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AS Business – Unit 3

Section A – 4, 5 Marketing Objectives. AS Business – Unit 3. Lesson Objectives. Be able to define Aims, Objectives and Mission Statements Understand what SMART targets are Set you Marketing Objectives for your product. Marketing Objectives. Essential at board level

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AS Business – Unit 3

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  1. Section A – 4, 5 Marketing Objectives AS Business – Unit 3

  2. Lesson Objectives • Be able to define Aims, Objectives and Mission Statements • Understand what SMART targets are • Set you Marketing Objectives for your product

  3. Marketing Objectives • Essential at board level • Starting point for marketing plans and marketing strategy • Analysing growth trends and competition in your market • Makes decisions about how firms want to grow in the future Asda Feb 2007 ‘Our primary objective this year is to grow our core business...through like for like sales’ To do this Asda had to cut it’s prices lower than the market leader TESCO

  4. Achievable or Challenging? • Objectives work best when they are clear, achievable, challenging and above all when staff believe in them • MO should not be set until decision makers have clear view of customer behaviour and attitudes. This involves customer research • Cadbury have had 30% market share for years. It is said a 5% increase as a target for 2 years time is too much to ask. This is because Nestle and Galaxy would not just step aside and relax

  5. Types of Marketing Objective There are four main types: • Increasing product differentiation • Growth • Continuity • Innovation

  6. Increasing Product Differentiation • Product differentiation is the extent to which consumers see your product different from the rest • Customers buy your product because they want it not because its the cheapest....This creates the highest profit margins • Objectives must separate your product from the rivals: • Distinctive design and display • Unusual distribution channels • Advertising based on image building, not sales boosting • Integrated marketing programme focused solely upon the relevant age group or type of person

  7. Growth • Target increased sales or market share to push staff harder for success • There is risk to this - What are the risks for a school who target increasing pupil numbers rapidly? • ‘Cannibalisation’ – When company’s new product takes sales from the company’s existing products • Cadbury are the best example of this because of their leading position in the market • A few years ago the ‘double choc’ version of dairy milk came out and mostly took sales from dairy milk • Other examples of cannibalisation – McDonalds, Starbucks, M&S • Facebook is a great example of a business with a rapid growth objective. If they didn’t rush to increase users other social networking sites like bebo would have.

  8. Continuity for the Long Term • Success with a long term view – Levi’s. Bacardi, Cadbury • Unilever even tells managers that their key role is to hand over a stronger brand to their successor • Bacardi could do promotions, launch bubble gum, ice lollies – But where would their reputation be in a few years time?

  9. Innovation • Bringing in new product ideas is key to long term competitive success • Fashion-related and technology-related it is essential • 2 elements: • Get it right • Get it first Coca-Cola was First Cadbury was first Cornetto was second to a Nestle product but was Right

  10. Objectives must be SMART • Research what SMART objectives and make notes

  11. 4 What are objectives? Why do you have marketing objectives? What types of marketing objectives are there? Explain marketing objectives should be SMART

  12. 5 • What are your marketing objectives? Ensure they are SMART if you say good MOs are SMART • After each objective justify why you chose that for your particular business • What type of objective is it? Make sure you think about it in terms of your chosen business • What is your chosen company’s mission statement (look website)? Link mission statement with your objective

  13. Target Marketing • The specific part of the population to whom a product offering is aimed and all marketing communication is tailored • Basically it’s the segment you choose for your product. We understand segmentation is the breakdown of the population depending on their buying characteristics. Target marketing is delivering all the marketing to that chosen segment • Lessons Drive – The benefits of target marketing

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