Understanding Marketing Objectives Questions
Marketing objectives must be based around the corporate objectives. 3. In Chapter 1 the concept of SMART objectives was introduced.
Give six examples of SMART marketing objectives. (6 marks) Increase market share by 10% within 2 years Achieve sales revenue of E 10 million within 2 years. Introduce 5 new products by 2016. Increase consumer awareness of the business by in 2016. Improve overall added value on product X by E per unit this year. Increase repeat sales to 60% within 3 years. 4. What problem might arise if a firm’s marketing department ignored its corporate objectives? (4 marks)
A problem that may arise if a firms marketing department ignored its corporate objectives is that a lack of coordination within the business is likely. This is because the marketing department’s targets may not be clear to the other departments and when they are achieved, they may serve no use to the rest of the business as they will not correspond to the corporate objectives. 5. Analyses two reasons why a printing company would set marketing objectives. (6 marks) Two reasons why a printing company would set marketing objectives is because it allows the printing company to measure their success.
This can be done by comparing their targeted figure to their actual figure. Also, a printing company would set marketing objectives to motivate employees of the marketing department. These employees can then be rewarded for their ability to achieve their targets by financial or non-financial rewards. 6. Identify and explain three internal factors that might influence a fashion retailers marketing objectives. An internal factor that might influence fashion retailers marketing objectives could be the corporate objectives. This is because the marketing objectives would aim to help achieve the corporate objectives.
Due to this, the corporate objectives will influence on the targets that the marketing department can make. For example, if the corporate objectives were to raise the quality of their product, then the marketing department could not have the objective of lowering costs as tit would be inconsistent with the corporate objectives. Another internal factor that might influence a fashion retailers marketing objectives could be the staff available. This is because the marketing objectives will not be able to be met unless the staffs have the capability to achieve them.
For example, if the marketing objectives were to improve their products quality, the staff available may not have the necessary training or skills In order to actually achieve this objective. Finally, the last internal factor that might influence a fashion retailer’s marketing objectives could be the departments finances. This is because the marketing department will be limited to the objectives that they can make based on whether they can actually afford to achieve their objective. If they do not have the necessary finances to achieve their objective then the objective was not SMART as it wasn’t realistic. . Identify and explain three external factors that might influence a fashion retailer’s marketing objectives. An external factor that might influence a fashion retailer’s marketing objectives might be the needs or wants Of the consumers. This is because, especially with fashion, the wants of the consumer are always changing. Therefore, the department must always be dynamic with their decisions to make sure that they meet these needs and wants of the consumers. When setting objectives, the marketing department must also be dynamic with their sections.
This is because when consumer wants change, the marketing objectives will be influenced. For example, if the wants of the consumer change to lower quality and lower priced clothing, then if the marketing department had the objective of raising quality, then they would have a reduction in demand as the demand is moving elsewhere in an always changing market. Another external factor that might influence a fashion retailers marketing objectives could be changes in the economy. This is because the economy will decide on how much money people have to spend.
If people have less to Penn then the customer numbers for a fashion retailer would fall because expensive fashion is not necessarily a need. Finally, the last External factor that might influence a fashion retailer’s marketing objectives could be the actions of competitors. This is because their actions will have an impact on a company’s sales and customers. As fashion is a very competitive market, the actions of more competitors are likely to have a larger impact on sales and customers. [f the fashion retailer’s objectives are based around these, they can be heavily influenced by competition.