It is all about identifying, anticipating and satisfying customer needs.
We Already Know That…..
Objectives set the targets for all organisations. A strategy is a plan devised to achieve these objectives.
But where do marketing objectives come from?
Strategic Marketing Objectives
The strategic objectives that relate specifically to marketing include:
increasing market share
increasing product awareness
gaining a unique selling point
Tactical Marketing Objectives
These are outlined through the marketing mix. The Marketing Mix looks at all aspects of marketing including; Product (features), Price, Place (where it is sold) and Promotion (advertising).
(e.g. to become the biggest
seller in the market)
Strategic objectives (e.g. to increase sales by 10% in 12 months) Department or function objectives (e.g. to launch the new product successfully in the next 6 months) Tactical objectives (e.g. to set targets for sales staff) Day-to-day aims (e.g. to manage customer accounts and deal with problems)
to improve product packaging
to launch new products
to update and improve products
to improve after-sales service
to extend the life of the products
to remain competitive
to reduce prices while maintaining returns
to develop new pricing strategies (e.g. psychological pricing)
to maintain brand awareness
to increase brand loyalty
to develop memorable advertising
to widen the range of promotion options
to increase product availability
to improve product delivery times
Needs to be devised to achieve the objectives described previously.
Again, this can be described in terms of the marketing mix
Marketing Strategy PRICING STRATEGY PROMOTIONAL STRATEGY PRODUCT STRATEGY DISTRIBUTION STRATEGY
Firms should carry out ongoing market research to ensure that they stay in touch with the wishes of their customers.
Marketing departments must work closely with production and research and development (R&D) to ensure that new products in demand can be produced effectively.
Every decision to change a price should be taken as part of an overall strategic plan. Pricing strategies are many and varied. Any desire to remain competitive is likely
to be reflected in a price-based strategy.
Raising the profile of the product through a range of promotional activities. A campaign for a product is often run at the same time as some other promotion activity, such as a competition or free gift idea.
Place and Distribution Strategy
This strategy identifies a choice of suitable environment for the sale of the goods. From the internet, vending machines and retail outlets.