Marketing objectives and strategies

Objectives

And Strategies

Special Terms

Objective

Aim or goal; what one wishes to accomplish.

Strategy

Plan; the means of reaching a goal.

Copy

The words written for a print advertisement or broadcast commer­cial.

Unit sales

Product sales, expressed in whole numbers.

Fiscal year

The financial year of a company. It is usually different from the calendar year. Example: September 1 to August 31.

Target market

The consumers toward whom advertising is directed; the segment of the population most likely to use the product.

DAGMAR

Defining Advertising Goals for Measured Advertising Results. Russell Colley's theoretical framework for setting advertising objectives.

Target audience

The people toward whom the advertising message is directed; those expected to see or hear it.

Survey

Means of questioning consumers about their attitudes and opin­ions, usually in person.

Questionnaire

A survey in writing.

Hierarchy of effects

Steps in a consumer's mental process before purchase based on the effects of advertising.

AIDA

A hierarchy of effects of good advertising: Attention, Interest, De­sire, Action.

USP

Unique Selling Proposition. A product feature (benefit) around which an advertising campaign is constructed.

Execution

The form that advertising takes.

Value-added theory

Martin Mayer's theory that advertising itself adds value to a product.

Slogan

A unique phrase identified with a company or brand.

Vocabulary Practice

1. What is another word for objective?

2. Define strategy. What is the relationship between an objective and a strategy?

3. What is copy?

4. How are unit sales expressed?

5. What is a fiscal year?

6. How does target market get its name?

7. What does DAGMAR stand for? Who originated the theory? What is its purpose?

8. How does a target audience differ from a target market?

9. What is a consumer survey?

10. What is the difference between a survey and a questionnaire?

11. Explain hierarchy of effects.

12. AIDA is an acronym. For what?

13. What does USP mean?

14. What is execution?

15. Who originated the value-added theory? Explain the theory.

16. What is a slogan?

Objectives and Strategies

The foundation of an effective advertising campaign is a sound adver­tising plan. The plan includes three groups of objectives and strategies: those for marketing, advertising, and copy. Each group is narrower and more specific in scope than the one before. Each helps to determine the next. The three are interrelated and interdependent.

Marketing objectives and strategies

Marketing objectives can be either short-term (one year) or long-term (three to five years). They should be expressed quantitatively, so as to be measurable; for example, " To increase (увеличить) unit sales from this year's 9, 500, 000 to 10, 000, 000 in the next fiscal year, " or " To increase our brand share by 10% during the next five years." Marketing strategies follow, spelling out a plan to reach the stated goals. Possible strategies include increasing the sales force, changing the product, and increasing advertising. Marketing strategies might mention advertising, but they do not tell, for instance, how advertising will be increased. That comes later, under advertising strategies.