Marketing Objectives – What are the Objectives of Marketing? Meaning and Examples

Lesson Notes

Marketing Objectives

The goals of a company’s marketing activities are decided upon with the help of marketing objectives.

Marketing objectives give direction to the company’s marketing activities and provide targets to achieve. They also provide the company with definite and direct actions to be executed.

How to Set Marketing Objectives?

Making sure that your company’s objectives are SMART is necessary.

Determining your objectives can be helped easily, with this acronym.

Apart from guarantying in-depth objectives, it also helps easily quantify them during campaign analysis.

SMART stands for

1. Specifics

Solid and thorough objectives are required by a company.

Basic questions of why, how, who, when, where and what must be answered through the objectives.

2. Measurable

It is important to be able to quantify objectives in order to know if they have been achieved.

Hence, the kind of KPI to be used must be decided along with the quantification and definition of success.

3. Achievable

 Inconclusive goals do not work towards a company’s success.

4. Realistic

Preceding achievements and resources are taken into consideration.

5. Time-bound

A deadline to establish the success or failure of marketing activities must be set for goals. While analysing results, reasons for success or failure must be sought.

Splitting a global goal into smaller objectives can prove to be useful. The appropriate course of action can be planned and execute accordingly.

Objectives of Marketing Examples

1. Increase Brand Awareness

Widening your brand or product awareness can prove to be a good objective that guides your marketing actions.

It can be useful when you are targeting a new audience, launching a new product or if you are a new company.

Example – VIVO sponsoring FIFA2. Increase Market Share

2. Competition analysis is the basis of this objective.

This helps a company establish its position in a market along with forecasting its position after a campaign.

Example: Budweiser sponsoring Super Bowl

3. Launch a New Product

A distinct set of challenges are posed by marketing departments while launching new products.

It is not easy to create brand awareness and generate enthusiasm among the audience.

Example: Teremana promoted through UGC

4. Introduce the Company to New Local or International Markets

Just like a product launch, communication and positioning strategy are critical during a brand launch in a market.

It is important to be well informed of the utilisation and cultural differences.

Example: IKEA India Campaign

5. Improve ROI

The most essential marketing metrics in existence is the ROI or the return on investment or. It quantifies the success of your investment.

Example: Burger King – Whopper Detour Campaign

Using 7 technology, Burger King’s Whopper Detour promotion unlocked when users came within 600 feet of a McDonald’s restaurant.

Burger King reportedly geofenced 14,000 McDonald’s locations across the US.

All users had to do was download BK’s app, drive to McDonald’s and automatically receive a mobile coupon for a 1-cent Whopper.

Results of the Campaign:

1.5 million app downloads while generating 3.3 billion impressions, equating to $37m in earned media and

Mobile sales tripled during the promotion with more than 500,000 Whoppers redeemed (more than 40 times Burger King’s past digital-coupon-redemption record).

6. Increase Company Profits

The three types of actions related to expanding a company’s profits are: expand profits lower costs or both.

Example – Walmart Cost Cutting Activities

7. Attract New Customers

A necessary effort to warrant the longevity and relevancy of your company is reeling in new customers to use the company’s products or brand.

Apart from keeping a company’s old customers, reeling in new customers must involve various processes.

Example: Netflix Stream Fest

8. Retain Current Customers

Another marketing objective that is generally used is building and expanding customer loyalty.

Being invested in your consumers is necessary, along with being useful.

Retaining an existing customer is cheaper than obtaining a new one.

Example: Starbucks Loyalty Program

9. Increase Sales

Sales can be increased in many ways. The two most popular ways are: increasing the number of transaction options and increasing conversion rates. (for example, cross-selling.)

Example: Coca Cola #ShareaCoke

10. Reduce churn (or retain customers)

This can be quantified on the basis of retention. ( 95% of customers we retained by me) or churning (5% of our customers were churned by us).

Example – Netflix

11. Re-brand or re-position

The main goal of re-branding is to keep your brand updated.

The perception of your company in the eyes of consumers is majorly dependent on design trends.

Keeping your look up to date shows your consumers that you are attentive to the industry trends.

Example – Uber Rebranding