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Strategic Marketing Planning & Analysis

Marketing Objectives: Core Metrics

Establishing marketing objectives provides focus and metrics to gauge success. Typical objectives include:

1

Sales Volume/Value

Sales volume (units sold) and sales value (revenue from sales).
2

Market Dynamics

Market size, market, and sales growth (percentage increase over time).
3

Market Share & Loyalty

Percentage of total market sales and customer retention/repeat purchases.

The SMART Framework

Objectives must be SMART to be effective. This framework ensures goals are well-defined and executable.

🎯

Specific

A clear, defined goal.
📏

Measurable

Quantifiable data.
✔️

Achievable

Realistic target.
💼

Relevant

Aligns with strategy.
⏱️

Time-bound

Set deadline.

Primary vs. Secondary Research

✅
Primary ResearchInvolves gathering new data directly from customers (surveys, interviews), providing specific insights.
❌
Secondary ResearchUses existing data (reports, statistics), offering broader context but may be less specific.

Research Interpretation

🤔
Is positive correlation enough proof to assume that one variable directly causes the other?
🦉
Absolutely not! Correlation means variables move together, but correlation does not imply causation.

Price Elasticity of Demand (PED)

% Change in Quantity Demanded / % Change in Price
Measures responsiveness of quantity demanded to price change. Related concept: Income elasticity of demand (YED) measures how demand changes with consumer income.

Elasticity and Revenue Strategy

Predicting Revenue Impact

Understanding elasticity helps marketers predict revenue impact: For elastic products, price change causes bigger change in demand, so raising price may reduce revenue. For inelastic products, raising price increases revenue.

The 3 Steps: Segmentation, Targeting, Positioning

The STP process guides effective marketing resource allocation by focusing on defined customer groups.

1

Segmentation

Divides a market into distinct groups sharing characteristics (demographic, geographic, income, and behavioural).
2

Targeting

Selects segments to focus marketing resources (mass marketing or niche marketing).
3

Positioning

Crafting the brand/product image to occupy a distinct place in consumers' minds.

The 7Ps of the Marketing Mix

The key controllable elements that define the overall marketing strategy.

P Core Element Tools/Strategies
Product Design, features, branding. Boston Matrix
Price Value setting. Penetration/Skimming
Promotion Communication, awareness. Advertising, Social Media
Place Distribution channels. Multichannel options
People Staff interfacing with customers. Service delivery
Process Procedures and flow. Service efficiency
Physical Env. Tangible aspects. Store layout, Website design

Price Strategy Quick View

📈
Price PenetrationLow price to gain market share.
💰
Price SkimmingHigh price initially to maximize early revenues.

Integrated Marketing Tip

💡

Integrated Marketing: Changes to any element affect the whole mix. Coordination is influenced by product life cycle, competition, target market, and objectives.

Digital Marketing Benefits

✓

Data-Driven Insights

Quicker feedback and data-driven decision making.
✓

Personalization & Reach

Enables personalized targeting and a wider market reach.
✓

Channels

Includes social media campaigns, SEO, email marketing, and online sales platforms.
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Setting Marketing Objectives Deck
Term
Purpose of Marketing Objectives

What is the purpose of setting marketing objectives?

Answer
Explanation

To provide focus and metrics to gauge success.

Term
Common Marketing Objectives

Name three common marketing objectives.

Answer
Examples

Sales volume, market share, brand loyalty.

Term
SMART Acronym

What does SMART stand for in marketing objectives?

Answer
Definition

Specific, Measurable, Achievable, Relevant, Time-bound.

Term
Primary vs Secondary Research

What’s the difference between primary and secondary market research?

Answer
Explanation

Primary collects new data directly; secondary uses existing data.

Term
Qualitative Data

What type of data involves customer opinions and motivations?

Answer
Data Type

Qualitative data.

Term
Price Elasticity of Demand

Define price elasticity of demand (PED).

Answer
Definition

It measures responsiveness of quantity demanded to price changes.

Term
Market Segmentation

What is market segmentation?

Answer
Definition

Dividing a market into groups sharing similar characteristics.

Term
Targeting in Marketing

What does targeting involve in marketing?

Answer
Explanation

Selecting segments to focus marketing efforts on.

Term
7 Ps of Marketing Mix

What are the 7 Ps of the marketing mix?

Answer
List

Product, Price, Promotion, Place, People, Process, Physical environment.

Term
Benefits of Digital Marketing

How can digital marketing benefit businesses?

Answer
Benefits

Enables personalized targeting, quicker feedback, and wider reach.

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📊 Setting Marketing Objectives Quiz

1. Which of the following is NOT part of the SMART criteria for marketing objectives?

SMART stands for Specific, Measurable, Achievable, Relevant, and Time-bound; “Sustainable” is not included.

2. What type of research involves collecting data directly from customers?

Primary research gathers new data directly through surveys or interviews, unlike secondary research which uses existing data.

3. If a product has elastic demand, what is likely to happen if the price increases?

Elastic demand means quantity demanded is highly responsive to price changes.

4. Which of these is NOT one of the 7 Ps in the marketing mix?

The 7 Ps are Product, Price, Promotion, Place, People, Process, and Physical Environment; Partnership is not included.

5. What is market segmentation?

Segmentation involves identifying groups of customers with similar traits or needs.

📊 Results

  • Notes and Quiz
  • Business
  • AS & A Level
  • Marketing
  • AQA