The long-term objectives of the company will have a significant impact on both the marketing objectives and marketing strategy adopted. A business with clear short-term profit targets will focus on maximising sales at the highest prices possible. In contrast, a business with longer-term objectives, which may include both profitability as well as the achievement of goals of social responsibility, may adopt a social marketing approach.
Marketing Objectives
Defined as the goals set for the marketing department to help the business achieve its overall objectives.
Examples of marketing objectives include:
- increasing market share – perhaps to gain market leadership
- increasing brand awareness
- increasing total sales levels – either in terms of volume or sales value
- development of new markets for existing products to spread risks.
To be effective, marketing objectives should:
- fit in with the overall aims and mission of the business − they should reflect the aims of the whole organisation and should attempt to aid the achievement of these.
- be determined by senior management − they will determine the markets and products a business trades in for years to come and these issues must be dealt with by managers at a very senior level in the company.
- be realistic, motivating, achievable, measurable and clearly communicated to all departments in the organisation.
The importance of marketing objectives:
- They provide a sense of direction for the marketing department.
- Progress can be monitored against these targets.
- They can be broken down into regional and product sales targets to allow for management by objectives.
- They form the basis of marketing strategy. These marketing objectives will have a crucial impact on the marketing strategies adopted, as without a clear vision of what the business hopes to achieve for its products, it will be pointless discussing how it should market them.
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