Marketing Objectives and Marketing Strategy
At the core of any great marketing campaign is a list of strategic and clear marketing objectives. Marketing objectives not only outline the intentions of the marketing team but also provide clear direction for team members to follow—and they offer information for executives to review and support.
In general, there are four main types of marketing objectives (Lake, 2018):
A profitability objective determines the amount of expected income based on your promotional strategy.
Market share objective determines how much of the market you wish to gain.
A promotional objective is the desired level of product or service awareness.
Growth objective determines your current business size and how much you wish it to grow.
A company’s marketing strategy outlines what customers they will serve and how it will create value for these customers. Marketing strategy is an explanation of the goals you need to achieve with your marketing efforts. Your marketing plan focuses on how you will achieve those marketing goals. A marketing plan is part of a company’s overall strategic plan. It is a document that guides the analysis, implementation, and control of the company’s marketing strategy. Just as there were different new product development models, there are different formats for marketing plans. But the basic components remain the same in each of the formats.
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In this assignment, you will develop marketing objectives and marketing strategies based on the challenges and opportunity you identified in Week 5. As you develop the plan, keep in mind that—in addition to innovation in ideas, processes, and products—innovation is needed in communication with the market. You should review the trends that are now referred to as Web 4.0.
To complete this assignment, please use the following outline. The outline explains what is included in each of the sections of the Marketing Strategy Section.
I. Marketing Objectives
A. Describe marketing objectives in terms of sales or market share.
II. Marketing Strategy
A. Describe the marketing mix decisions of product, price, place (distribution), and promotion; then discuss why the strategy was selected.
III. Product
A. The product decisions should consider the product’s advantages and how they will be leveraged. Product decisions should include:
1. Brand name
2. Quality
3. The scope of the product line
4. Warranty
5. Packaging
IV. Price
A. Discuss pricing strategy, expected volume, and decisions for the following pricing variables:
1. List price
2. Discounts
3. Bundling
4. Payment terms and financing options
5. Leasing options
6. Place (Distribution)
V. Decision Variables
A. Distribution channels, such as direct, retail, distributors, and intermediates
B. Motivating the channel—for example, distributor margins
C. Criteria for evaluating distributors
D. Locations
E. Logistics, including transportation, warehousing, and order fulfillment
VI. Promotion
A. Advertising, including how much and which media
B. Public relations
C. Sales promotion
D. Digital marketing
Support your paper with a minimum of three scholarly/peer-reviewed resources published in the last 5 years. In addition to these specified resources, other appropriate scholarly resources, including older articles, may be included.
