Strategic objectives
AO1. Objectives
Marketing objective is how the organisation wishes to position itself on the market and what it’s trying to achieve. Businesses set themselves aims and objectives in order to provide long-term targets. Then businesses develop strategies, which will help them to achieve the objectives they set. However, different businesses have different aims and objectives. For some of them the main aim could be to achieve the biggest share on the market, for those who already have it or trying to get some place in the market, an essential objective can be to attract as many costumers as possible by decreasing the prices on their products.
Corporate aims There’s even a hierarchy of objectives for different firms. Corporate aims and mission statements take the first place, as they’re long-term ambitions of a business and contain very general information about what the business is trying to achieve. An example of this objective can be: to become the biggest car producer in the market or the getting the biggest share in this market.
Strategic objectives The second most important objective is a strategic one as it’s a medium-term target and helps the business to achieve its corporate aim. Basically, it’s all about how the business is actually going to achieve set objectives. It includes different tactics and marketing methods being used by the managers Strategic objectives are set by the senior management at the top of the business hierarchy. An example of strategic objective can be: to introduce a new technology and machinery which your rivals don’t have, or to make your product or brand well known. Another example of strategic decision would be to introduce a new unique profitable product which will make the company more competitive comparing to its rivals.
Operational tactical objectives- are the thirds, but also very important objectives which are essential for the businesses to be successful. It includes day-to-day operations in the company, motivation programmes for the staff and targets set by managers within each department. An example of the tactical objective would be getting your product advertised in all press and media.
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