Marketing strategies Chapter 7

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KEY TERMS |

marketing aims: the broad, general goals of the marketing function within an organisation. marketing objectives: the specific, focused targets of the marketing function within an organisation. marketing strategies: long-term or mediumterm plans, devised at senior management level, and designed to achieve the firm’s marketing objectives. marketing tactics: short-term marketing measures adopted to meet the needs of a short-term threat or opportunity.

Understanding marketing objectives
This chapter notes how the marketing objectives of a business are derived from the broader corporate objectives. Examples of typical marketing objectives are provided and the internal and external factors that influence them are examined. In showing the process that converts objectives to strategy and tactics, the chapter provides the background to subsequent chapters on marketing strategies and marketing plans. A firm’s marketing aims and objectives are the goals or targets of the marketing function. These must be consistent with the organisation’s corporate aims and objectives: that is, with the goals of the organisation as a whole. In order to achieve their marketing objectives, firms use marketing strategies and tactics. It is therefore possible to place a company’s corporate objectives, marketing objectives, marketing strategies and marketing tactics into a hierarchy, as shown in Figure 7.1.

Figure 7.1 A marketing hierarchy

Corporate objectives These show the main priorities of the organisation, e.g. to improve profitability by 10% over the next 2 years

Marketing objectives The marketing department or relevant managers must ensure that the marketing objectives support the achievement of the corporate objectives, e.g. to increase the market share of Brand X by 20% over the next 2 years

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