D2C11 Setting Objectives Of Marketing Strategy Flashcards
Key areas of objectives
What types of marketing strategy does the company want to pursue
- -undifferentiated / mass (whole market or large section with single prod)
- niche - single prod aimed at specific segment
- multiple - appealing to numerous segments with one brand (ea seg may require different mktg approach)
- several brands to various / different segments
What are the aims of the marketing strategy
- launch new prod
- commun improvements to existing prod
- increase sals
- increase mkt share
- inc brand awareness
- imp brand id
- attract new customers
How will the success of the strategy be measured (quantifiable)
Within what time period should be the objectives be achieved
- cb short term or severalyears
What is the set budget
- mktg is expensive and the cost should be relative to the profit the campaign will produce
Once the marketing objectives are set, these should be validated against a SWOT analysis.
What are the objectives of a SWOT analysis?
The SWOT analysis can provide insight into the feasibility of objectives
SWOT identifies factors that are relevant to achieving the objective
- Analysis indicates to what extent each of the factors support achieving the objecitve (swot)
- It can help an organisation understand why certain objectives might be difficult to achieve and if an alternative should be considered
- It can illustrate where the objectives might not fit, either with internal strengths/weaknesses or with external opportunities / threats
To execute a swot what is done
The objective is selected prior to starting the swot
Strengths and weaknesses have an internal focus and the following are answered
- What resources or tools are needed
- What does the company have that can be exploited to achieve the objective
- reputation, relationships, locations, production facilities, reliable support industry (logistics, bottling), strong financial position, capabilities and scale for prod volumes, innovation, ability to build strong brands etc
Opportunities and threats have an external focus
- PESTEL analysis is conducted to consider all the external forces that might influence the achievement of the objectives.
Once the SWOT analysis is completed, it should have a formal conclusion, and recommendations that emerge.
