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Marketing Aims and Objectives - with examples from major companies.

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Introduction

Unit 1 - Marketing Aims and Objectives An aim is what businesses want to do in the future. It is a statement of purpose, for example Express Diner wants to expand worldwide in the next few years, attract new customers or eliminate rival competitors. A business can have more than one aim but they have to be appropriate according to the business and their size. For example a local grocery store or off licence aiming to make �1 million profit in the end of the week is unsuitable because it is a small business, carrying out small activities and is highly unlikely to generate that much profit. The aims of a business most likely include creating a profit, or to just survive, to stay in existence this aim is most likely for small companies surrounded by rival competitors with larger businesses and customers. For example making profit as an aim is a general term, it is easy to understand and interpret but can be confusing to carry out the objectives to help reach and meet this aim. An objective is the targets or steps that organisations need to take to help achieve their aims, these objectives are set up by the businesses themselves.. All objectives should be measurable so the achievement can be checked and monitored regularly. For example, Lex Transfleet set an aim to increase sales and the objective to completing this aim can be for the employees to increase customer service skills and guarantee customer satisfaction, leading to happier customers purchasing more goods and returning to the store. If a businesses aim was to increase reputation, the business can set an objective of providing high quality after-sales service, giving the business a reputable reputation and a customer favourite. Marketing involves understanding the target market and its potential and existing customer's needs. Marketing departments also look at ways to influence the behaviour of customers' e.g. ...read more.

Middle

Suggestions box - will encourage employees to input their own suggestions and contribute their own ideas. This allows employees to apply their own personal twist on a product and see whether it passes the development stage. Sales force - working close to customers, understanding their needs and requirements. Forced relationships - one or more existing products can be joined together to form new product concepts. For example, shampoo and conditioner. Competitors - monitoring the activities of competitors may provide a profitable source of new ideas. Step 2 - Screening Ideas After the creation of ideas, these ideas need to screened to mark the likeliness of success and others need to be rejected. How well the product fits with other products in its range, the unique elements of the idea which make it competitive, the potential demand for the product and whether it could be manufactured economically all come into consideration when screening the ideas. Step 3 - Marketing Analysis After screening further marketing analysis begins. This will consist of a thorough analysis of the products market potential. This analysis provides the amount of sales expected from the product and the market volume (units that could be sold). Step 4 - Product development After being analysed for marketing potential, the concept is now transformed into a product. Design, innovation and the uses of technology are vital during the product development. The products packaging and branding will also be assessed. Step 5 - Testing Testing is a critical stage in the product development process. Will involve identifying valuable information by conducting market research, which reduces the risks and fine tunes the venture. The product may also be tested on the market and given a trial to see if it meets customers' needs and brings in customers. Step 6 - Launch and commercialisation During this stage the business will launch the final product to its customers. Many businesses tend to provide sneak glimpses of the product before the release of the product and upcoming to the launch. ...read more.

Conclusion

This means that the employees will know whether the business is doing well or not. The benefits of this is that if the employees are motivated and the business is not doing as well as it is supposed to be, the employees and employers will work harder to try and improve the business and meet their objectives. For example when Lex Transfleet sets their objectives, the benefit of being ambitious is that their employees want to learn more by having the desire and opportunity to develop and become the best rental company in the UK. This objective cannot be measured efficiently it provides the employees with a mental image to become the best rental company in the UK, this can have a lot of different effects on the employees because some employees will feel honoured and happy to be working at the best rental company in the UK when others will be working harder and pushing themselves further to try and become the best rental company. The disadvantage of this objective is that some employees' state of mind might be that they are already at the best rental company in the UK so they can lay back and not input the same amount of effort as before. Achieving marketing objectives helps ensure businesses that they become market-focused not only customer-focused. If a business id market focused it will understand and research all the problems and obstacles which will present themselves, market-focused organisations will know how to and aim to overcome these constraints. Marketing objectives also play a crucial role in the employees motivation levels because if things are going well then employees will become more efficient, marketing objectives also lead onto achieving the businesses overall aims and when these aims are achieved the business will be highly reputable and will gradually expand, increase market share, profits and sales. Aiming to achieve marketing objectives provide a direction for employees to work towards and will help understand their competition, their market, their customers, their opportunities and their problems. ?? ?? ?? ?? Unit AO1 Task 1 ...read more.

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