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Business Aims and Objectives and the Marketing Mix

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Introduction

´╗┐Sheridan Ireland 10th September Aims and Objectives. What are aims and objectives? What defines an aim is a long term cooperate aim that an organization intends to achieve; it?s the overall purpose. For instance, a business may want to make additional income in comparison to the previous year. In addition to this corporate aim, a business might consider increasing their receipts by putting offers on specific products or advancing their promotion to inform their target audience and raise awareness and interest; this is considered to be the businesses objective. Objectives are considered to be targets which help support the corporate aim and intend to help the business meet their corporate aim in the long run; they?re the outcomes needed in order to achieve the corporate aim. Business? produce aims and objectives for a number of reasons, which may range from survival to growth. A business objective is a detailed picture of a guide you plan to take in order to achieve a stated, long-term aim. A set of objectives for a smaller, newer business who desires to survive may be to create a regular customer base, gain a small share of a market, etc. in order to create additional profit/revenue that can be put into the capital to be used for advance the business. However for a bigger, existing organization this may be to provide a better service level in comparison to its competitors, to also gain a bigger market share, etc. In relation to this, a new business will have only one essential short term strategic corporate aim which is to survive in the market. Additionally, the business will decide to generate objectives in order to meet its short term essential corporate aim. In addition to survival being the corporate aim, you might consider objectives such as generating profit or generating a positive net cash flow in order to produce receipts in the first few months. ...read more.

Middle

In the business industry, two companies that are in the same/similar industry which offer a similar product or service will compete for accomplishment, development and survival reasons. Additionally, the attendance of a competitor will cause both businesses to reconsider enhancing their marketing mix in order to overcome their competitors. This can involve changes such as decreasing the prices of goods and services as the companies both attempt to gain a larger market share by contacting the account department to find a suitable lowered price that will still gain the company profit but will eventually in the long run, open a wider market. Examples of direct competitors for fast-food restaurants may be McDonald?s and Burger King. These two large companies compete frequently by bringing out new and advanced products to gain a superior perspective in comparison to the other competitor and to increase its profit. Competitors can approach from an identical market, selling the same products and services as you. These competitors are referred to as the direct competitors. Direct competitors may keep an eye on one another?s relative pricing and signification technological plans that may become a threat and put them at competitive disadvantage. An example of direct competitors that reduce their pricing of products in order to gain an advanced market are Dominos and Pizza hut; both companies provide the same products that satisfy the same needs for the same audience; constantly advertise offers, sales and lowered prices to win over the target audience they?re both aiming at. The need to be innovative and enterprising when indentifying opportunities in the marketplace. Definitions: Innovation ? A new method, idea or product. Innovating can involve ?Ansoff?s matrix? which examines a company?s product variety. There are four main options on developing new products and markets. The first example can be increasing the sales of the same types of product to the same types of customers ? this is referred to as the market penetration. ...read more.

Conclusion

Relating to the features and the functions of the product, the product also consists of a range of factors including: packaging, quality, warranties, after-sales service and branding. The packaging and the branding of the product relates to the features of your product or servicing which affects your consumer?s first perspective of your product; whether they find it appealing. The quality, warranties and the after-sales service is included in the functions which may affect your consumer?s perspective of after purchasing and the business itself. Whilst generating your product, you?ll experience stages of processes that need to be taken into account. Whilst developing your product, you?ll experience having to pay high costs with no sales to pay your variable costs. The next process of launching your product is essential in order to pay your variable costs; the launching of your product determines how well your business will start off. However in order to progress and generate additional products/services and expand your business, the growth is essential. Additionally, the sales of your product should increase in order to make additional money in comparison to the launching and first months, and need to break-even in order to generate a positive cash-flow; meaning you?ll be able to cover your costs of the development of the product or servicing. The product tends to go into maturity mode meaning that there?s a suitable pricing and expenditure that still generates exceptional profit. More specifically, the sales stabilize, there?s less expenditure on promotional needs as additional people are aware of the product and the revenue and profit should be high due to the purchasing of the consumers. However maturity isn?t as beneficial as it occurs to be as without progress your products sales can decline. More specifically, with the decline of the sales, the extension strategies can be adopted. In addition to adopted extension strategies, they should maintain or increase sales as they include modifying the product, reducing the price to an exceptional amount however meaning that it may increase the consumer?s awareness, adds a feature so the business can meet the expectations more severely. ...read more.

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