors Competitors actions and performance
4 Reasons for setting marketing objectives
4.1 provides a focus for direction
4.1.1 works as a yardstick to measure success/ failure against improves coordination amongst departments Improves efficiency by examining reasons for success and failure in different areas

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