Understanding Marketing Objectives Questions
Understanding marketing objectives
1. Place the following in the correct order: marketing strategy, marketing objectives, corporate objectives, marketing aims, corporate aims. (5 marks)
Corporate objectives
Marketing objectives
Marketing strategies
Marketing tactics
2. What is the difference between a corporate objective and a marketing objective? (6 marks)
A corporate objective is the overall objectives of the whole organisation which is agreed at senior management level. A marketing objective is a specific, focused target of the marketing function within the organisation. Marketing objectives must be based around the corporate objectives.
3. In Chapter 1 the concept of SMART objectives was introduced. Give six examples of SMART marketing objectives. (6 marks)
Increase market share by 10% within 2 years
Achieve sales revenue of £10 million within 2 years.
Introduce 5 new products by 2016.
Increase consumer awareness of the business by 10% in 2016.
Improve overall added value on product X by £2 per unit this year.
Increase repeat sales to 60% within 3 years.
4. What problem might arise if a firm’s marketing department ignored its corporate objectives? (4 marks)
A problem that may arise if a firms marketing department ignored its corporate objectives is that a lack of coordination within the business is likely. This is because the marketing department’s targets may not be clear to the other departments and when they are achieved, they may serve no use to the rest of the business as they will not correspond to the corporate objectives.
5. Analyse two reasons why a printing company would set marketing objectives. (6 marks)
Two reasons why a printing company would set marketing objectives is because it allows the printing company to measure their success. This can be done by comparing their targeted figure to their actual figure. Also, a printing company would set marketing objectives to motivate employees of the marketing department. These employees
1. Place the following in the correct order: marketing strategy, marketing objectives, corporate objectives, marketing aims, corporate aims. (5 marks)
Corporate objectives
Marketing objectives
Marketing strategies
Marketing tactics
2. What is the difference between a corporate objective and a marketing objective? (6 marks)
A corporate objective is the overall objectives of the whole organisation which is agreed at senior management level. A marketing objective is a specific, focused target of the marketing function within the organisation. Marketing objectives must be based around the corporate objectives.
3. In Chapter 1 the concept of SMART objectives was introduced. Give six examples of SMART marketing objectives. (6 marks)
Increase market share by 10% within 2 years
Achieve sales revenue of £10 million within 2 years.
Introduce 5 new products by 2016.
Increase consumer awareness of the business by 10% in 2016.
Improve overall added value on product X by £2 per unit this year.
Increase repeat sales to 60% within 3 years.
4. What problem might arise if a firm’s marketing department ignored its corporate objectives? (4 marks)
A problem that may arise if a firms marketing department ignored its corporate objectives is that a lack of coordination within the business is likely. This is because the marketing department’s targets may not be clear to the other departments and when they are achieved, they may serve no use to the rest of the business as they will not correspond to the corporate objectives.
5. Analyse two reasons why a printing company would set marketing objectives. (6 marks)
Two reasons why a printing company would set marketing objectives is because it allows the printing company to measure their success. This can be done by comparing their targeted figure to their actual figure. Also, a printing company would set marketing objectives to motivate employees of the marketing department. These employees