Aims and Objectives

• What is an objective?

  a short term target of a business to enable it to reach its aim
• What is an aim?

  a long term objective of the business.
• What are the 6 main marketing aims and objective?

  Understand customer needs and wants

  Develop new products

  Improve profitability

  Increase market share

  Diversification

  Increased brand awareness and loyalty
• What are aims of FOR PROFIT organisations?

  • Survival
  • Profit maximisation
  • Increase sales revenue / sales maximisation
  • Increase market share / gain more customers / customer base
  • Growth / Expansion / Diversification / Multinational
  • Improve reputation / increase brand awareness
  • Improve quality / satisfy customers
  • Environmental / Ethical aims
  • Provide Jobs / Community Aims
• What are aims of NOT FOR PROFIT orgranisation?

  • to serve the community / ethical aims / environmental / social objectives/ provide jobs
  • to provide services
  • to avoid wasteful duplication of resources where a natural monopoly exists
  • to control strategic industries
  • to prevent exploitation by monopoly suppliers
  • to help people in need
• How does developing new products help a business?

  when customer needs and demands are identified the business may find that a new product or service is required. Being the first to offer a product or service can mean massive sales and profits
• How does improving profitability help a business?

  More sales can mean more profit. Greater profits can also be made by setting the selling price much higher that the cost of making the product or delivering the service. Marketing can help to convince customers that a higher price means a higher quality product
• How does increasing market share help a business?

  all businesses have competitors and must fight for their share of sales. Increasing market share even by less than 1% can mean a huge leap in sales and profits
• How does diversification help a business?

  A business does not want to rely on sales of one product in one market. Demand could fall; competitors might take their market share. Offering different products and services in different markets is a good way to make sure that the business survives and continues to grow
• How does increasing brand awareness and loyalty help a business?

  A brand is a product or service with a recognisable nae and packaging. Marketing aims to ensure that customers instantly recognise the bran and choose to buy it rather than a competitors brand
• What is brand loyalty?

  a measure of how likely a customer is to buy a brand compared to competing brands. High loyalty means continued and regular sales
• What should aims/objectives be?

  Specific

  Measurable

  Achievable

  Relevant / Realistic

  Timed