Marketing Objectives
A2 Marketing Objectives
1. Explain why it is important for a business to have clear marketing objectives?
It is important that a business has clear marketing objectives because it gives them a target to work towards. In 2010 Asda set its objective to overtake Tesco as Britain’s largest retailer of non-food items. It is important that its clear because objectives should be made using the acronym SMART goals, the objective set by Asda fits in with this really well apart from it does not state a time period.
2. What do businesses mean by the term ‘ vision’?
A vision is a company’s projection of what they want to achieve in the future. It should be ambitious, relevant , easy to communicate and capable of motivating staff or maybe even inspire them. 3. Why is it Important that marketing objectives should be rooted in through market research?
4. state the four main types of marketing objectives? * Increasing product differentiation * Growth * Continuity * Innovation b. decide which one is most likely to be important for * Coca-Cola – continuity * Yorkie bar – growth/ continuity * Dyson appliances- innovation 5. why might a firm seek to increase the product differentiation of one of its brands?
A firm may want to increase its product differentiation because when your make your product different from the competitors it allows you to increase your profit margins per sale because. This is because customers see your product in a different light due to the usp you have marketing strategies. 6. What problems might a firm face if it focuses solely upon short term objectives?
7. Is it essential that marketing objectives should be written down in detail?
It is not completely essential to write down your marketing objectives however writing them down allows you to work with people from outside the business. These are people like potential investors , by writing down your objectives they
1. Explain why it is important for a business to have clear marketing objectives?
It is important that a business has clear marketing objectives because it gives them a target to work towards. In 2010 Asda set its objective to overtake Tesco as Britain’s largest retailer of non-food items. It is important that its clear because objectives should be made using the acronym SMART goals, the objective set by Asda fits in with this really well apart from it does not state a time period.
2. What do businesses mean by the term ‘ vision’?
A vision is a company’s projection of what they want to achieve in the future. It should be ambitious, relevant , easy to communicate and capable of motivating staff or maybe even inspire them. 3. Why is it Important that marketing objectives should be rooted in through market research?
4. state the four main types of marketing objectives? * Increasing product differentiation * Growth * Continuity * Innovation b. decide which one is most likely to be important for * Coca-Cola – continuity * Yorkie bar – growth/ continuity * Dyson appliances- innovation 5. why might a firm seek to increase the product differentiation of one of its brands?
A firm may want to increase its product differentiation because when your make your product different from the competitors it allows you to increase your profit margins per sale because. This is because customers see your product in a different light due to the usp you have marketing strategies. 6. What problems might a firm face if it focuses solely upon short term objectives?
7. Is it essential that marketing objectives should be written down in detail?
It is not completely essential to write down your marketing objectives however writing them down allows you to work with people from outside the business. These are people like potential investors , by writing down your objectives they