Author: Jim Riley Last updated: Sunday 23 September, 2012
Marketing - Marketing's role in business strategy
Marketing strategies explain how the marketing function fits in with the overall strategy for a business. Examples of marketing strategies could be:
Example Marketing Strategies
Launch new products
Expand distribution (e.g. open more shops)
Start selling products into overseas markets
Increase selling prices
Reduce the amount spent on television advertising
Build customer awareness
Implement a public relations programme
Invest more in advertising
Once a strategy has been identified, then the business must develop an action to turn the strategy into reality. The starting point for this plan is the setting of marketing objectives.
Marketing objectives are the specific targets for marketing set by the business to achieve their corporate objectives.
Examples of marketing objectives might be:
Increase sales by 10%
Launch a new product by the end of the year
Achieve a 95% customer satisfaction rating
Increase the number of retail outlets selling our products by 250 within 12 months
It is important for a business to set marketing objectives because managers can then have targets for their work. They can then measure more effectively the success or failure of their marketing strategies to achieve these objectives.
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