Establishing objectives it is usually thought of as the most important feature in the planning process. The success and failure of a marketing plan are determined by how well the marketing objective reflects the organisations needs. Therefore it is vital objectives are set based around the companies overall goals. This is reflected in the diagram below:
Goals
|
Opportunities | Resources
|________ Marketing ________|
Objectives
____________ | ____________ Diagram of the
| Marketing Strategies | Objectives of a
| (Marketing program) | Business
|--------------------------|
| Selection | Development |
| & analysis | of Marketing|
| of target | Mixes |
| market | |
|____________|_____________|
- Essential marketing objectives include the following:
Increasing market share
Expanding product range
Targeting the geographical representation
And expansion of marketing opportunities
1. Market share: An increase in a companies market share shows how the company is gaining on competitors. To attain greater market share, the following strategies, which are generally thought of as sure winners include:
More aggressive pricing (lowering price or providing discounts)
Search for new outlets to distribute your products to
A change in some features of your products, to open up to a possibly wider market
2. Product Range: By expansion of a company’s product range, a company can attract a wider market than it's initial market, and maybe also expand into other markets
3. Geographical Representation: Some geographical markets offer greater market potential than others, and is in the interests of the firm to invest there to reach these markets whether they be regional, national or international. This allows a company to maximise on it's profits.
4. Expansion: (I) Through exporting
(II) Maximizing customer service
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