When writing business objectives, you must ensure they relate specifically to the business provided in the case study and that they are SMART. Examples of objectives include: Increasing sales Building brand awareness Improve customer service Attracting new customers Understanding customer wants and needs Developing new products Improving profitability Increasing market share Diversification Increasing brand loyalty Task 1: Briefly SMARTen up the following objectives (example in bold) ‘To increase brand awareness within the next two years’ = ‘To increase brand awareness by 20% within the next two years by increasing number of website clicks by 20,000’ ‘To build market share in three years’ time’ = ‘To build market share in the next three years by 20% and increase the sales by 15% ‘ ‘To improve business performance by 10%’ = ‘To improve business performance by 15% within the two years ‘ Task 2: Objectives Read the case study from Rebecca’s Dairy. This is a sample of a case study you would be provided with in the exam. In the exam, you would also be required to do research on the dairy/ice cream industry. Once you have read the case study, write 3 marketing objectives for Rebecca’s dairy, of a similar length and detail that you did for Insane Fitness. Rebecca wants to increase her brand awareness by 15% within the next 3 years as the ice cream market has grown by 20% within the past 5 years. Rebecca thinks she can accomplish this by promoting it and offering free milk and ice cream. Milk portrays the main ingredient of ice cream. Promoting organic milk means that it would also promote organic ice cream. She plans to use local stores to promote her goods, and if this is successful, she might consider expanding her campaign nationwide. Multiple stores would spread the name of her business and there would be mouth-to-mouth promotion of the ice cream. This should raise consumer awareness of the brand, which would raise sales. To build market share in the next three years by 20% and increase the sales by 15%. She wants her company to be well-known, or a market leader, in order to increase sales relative to Rebecca's dairy's competitors. She aspires to accomplish this by standing out from the competition by building an organic ice cream business. Their neighbour also plans to open an ice cream shop, but it will serve vegan treats. She will make an effort to steal clients from her rival through marketing organisations in an effort to boost their company's market share. Being distinct from her rival means that it would target particular customers, which would result in a significant gain in market share and sales. To achieve customer satisfaction by agreeing to their needs and wants and increasing it by 35% within 1 year. Rebecca’s dairy focusing on customer satisfaction would mean that it would help to better serve customers. The satisfaction goal to aim for would be improving customer loyalty, if a consumer is satisfied, they would want to keep on coming back to the same ice cream place. Selling a luxury product like artisan ice cream that’s not sold by competitors would bring sales to Rebecca’s dairy as it’s a product that’s available in one place where the customers are satisfied. This should increase customer satisfaction with the brand, which would mean more people would be loyal customers. Task 3: JAM Once you have written your objectives, use the JAM structure to add depth and show your understanding. Doing this is essential to reach the higher marks in the exam. Write a JAM paragraph that covers all of your three objectives. Justify your chosen objectives – why have they chosen these specific areas/objectives and why is it relevant/important. Analyse in context – explaining how your chosen objectives link to the information they have been given about Rebecca’s Dairy and their market Make reference to research – ensuring that you have explained how your own research into the market has informed your chosen objectives. In the exam, you would have been given time to do your own independent research into the dairy market which would make this part of JAM easier. For now, just use the information on the dairy market provided to you. So, explain how the information provided to you had helped inform your chosen objectives. The importance of brand awareness is for people to choose your business first and have it at a high ranking. Keeping the brand at the forefront of the audience's minds through brand awareness. People might grow accustomed to and at ease with the brand if they are aware of it. They will then be more likely to choose the brand when given the choice between the brand and the competition. You can accomplish a variety of company objectives and goals with the aid of brand awareness. It can expand your audience, increase website traffic, build brand affinity, and cultivate leads. She thinks she can accomplish this by promoting it by offering free milk and ice cream. Promoting organic milk means that it would also promote organic ice cream. She planning on using local stores to promote her goods, and if this is successful, she might consider expanding her campaign nationwide. Multiple stores would spread the name of her business and there would be mouth-to-mouth promotion of the ice cream. The brand awareness for ice cream would be successful as in the UK,49% buy tubs, while ice cream sticks are bought by 51%, 35% love a cone, 31% buy lollies and 25% of people buy ice cream from vans. The importance of market share is the most crucial indicator businesses may use to assess the efficacy of any potential revenue-generating action, including marketing campaigns, branding initiatives, or CRM solutions. Market share allows the brand to compare how well the business is performing to that of its competitors, quantify the effects of your strategy and tactical execution on your company's performance, and ask previously hidden questions about your performance. She aspires to accomplish this by standing out from the competition by building an organic ice cream business. Their neighbour also plans to open an ice cream shop, but it will serve vegan treats. She will make an effort to steal clients from her rival through marketing organisations in an effort to boost their company's market share. Being distinct from her rival means that it would target particular customers, which would result in a significant gain in market share and sales. Market share for ice cream would be successful as Specialist ice cream outlets and shops are fast becoming a niche market and appearing in many places across the UK. The importance of customer satisfaction is crucial since it greatly enhances the likelihood that a customer will come back and do more business. If the business isn’t committed to satisfying the core audience, winning over new customers won't be simple. However, the value of customer pleasure goes beyond retention. It also pertains to a business's ability to grow more broadly. The greatest way to pinpoint flaws and potential areas for improvement is to understand how people feel about their interactions with your business. Your consumers' input is very valuable, and if their satisfaction levels are poor, you know you need to do something. Selling a luxury product like artisan ice cream that’s not sold by competitors would bring sales to Rebecca’s dairy as it’s a product that’s available in one place where the customers are satisfied. This should increase customer satisfaction with the brand, which would mean more people would be loyal customers. Customer satisfaction for ice cream would be successful as many people are aware of a handful of ice cream makers there are over 1000 in the UK producing a wide variety of flavours which would mean that everyone’s needs are satisfied.
