the-nature-of-marketing the-role-of-marketing

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Exam code:9609

Marketing objectives

Marketing objectives are clear, measurable targets that guide a business’s marketing efforts
Marketing objectives can help a business in several ways
- Give direction
  - Teams know exactly what to aim for, avoiding untargeted campaigns that have little chance of success
- Allow measurement and learning
  - The results of marketing activities can be compared with the objective and improved next time
- Help win budget and support
  - Clear, data‑backed objectives can reassure senior managers and investors and motivate employees

Focus	Definition	Example
Sales volume	The number of units sold by a business	Greggs sells 140m sausage rolls a year and has set an objective to increase that to 150m next year
Sales value	The money earned from sale of units	Domino’s Pizza Group has set the objective of increasing UK and Ireland sales from £1.57bn in 2023 to £2bn by 2028
Sales growth	The percentage rise in sales volume or value over time	One of Starbucks‘ objectives is to achieve 7%–9 % yearly sales growth
Market growth	The increase in the size of a market as a whole	Vegan businesses Beyond Meat and Oatly are looking to grow the UK plant‑based market to 9.6 % by 2027
Market share	The portion of a market controlled by a particular company, brand or product	Samsung‘s objective is to maintain its position as the number one smartphone brand, with a 20% global market share
Brand loyalty	The share of customers who rebuy and recommend a business, brand or product	Nike‘s objective to build brand loyalty relies on its NikePlus programme members, who spend much more than non‑members do

Corporate objectives are whole-business goals set by senior managers that give a business its overall direction
- Examples may include
  - ‘Raise profit by 15 % within two years’
  - ‘Become the most sustainable clothing brand in Asia
They are translated into marketing objectives that focus on promotional activity, pricing strategy, distribution and product features
- Every advert, price or product change supports the business achieving its corporate objective
- If they do not, money and resources are wasted

LEGO’s Rebuild the World campaign

Corporate objective

After sales slipped in 2017, LEGO’s directors set a clear objective to increase revenue by 5% by the end of 2019

Marketing objective

The marketing function promised to increase the volume of sales by at least 5% by launching a bright, imagination-focused campaign called Rebuild the World

Marketing tactics

A fun TV and YouTube advert, giant LEGO statues in city centres, and the hashtag #RebuildTheWorld encouraged fans worldwide to share their own creations online

Result

In 2019 consumer sales rose by 5.6%, and the campaign attracted over 100 million views, delivering exactly the growth the directors wanted