Answer to Question #234076 in Management for Toinette Mostert

Question

Identify the various objectives of marketing departments and provide an example

for each.

Answer 1

The marketing department's objectives point the firm in the proper direction. Essentially, marketing objectives must align with overarching corporate objectives and guide the marketing strategy's path. Any goal should be SMART in order to be effective. Setting SMART targets serves to define where you want to go by establishing a quantifiable goal that can be tracked and plans established to help you achieve your business goals.

A marketing goal related to the competition analysis is to increase market share. You can establish your specific position in the market and project where you want to be after your campaign by looking at other existing brands in your industry. Example: Reduce customer churn by 10% at the end of the fiscal year to increase market share. It's worth noting that your goal doesn't necessarily have to be "to become the market leader," as this may not be feasible.

Any marketing department has a unique set of obstacles when launching a new product. It takes a lot of work to get the word out about a brand-new product and get people excited about it. This purpose can have various diverse objectives, such as designing a communication strategy, price, and positioning. For example, define Product X's final price by the end of the week.

Introducing the business to new domestic or international markets. When introducing a brand to a new market, positioning and communication strategy are just as important as when launching a new product. It's also important to understand cultural and consumption disparities. For instance, during the first part of Q2, conduct market research and design an acceptable messaging strategy towards the conclusion of the quarter.