let's the session marketing objectives so when we're thinking about marketing objectives where do they sit you've got missions fenders the top level underneath the corporate or business objectives and underneath that you've got your function objectives sometimes referred to as your department objectives and of course marketing is a type of department and the broad the very broad objective of a marketing department will likely be increased sales so within those increasing of sales or increased sales the thing that we think is more granular about that deeper so it could be that they're looking to increase their sales
volume now your sales volume is simply the amount of units that you sell or it could be your sales valued NATO sounds value is different to your volume because your sales value looks at the monetary value of those sales that's different humanik unions as it sounds funny but the next is sales growth sales growth is looking at the percentage usually a year but in a certain period of time you're trying to increase that sounds volume or sales value maybe a business wants to increase its sales value by 20% year and year a next type of
marketing department objective could be to increase market share it might be the Kerley of the business has 30% market share by the end of the year they want to have 35 percent market share it could be the marketing department wants to increase their market growth so it might want to stimulate growth within the entire market not just their market share but they want the entire market to grow because they see is that if the entire market grows then that would mean that their sales will increase and the last is that they might want to as
a marketer Department create brand loyalty because brand loyalty means that your price elasticity of demand is likely to become lover or more inelastic if it becomes more inelastic it means that customers are less sensitivity to price increases and as you increase prices clearly if it is an inelastic product in terms of price elasticity demands you will get higher rent higher revenue now the last thing to look at is the influences on those marketing objectives well they can be internal or external internal means they just come from inside the business and the external means they come
from outside the business let's start with internal so it could be the mission statement or the core project is well because they drive the function objective they drive the department objectives so if they are saying to do something then that will mean that the market department must follow that corporate is in terms of its objectives also you want to look at the other departments when you thinking about the influences on the marketing department the finance department might have rescore resource constraints it might have finance restraints and that will clearly impact the amount of marketing you
do it might mean you have to do MUX in a different way if you've got real constraints and no finance available mainly neecy's cheaper alternatives maybe you need to look at social media for example the next is operations so operations if the operations department has production issues they can't keep up with the volume of sales that you're trying to make maybe you to switch away from increase in your sales growth to more brand loyalty for example so you can increase the prices on the level of unity you are actually able to produce HR so hey
Chad it might make sense that your objectives would be in line with if you have the skilled labor to do certain types of marketing now external influences I clearly just be external environment so it could be if you've got lots of competition maybe you need to do more marketing if you have certain market conditions like the economy is in a boom or recession that will change your marketing objectives if the economy is in a boom maybe your look to really push for that sounds growth if the economy is in a recession maybe you just want
to stabilize your market share you might want to look at consumer incomes all the interest rates because consumer incomes if they're increasing then you might want to push on with your brand loyalty because if consumer incomes are increasing maybe you could look to push those prices out or if interest rates are lower interest rates are lower means it's cheaper to take consumer debt also it means if interest rates are lower there's less incentive to keep consumers savings in a bank and then rather spend them because that is the I'm one of the other alternatives and
that might lead to more consumer spending and again that same thing you might want to live that brat more today and the last thing is you might want to link up into any demographic changes and the environmental changes any ethical changes because that will clearly change your marketing objectives so I hope that helps with marketing objectives influences and I'll see you of a next session [Music]
