Marketing Promotional Objectives


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Marketing Promotional Objectives

An objective represents targets that need to be reached to achieve the
company’s aims. These objectives can affect the way businesses
operate. Business organisations can achieve their set objectives in
short periods or/and long periods. These are known as short-run
objectives and long-run objectives. A short-run objective lasts up to
one year, and it is used to achieve long-run objectives. A long-run
objective last up to three or five years, and they are quite difficult
to reach.

Marketing objectives are objective that can help to decide where share
of the market- size and revenue is needed to achieve the company’s
mission and objectives. Marketing objectives also decides how the
elements of marketing mix can help achieve these in each customer
segment. Here are some examples of marketing objectives:

1. To increase sales revenue

2. To increase market share

3. To maintain/improve product and brand image

4. To give quality assurance

Promotional objectives are objectives that are used to draw customer’s
attention to a product or service, or even a business. Here are some
examples of promotional objectives:

1. To make consumers aware of a product or service

2. To remind existing customers of a product so, they might
re-purchase the product

3. To show their product is better than, that of a competitor

4. To reach a targeted audience which might be geologically
dispersed

5. To develop or improve the image of the business

To achieve its promotional objectives, a business has to set its
promotional strategy. A well-known mnemonic used to describe a
promotional strategy deigned to persuade a customer to make a purchase
is AIDA. Here is an explanation of AIDA:

· A- a customer’s attention is captured, and he or she is made aware
of the product (good and service)

· I- the impact of the promotion stimulates the customer’s interest

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· D- the customer is persuaded, he or she is deprived by not having
the product, and this helps to desire for it

· A- action involves the purchase of the product

All objectives including, marketing and promotion objectives should be
measurable so, they can be achieved, effectively. This is known as
SMART objectives. Here is an explanation of SMART:

* Specific- the target should identify a particular item or area

* Measurable- the target should have a quantity, percentage or
monetary so, business can have an accurate target to aim for

* Attainable/Agreed- the target must be attained by everyone who can
have an influence on the outcome and agreed by everyone who can
influence the outcome

* Realistic- the target have to be tough but not too tough, or else
business will give up without attempting because, the target is
impossible to reach

* Timely- the target should have a deadline so that, when that
deadline arrives, businesses can make sure if, they have achieved
the target

Here are some examples of measurable objectives:

1. Marketing objectives:

- To gain 23% of the market for sport shoes by September 2006

- To increase sales for mobile phones by 3% over the next 18 months

2. Promotional objectives:

- To increase awareness of the danger of aids in France form 12% to
15% by June 2004

- To increase trail of X washing powder form 2% to 5% of our target
market by January 2005

Once a business organisation has set its objectives, it must decide
how it will achieve them. There are number of ways to develop a
successful strategy- most are related to increasing sale, developing
products or markets. Amongst these are:


* Market Penetration

* Market Development

* Product Development

* Diversification


Strategy

Product

Market

Market Penetration

Existing

Existing

Market Development

Existing

New

Product Development

New

Existing

Diversification

New

New

Looking at the table (shown above), the market penetration strategy
offers the lowest risk of failure, because both product and market are
known. The diversification strategy offers the highest risk because,
both the product and market is new. The market and product development
strategies offer some risk, more so if an entirely new product is
developed rather than modifying an existing market.


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