🎯 What are marketing objectives?
Big Idea: Marketing objectives are specific, measurable goals that a business sets for its marketing activities. They give the marketing team a clear target to aim for! 🏹
Examples of marketing objectives
- Increase market share by 5% within two years
- Grow brand awareness among 18–25 year olds
- Boost online sales by 20% this financial year
- Launch into two new international markets
- Improve customer retention rates
If asked to 'state two marketing objectives', give specific, measurable goals — not vague aims like 'sell more stuff'.
🗺️ Marketing strategies
A marketing strategy is the long-term plan for how a business will achieve its marketing objectives.
- Market penetration — selling more of existing products to existing customers
- Market development — taking existing products to new markets
- Product development — creating new products for existing customers
- Diversification — new products for new markets (highest risk!)
These four strategies match the Ansoff Matrix (Unit 6)! Marketing strategy and business strategy are closely linked. 🔗
Long-term benefits of good marketing strategies
- Sustained brand awareness over time
- Improved reputation and customer trust
- Long-term growth in sales and enrolment/customers
- Competitive advantage that's hard for rivals to copy
Exam tip: When asked about 'long-term benefits of marketing strategies', focus on sustainability — things like lasting reputation, brand loyalty and steady growth over years.
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🪜 Objectives vs strategies vs tactics
Don't confuse these three levels of marketing planning!
- Objectives = WHAT you want to achieve (e.g. increase market share by 10%)
- Strategies = HOW you plan to achieve it (e.g. enter new markets abroad)
- Tactics = the specific ACTIONS you take (e.g. run social media ads in France)
Think of it like a road trip: Objective = get to Paris. Strategy = drive through France. Tactics = which roads to take and where to stop for fuel! 🚗