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Marketing - aims and objectives

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Marketing Marketing is about understanding the customer needs and making sure that the products fit the customer's needs as well as finding ways to influence the customer's behaviour. Aims and objectives An aim is a statement of purpose that outlines what the business wants to achieve, it is a general goal e.g. to gain profit. An objective is a statement of how the business will achieve their aims it contains specific numbers and dates, they are SMART. For example achieve 4% profit by the end of 2006 Businesses need to have aims and objectives in order to have a direction to follow and gain the best they can out of their business. Objectives of a business need to be SMART, this means: * Specific...They need to relate to the issues and the market in which the organisation is involved is involved. * Measurable... They need to see if they have been successful in achieving the objectives * Achievable...They must be realistic for the business to be able to achieve, where they're not too difficult so there's a lot of pressure on the business and not too easy. * Realistic... The objectives must relate to the business and its activities and must not be too far-fetched. ...read more.


Originally there were only 4p's but as businesses grew larger 4p's no longer covered the entire market. The 7p's are: * Product - This can be a good or a service. It is considered to be the most important element in the marketing mix. There are many different ways of presenting the product to the customer, it can be done through: => Branding, this helps the customer differentiate between products and can be a name symbol or a design, as well as manufacturers brand, own label brand and generic brands. Businesses seek to create portfolio of individual products which support the image of the brand. => Features, the features of a product are what are sold to the customer not just the product itself. => Packaging, this is the way the product is presented to the customer. => Item, specific model or size of the product. => Line, similar to item, with similar characteristics and applications => Mix, mix of all the business's product line. The product goes through various stages these are, introduction (launching a new product through big marketing campaigns, many products fail in this opening stage), growth (sales are increasing at their fastest rate but may bring competitors hoping to get the same positive reaction to a similar product), maturity (sales have reached their highest peak and therefore the product should be making the biggest profits) ...read more.


=> Marketing position => Product portfolio o Product lifecycle It is important for a business to consider the blend of the marketing mix so that the customers are satisfied with all of the ways the product is being presented to them, a good blend of the marketing mix will persuade a customer to buy the product and stay loyal to the business. It is also important that the business has a specific blend just for them because of their aims and objectives as a business, for example a supermarket needs to keep a different blend to a fast food chain as their targeted customers have different needs. Overall the marketing in a business plays a very important role in how successful a product and therefore a business will be, as a good marketing strategy will attract more customers and gain more profit for the business. The marketing department mainly relies on help from other departments and the marketing mix (it is important to have the right blend). If the business uses the right strategies to fit the product/service they provide then they will be successful in achieving their aims and objectives. ?? ?? ?? ?? AO1 Task 1 Lorna White ...read more.

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