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Marketing Objectives

Author: Jim Riley  Last updated: Sunday 23 September, 2012

Introduction to marketing objectives

Let’s face it.  Of the four main functional areas of a business, marketing has to be the most important!
Marketing is at the heart of a business.  Remember the definition of marketing:

“The process of identifying, anticipating (predicting) and satisfying customer needs profitably”

Almost every activity that a business undertakes can be linked back to this definition, whether it is:

  • Raising finance to support an investment in new product development
  • Introducing quality assurance and lean production to improve product profitability
  • Training staff to improve customer service standards

Ultimately, almost every functional activity or objective can be linked back to marketing.

A similar picture emerges when you consider how corporate objectives link to the functional objectives for marketing.

Typical corporate objectives might be to:

  • Be a market leader within 5 years
  • To grow market share by 5% in core markets
  • To become the most trusted and recognised brand in our industry

Each of these has a strong marketing element.

Marketing objectives need to be seen as part of a hierarchy of objectives, in the sense that they are shaped and informed by the corporate objectives.  A corporate objective influences a marketing objective, which in turn shapes the marketing strategies and marketing tactics employed:

Marketing Objectives

Types of marketing objective

Because marketing is involved in every aspect of a business, you often find that marketing objectives are wide-ranging.  There can also be a lot of them!  Some examples are provided below

Objective area

Example objectives

Maintaining or increasing market share

Achieve revenue growth of 15% per year for the next four years
Increase our market share in the UK by 4% by 2012
Improve the online order conversion rate from 65% to 75% by 2011
Add 1,000 new customer accounts generating at least £100,000 per account within three years
Become the market leader in the UK educational sector by 2013

Developing new products / innovation

Launch at least 25 new products into the industrial channel in 2010 and 2011
Grow average first-year sales of new editions by 25% in the Higher Education sector

Meeting the needs of customers

Achieve at least an 95% excellent customer service rating each month
Increase the proportion of sales bookings from repeat business to 45% for the summer season

Entering a new market / market positioning

Supply a minimum of 50,000 trial downloads per month
Increase the number of customer enquiries from the EU by 10,000 per month
Recruit five suitable distribution agents in the four target countries within 12 months

Gaining an advantage over competitors

Reduce average distribution costs to less than 5% of gross revenue
Reduce the order lead time by 15%
Improve brand recognition amongst the 25-34 age group

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