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Explain why it is important for a business to have clear marketing objectives? It Is Important that a business has clear marketing objectives because It gives them a target to work towards. In 2010 Sad set Its objective to overtake Tests as Britain’s largest retailer of non-food items. It Is Important that Its clear because objectives should be made using the acronym SMART goals, the objective set by Sad fits In with this really well apart from It does not state a time period. 2. What do businesses mean by the term ‘ villous’? A villous Is a company’s projection of what they want to achieve In the future.
It should be ambitious, relevant , easy to communicate and capable of motivating staff or maybe even inspire them. 3. Why Is It Important that marketing objectives should be rooted in through market research? 4. State the four main types of marketing objectives? * Increasing product differentiation * Growth * Continuity * Innovation b. Decide which one is most likely to be important for * Coca-Cola – continuity * Yorker bar – growth/ continuity * Tyson appliances- innovation 5. Why might a firm seek to increase the product differentiation of one of its brands?
A firm may want to increase its product differentiation because when your make your product different from the competitors it allows you to increase your profit margins per sale because. This is because customers see your product in a different light due to the USPS you have marketing strategies. 6. What problems might a firm face if it focuses solely upon short term objectives? 7. Is It essential that marketing objectives should be written down In detail? It Is not completely essential to write down your marketing objectives however writing them down allows you to work with people from outside the business.
These are people Like potential investors , by writing down your objectives they can see how successful you currently are and If your meeting the objective they can also make their own opinions on weather or not they think you will be successful In the future there for deciding weather or not they will Invest In your business. 8. What Is meant by Internal constraints ? Internal constraints are factors that may occur that restrict the chances of the objectives seceding, Internal constraints are theses that happen within a firm. These are things such as finance, personnel constraints and market standings. 9. Outline economy because we currently are sitting in a recession therefore people are not as willing to spend money on luxury products such as a new car. One other point is competition, the car market it a extremely competitive Market with some very well established brands, such as Honda , Londoner and Ionians the list is endless.