Chapter 11: Setting Marketing Objective

Question 1

What is the importance of setting objectives

Answer 1

• its the first vital part of creating marketing strategy
• helps ppl in diff parts of the company understand their role in the mrkt process
• make easier for comp to analyze whether strategy is working or not

Question 2

Describe the four key areas objective should cover

Answer 2

What type of marketing strategy does comp want to pursue?
3 broad options:
* undifferentiated or mass - appeal to whole market or large section of it w/ single product (eg branded wines in the supermarket)
* niche - aiming a product at specific segment of the market; many wines are niche products
* multiple - either appeal to numerous segments w/ one brand (each w/ diff marketing approach) or launching several brands each targeting diff segments

What are the aims of the marketing strategy? eg launch new product, communicate improvements of existing, increase sales, increase market share, improve brand awareness, improve brand identity, atrract new consumers

How will success of strategy be measured (profits, value of sales, market share)

Within what time period should objective be achieved? short term strategy or period of several years

Question 3

How should marketing budget be set?

Answer 3

set by reference to the profits that the marketing campaign is expected to produce