Chapter 7 / Marketing Objectives Flashcards
What is the role of marketing?
The process of identifying, anticipating (predicting) and satisfying customer needs profitably
What are objectives?
Objectives are statements of specific outcomes that are to be achieved
What are corporate objectives?
Corporate objectives are those that relate to the business as a whole
What does marketing do?
1) Marketing finds out customers’ needs and wants. Also trying to anticipate what they will want in the future to get ahead.
2) Ensures they supply goods and services that customers want in order to make a profit.
3) Marketing covers research, analysis, and planning.
4) Keep the customer base loyal to the brand.
What is the marketing mix?
All the decisions a business makes about promoting and selling a product.
What are marketing objectives?
The targets a company marketing department sets itself, helps the company to achieve its overall objectives.
What internal factors affect marketing objectives?
Corporate objectives - the marketing department has to make sure its objectives are aligned with the company’s overall goals.
Finance - allocates the marketing department’s budget.
Human resources - HR planning identifies how many staff are needed, marketing adjust objectives to make it achievable.
What external factors affect marketing objectives?
Market - the state of the economy has a big impact on marketing objectives.
Technology - Market objectives tend to be focused on sales and price because tech causes price change.
Competitors - The action of competitors, particularly in a highly competitive market.
Ethics and Environment - Unnecessary amounts of packaging, change marketing objectives to be ethically and enviromentally concious.
How does the law affect marketing objectives?
Predatory pricing ( cutting prices to beat a competitor) is illegal in the EU and the US.
Trade descriptions act - businesses can’t lie about their products.
Restricting advertisements of 18+.
