11. Setting the Objective

Question 1

What is the purpose of setting an objective with a marketing strategy?

Answer 1

To help people in the company understand their roles in the marketing process; and to help the company analyse whether the strategy is working

Question 2

What 4 areas should an objective cover?

Answer 2

1. The type of strategy (undifferentiated/mass, niche or multiple)
2. The aims of the mktg strategy
3. How success will be measured
4. The timeframe

Question 3

What are the 3 types of marketing strategy (when setting the objective)?

Answer 3

1. Undifferentiated/Mass - appealing to the whole or large section of the market
2. Niche - aimed at a specific segment
3. Multiple - appealing to multiple segments with one brand OR several brands each targeting different segments

Question 4

What are examples of aims of the marketing strategy (when setting the objective)?

Answer 4

• Launch new product
• Communicate improvements
• Increase sales
• ” market share
• ” brand awareness
• ” brand identity
• Attract new customers

Question 5

How should a marketing budget be established?

Answer 5

• by reference to the profits that the campaign is expected to produce