Marketing Planning and Practice
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Week4Lecture4.1Marketingobjectives.pptxMarketing Planning and Practice UMKDQD-15-2 Week 4 Lecture 4.1
Presented by
Michelle Jackson
Module Leader
w/c 1 March 2021
The Plan for This Week
The lectures will explain the role of marketing objectives
The webinar will explore the writing of SMART objectives further
The tutorial will be checking on your progress with the insight analysis and how to present this
2
Insight to Objectives
Insight – key issues, factors, learning from your environmental scanning
Choose ONE challenge or opportunity to focus on for the marketing plan. Justify your choice.
Having identified the key issues and factors found in the macro-, micro- and internal environment, the next step is to choose one challenge or opportunity to focus your plan on. Provide a brief explanation why you chose this.
3
Business Mission
Marketing Audit
SWOT Analysis
Marketing Objectives
Control
Core Strategy
Competitive Advantage
Marketing Mix Decisions
Organisation and Implementation
Where are we now?
Where do we want to be?
How will we get there?
How can we make sure we arrive?
Situation analysis
Strategy
Objectives
Tactics
Implementation
4
Strategic planning is to shape and reshape the company's businesses and products so that they yield target profits and growth (Kotler). Marketing Objectives and strategy identify how this will happen. Tactic is an action you take to execute the strategy – 7Ps.
Objectives before Strategy
Brassington and Pettit (2006) emphasises
‘marketing strategy cannot be formulated in isolation. It has to reflect the objectives of the organisation and be compatible with the strategies pursued elsewhere in the organisation’
The Assignment Brief
Business Objectives
There are many objectives for an organisation
All objectives derive from the overarching corporate ones
Objectives will be set for each of the functional areas of the organisation
The marketing plan will identify various performance measures or metrics
Marketing objectives must be clear, measurable statements.
Objectives are increasingly difficult to long-term plan: changing environment, shortening of product life cycles, technological advances.
7
Corporate Objectives
Corporate objectives relate to:
Profit (maximisation)
Turnover
Growth (e.g. sales, shareholder value)
Funding (government/institutional)
Relate to the business as a whole. In a growing market (e.g. internet expansion) growth rather than profit maximisation is understandable. For a charitable organisation funding may be key.
8
Marketing Objectives
Marketing objectives relate to:
Market share
Organisational / Product / Brand awareness
Growth (e.g. sales)
Supporters / funding (donations)
Should relate to corporate objectives. For a social organisation (e.g WWF) awareness and behaviour change will be the objectives.
9
Hierarchy of Objectives
Adapted from Drummond et al. (2008)
| Hierarchy of Objectives | Objectives |
| Corporate 2021-2022 | Increase operating profit by 25% |
| Marketing 2021-2022 | Achieve 20% market share of market A |
| Product | Provide wide range of products for market A |
| Promotion | Create awareness of product B |
| Physical Evidence | Create an environment which conveys quality |
Consistency with Objectives
Ensure objectives don’t conflict
Impossible to satisfy objectives of maximising both sales and profitability at the same time
Risk averse and rapid growth are incompatible
Penetration of existing markets versus development of new markets
Raising reputation for quality inconsistent with marketing programmes including promotions and price reductions
