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Title: A2 Level AQA Business Studies
Description: Chapter 7 - Understanding Marketing Objectives
Description: Chapter 7 - Understanding Marketing Objectives
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Chapter 7: Understanding Marketing Objectives
-A firm’s marketing aims and objectives are the goals or targets of the marketing function
...
- In order to achieve their marketing objectives, firms use marketing strategies and tactics
...
CORPORATE OBJECTIVES
These show how the main priorities of an organisation
e
...
to improve profitability by 10% over the next 2 years
...
MARKETING STRATEGIES
These strategies must assist the targets
MARKETING TACTICS
Detailed marketing department decisions will also be
affected
...
- Feedback from staff can help the senior managers or shareholders to agree more realistic
objectives
...
- The objectives may be expressed in terms of:
- A specific level of sales volume
- A percentage rise in sales revenue
- A target percentage market share
- Market leadership or a certain position in the market
- An increased number of outlets
...
g
...
Innovation/ increase in product range
- e
...
‘3’ trying to achieve 100% of its sales from third-generation products
Creation of brand loyalty/goodwill
- e
...
Specsavers aiming for a set percentage of ‘repeat’ customers
...
g
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- To provide a yardstick against which success or failure can be measured
...
- To improve efficiency, by examining the reasons for success and failure in different areas
...
The marketing
department must therefore ensure that its objectives are consistent with the corporate objectives of
the business
...
Human resources (HR)
- Marketing objectives must take into account the size and capabilities of the workforce
...
- MOs such as higher marker share and improved reputation depend on the quality of HR
...
Resources available
- Resource availability is closely related to financial circumstances of a business
...
The nature of the product
- Acts as both an opportunity and a constraint on MO
...
Competitors’ actions and performance
- If the marker is highly competitive, it is difficult to achieve a high market share
...
- If firms can use it effectively, they can benefit from increased growth and an ability to see and
reach ambitious marketing objectives
...
Other external factors
- Political factors
- Legal factors
Title: A2 Level AQA Business Studies
Description: Chapter 7 - Understanding Marketing Objectives
Description: Chapter 7 - Understanding Marketing Objectives