Marketing objectives and strategy

LO: To know what marketing objectives are and how the can be different

It’s not just advertising It’s not just promoting

Marketing is identifying and satisfying consumer needs.

Who does Nintendo target?

What is marketing?

A goal or target to achieve that will steer the direction of the business

SMART

What are marketing objectives?

Increasing sales – to increase sales from 150,000 to 200,000 in the next 6 months. Particularly important when the business has high fixed costs

Examples of marketing objectives

Medium to long term plan for achieving the marketing objectives

Can be done by following POISE (p.118 to complete)

Effective marketing strategy

P Profitable A proper balance between the firm’s need for profit and the customer’s need for value

O Offensive

I Integrated The marketing approach must flow through the whole company, from directors to telephonists

S Strategic

E Effectively executed

Strong and disciplined teamwork in carrying the strategy through effectively

Medium to long term plan for achieving the marketing objectives

Can be done by following POISE

Effective marketing strategy

P Profitable A proper balance between the firm’s need for profit and the customer’s need for value

O Offensive Get on the attack, leading the market, taking risks and force competitors to be followers

I Integrated The marketing approach must flow through the whole company, from directors to telephonists

S Strategic Probing analysis of the market and your competitors leading to a winning strategy

E Effectively executed

Strong and disciplined teamwork in carrying the strategy through effectively

Watch the advert

http://www.youtube.com/watch?v=sKhLAjCoDPk

Who is it targeting ?

Wii….

When the Wii was introduced Made it appeal to all markets Brain training for older people Nintendogs for younger people Games for families Sales doubled between 2006/7 and 2008/9. It identified opportunities to widen the target

market

Effective marketing by Nintendo

Marketing and brand image

Identifying the target market Segment markets Market – orientated marketing A coherent brand image

What do you think each of these things are?

Characteristics of effective marketing

http://www.youtube.com/watch?v=uq5ptPg6LaI

Outline some things Virgin needs to do before it invests billons in Space travel technology…

Who is their target market?

Virgin entering a new market

New market – aim at everyone who can afford it Later competitors arrive and so you have to focus

on one part of the market You need to know and understand your market –

what do they want and why Can be found out by doing focussed market

research Advertising spend can be focussed on the market only and so not wasting money

Identifying the target market

The market can be split into different categories, age, gender, income etc.

Products need to be aimed at different market segments as everyone has different wants

Example SKY TV who sell different TV packages such as sports, kids etc

Segment markets

The customer is central in the decision making They help the business to design and make

products that they want to buy Different to product-orientated marketing which

is about the making of the product, cutting costs and being efficient, sales of these products is usually quite forceful with sales people receiving commission as an incentive

Market-Orientated marketing

http://adage.com/article/agency-news/bmw-gears-campaign-kbs-p/231948/

http://www.youtube.com/watch?v=6xjtEYv56sE

What approach does BMW do to marketing

This uses the marketing mix to make sure that everything to do with the product fits together

The brand image would be shown in all of the marketing mix and be suitable for the target market

The brand image should be decided before you do anything else in marketing

Coherent brand image

Often happens when decisions are made in the short term with no long term plan

Can be where businesses set high prices, this exploits customer loyalty and can eventually send them away. Example is Chelsea football club and high ticket prices

Sales driven marketing is where employees are set targets and rewarded financially, this creates a ruthless and dishonest culture. Happen in banks where staff were encouraged to miss sell finance

Ineffective marketing

http://www.youtube.com/watch?v=g0OzSpzYe6I

Watch video

Read case study

Complete questions

Case study Adidas

Read the case study for Wimbledon Quality Cars on page 123.

Answer all of the questions in your books

Written activity