marketing objective

TASK 2: MARKETING OBJECTIVES

Aims: these are goals that cannot be measured in reliable way. However they remain constant as a means of providing direction and focus.
An Objective: is the goal, toward which a particular effort is directed; and it must also be definable and quantifiable so that there is an achievable target at which to aim.
Goals: this concerns what you are trying to achieve. Goals provide the intention that influences the chosen action. E.g. the goal of ps3 is to achieve market leadership in their existing markets.
Strategy: this is the method chosen to achieve the goals and objectives.
Tactics: are the resources used in the agreed strategy.

Marketing objectives: refers to a mission or standard that can be reasonably achieved with the expected time frame with the available resources In general, an objective is broader in scope than a goal, and may comprise of several different goals. Objectives are the most basic planning tools underlying all planning and strategic activities. They serve as the basis for policy and performance appraisals, and act as glue that binds the entire organization together.

Advantages of marketing objectives:

Gives staff a sense of direction
Offers support in evaluating the success of a project
Motivates staff
Gives a target, which the business has to work to

Disadvantages of marketing objectives:

Businesses set marketing objectives due to the following reasons:

To enable the business control a marketing plan:
To help the business motivate customers:
To provide a common goal:
To provide an agreed, consistent focus for all functions of the business:

Objectives of Sony PS3:

Reduce costs of production:
Revise pricing policies to meet customers expectation:
Increase promotional activities:
To enter a new market segment:
Set performance targets for each employee and department:
Ensure additional funds are available to meet unforeseen instances:
To carry out research and develop new products:
Implement an effective marketing strategy:
Access the general publics expectations of the product:

Aims of Sony PS3:

To increase market share;
gaining more market share means that the business is trying to dominate the market from its competitors. Increasing market share to an extent will cause take over of its competitors. By increasing market share, the business is reducing the powers and number of its competitors. By doing do, the business will be in a state of being the market dominant. Through increasing market share, the business is at no risk having two thoughts about maximising sales and gaining more profits. Market share can also ...

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Aims of Sony PS3:

To increase market share;
gaining more market share means that the business is trying to dominate the market from its competitors. Increasing market share to an extent will cause take over of its competitors. By increasing market share, the business is reducing the powers and number of its competitors. By doing do, the business will be in a state of being the market dominant. Through increasing market share, the business is at no risk having two thoughts about maximising sales and gaining more profits. Market share can also be gained when the business is selling at cheaper prices than its customers, for example in the present financial crisis, businesses that sell at cheaper prises have a high chance of increasing market share and rate of turnover than those selling at higher prices.
To offer quality products to its customers;
products of high quality are very essential; customers are also willing to receive products of good quality from the large amount of money taken out to buy products. Producing quality products increases customer loyalty. Before the quality of the product needs to be improved, the business normally undergo market research to be able to point out important facts being pointed out by customers that need to be improved on the product. This can also be done for new products, in this case it will be known as research and development of the product.
To improve productivity,
the level of productivity in a business determines a lot. If the rate of production in the business is high, it will be able to sell cheaper than its customers because producing more units is cheaper than smaller units which has to be expensive. If the business produces more products, it will not only sell at cheaper prices but will also gain more customers to increase market share and also increase profit made by the business. This will also state that the business is having a high chance of getting rid of loss made through trading activities.
To improve profit margin,
this is almost the aim of every business. It is also the main factor why the business engages in trading activities. Profit is very vital in funding the present and future plans of the business. In this case, if the Sony PS3 company has to increase its profit, it means the objectives taken are effective. On the other hand, the company has to follow one or more of these steps to gain more profit. First is to find new markets through market research conducted on the product by the business, the results obtained from market research are very important to the business for its future plans. Secondly, through engaging in promotional activities like promotion of movies, advertising. If the business adopt one of these promotional activities, it is likely to increase its market share and being well known for its activities.
Thirdly, this can be done through revising pricing policy; this is an effective way of gaining more sales and increasing market share. If the business is selling its products lower than those of its competitors, it will have a high chance of overcoming them.
To improve its corporate image;
this is very important in a business, this involves how the business it externally seen by its customers and other members of the public. This is done to see a positive image of the business by customers and the public. This involves many activities, in this sense, the Sony PS3 can gain that through making its products environmentally friendly, charity donations, to sell it products to customers at a reasonable price, being the market which is the leader of the trading activity, which all has to try and follow in the steps it take, to meet requirements set by government, raise public awareness of the business. Through following more or more in the above, the business will be able to have a positive view from customers, employees, competitors, government and other members of the public.
Growth:

Reason for choosing these objectives:
The main reason for choosing these objectives is to achieve the aims, so as to increase the size of the company, increase productivity and profit. For the business being in a zone of success, it has to follow these objectives. The business not following its stated objectives will find it difficult to meet its targets, that is why every business should have a business plans to know what to do at specific point in time, what to gain form it and what not to do at specific point in time. If the business sets certain aims and objectives, and is not following them, it shows that management is inefficient and is not capable of doing its duties. In this instance, the management of the business is misleading the business which can cause bankruptcy or takeover by other competitors. On the other hand,

Justification of the Objectives:
The objectives are aimed at expanding the size of the business.
They are aimed at doing so because; the company wants to increase the activities it is engaged in, like (increase profitability, productivity etc.)
Smart objectives:
S- Specific: it should specify what they want to achieve at specific point in time. These are being set to ensure that the correct steps are taken by the business to achieve its goals. These are also necessary, because is only based on one or two activities to cover.
M- measurable: it should be measurable. This is very necessary for the business to adopt because every aim/objective should be measured for example in terms of years, percentage. This is also done so as to have a sketch of what the business expects in terms of profits.
A-attainable: it should be attainable. Every objective being set by the business should be real and be able to achieve it. If the business sets objectives that is cannot achieve it means that it has ineffective an unreliable planning staff.
R-realistic: is should be realistic. If the business sets objectives that are not real, just to show customers, competitors and other stakeholders that it is capable to do it and on the main point, it does not has the strength to do it. It is likely to do so just to attract more finance to the business because it is on its way to face losses that why it states unrealistic objectives.
T-is should be time relate. The business should set objectives that are achievable at a given point in time. This is done to ensure the business meet it targets stated in the mission statement. If the business can meet it targets at the specific time, it means that it is capable of meeting all the other objectives, which will enable the company to have a brighter image of what it is capable of doing.

Smart objectives for Sony PS3:

To increase market share in the target market by 15% in 2010: the Sony ps3 company aims to increase its market share in the target market by 15% percent in 2010. The company aims to do so because it wants to increase the number of products it sells and to increase the number of customers in its target market. On the other hand, it wishes to do so because it wants to gain more profit and win more customers from its competitors. By doing so its competitors will force to reduce their prices to win back the customers.
To open up three branches in Europe by September 2009: the company has this in mind because it wants to be the best selling video game in the whole of Europe. If the company opens up these three branches in the targeted area it may be able to produce more consoles and gain more profits. On the other hand producing more units will force the price to fall down below its former selling price. The price of the product going down below its actual selling price will make the company sell more products and gain more and new customers.

To increase productivity by 10% by in January 2009: the Sony ps3 company aims to do this because it feels that producing more will reduce the price of production. If the price of producing the product falls, there is more likely for the business to gain more customers and profits due the number of customers involved.
To increase profitability by 5% in December 2008: the company aims so because it is using strategic planning on how to manufacture, promote, advertise and sell its products.