L
Marketing Strategies
Marketing objectives, analysing markets and
marketing, selecting marketing strategies and
developing and implementing marketing plans
Marketing strategies
• Understanding marketing strategies
• Marketing objectives are set to support the overall objectives of a
business (corporate objectives)
• What will influence the choice of marketing objectives?
• Internal influences include Finance, HR, Operations
• External influences include competitor actions, technological change
and market factors
• Planning process within marketing is corporate objectives
marketing objectives
market and marketing analysis (to
support a marketing strategy)
marketing strategies
marketing plans
Marketing objectives
• Tonight go over your notes from AS on marketing and
the competitive environment
• Take 3 minutes; tell me 3 things you can remember learning
• Marketing objectives support the overall corporate
objectives, such as increasing profits by 20% over the
next 4 years. Must be quantifiable. Likely to include:
• An objective related to market share. Could be to increase, or
maintain. Examples?
• To target a product at either a new segment of the existing market,
or a new market. Why?
• To develop a new product or service. Why?
Example marketing objectives
• Market share
Market share
• Common objective can
be expressed in revenue
growth though this is
really an overall
objective
New products
Achieve revenue growth of 15% per year for the
next four years
Increase our market share in the UK by 4% by 2017
Improve the online order conversion rate from 65%
to 75% by 2017
Add 1,000 new customer accounts generating at
least £100,000 per account within three years
Become the market leader in the UK educational
sector by 2018
Launch at least 25 new products into the industrial
channel in 2015 and 2016
Grow average first-year sales of new editions by
25% in the Higher Education sector
Example marketing objectives
• Beating competitors
• Can be about
reducing costs
helping achieve
cost minimisation
goal
Meeting
customer needs
New markets
Beat
competitors
Achieve at least an 95% excellent customer service
rating each month
Increase the proportion of sales bookings from
repeat business to 45% for the summer season
Supply a minimum of 50,000 trial downloads per
month
Increase the number of customer enquiries from
the EU by 10,000 per month
Recruit five suitable distribution agents in the four
target countries within 12 months
Reduce average distribution costs to less than 5%
of gross revenue
Reduce the order lead time by 15%
Improve brand recognition amongst the 25-34 age
group
Influences on marketing objectives
1. Internal
• Finance. Always important
• Financial position. Overall financial position will determine how large
the marketing budget is, though sometimes an increase in spending
may be necessary even if finance is poor
• Return on a marketing project (investment appraisal). Funding more
likely if previous projects were successful, or if expected return is high
• Human resources
• Ability to succeed depends on whether the firm has the employees
with the appropriate skills. Eg new products
• Operations
• Important to consider quality of products and capacity if the objectives
include an increase in output/market share
Influences on marketing objectives
2. External
• Competitors. What are competitors doing
• A business has to assess how competitors are using their marketing
mix in order to respond
• What does Asda do if Tesco launches a promotion?
• What if a competitor launches an online presence
• Technology
• Developments in technology can affect:
• A product. Improvements in technology have meant new products and
therefore possibly meaning an existing one is obsolete. Examples?
• How it is produced. Better production techniques
• How it is sold. The internet has revolutionised the place in the 4 Ps
Influences on marketing objectives
• The state of the market
• Political/legal developments
• The EU is responsible for many laws concerning products (packaging, features etc).
Any examples?
• Economy
• UK economy has been recovering, so demand is strong – a firm may want to
concentrate on the UK rather than a weak Europe
• Social change
• Interest in social issues eg fair trade, working conditions for overseas suppliers,
carbon emissions may influence product and market development
• Technology
• Developments in technology can affect:
• A product. Improvements in technology have meant new products and therefore
possibly meaning an existing one is obsolete. Examples?
• How it is produced. Better production techniques
• How it is sold. The internet has revolutionised the place in the 4 Ps