what are marketing objectives, tactics and strategies?

Marketing objective: several statements of purpose or aims to make a profit within the firm.
Marketing Strategic: Plam detailing how the marketing objective will be fufilled
Marketing tactic: Strategy is implented through the use of marketing tactics- these include decisions that need to be made to ensure the strategy is sucessful

SMART targets how theyre importent and how they impact upon objectives

Specific

Specific objectives are clear and well-defined. This helps both the performer and the manager, as the performer knows what is expected of them and the manager is able to monitor and assess actual performance against the specific objectives.

Specific objectives may well include a scope description, which includes details of what is not included.

Measurable

Progress towards objectives often need to be to be monitored whilst work is under way. It is also very useful to know when that work has been done and the objectives are completed. A measurable objective achieves this end.

Achievable

When giving objectives, the person may not be able to achieve it for various reasons, including a lack of skill, not having enough resources (computers, tools, etc.), not having access to key people and not having management support. Achievable objectives ensure that everything is in place and that if the person does not reach the goals they cannot reasonably point the finger elsewhere.

Relevant

Objectives should also add useful value within the context where they are being set, being aligned with strategies and higher goals.

Timely

Descriptions of objectives should also include timescales of what is required by when. This may also include details of delivery, stating (if relevant) where objectives are to be completed.

Giving a time scale adds appropriate sense of urgency and ensures that the objectives do not dribble out over an unreasonably long timescale.



They can impact the objective by setting a specific goal for a specific time, so they would have to change the time and evaluate weather theyre achievable or not, which impacts the overall objective.

what factors have made markets more competitive

- reccesion

a sample and a confidence level

sample= chosen selection of population used for an investigation
confidence level= Statistics a measure of the reliability of a result

Qualative and quantative data

Quantative: stats insight

Qualative: gives an insight to the opinions of people and what people are concerned with, with the wuality of the options

why do business' conduct market research

- aware of demands of target research
- able to research competitor to gain a sturdy place in the market

Primary and secondary research advantadges and disadvantages

primary= new resarch first hand, could be collected from firm or collected by specialisy companys.
advantadges
first hand
more specific
reactions
cheap
reliable

disadvantage
if another company helps they will be aware of the information and have acess


secondary= information thats already been collected within firm or outside firm.

advantages
reliable
cheap
accurate

dis

not up to date
everyone uses the same information
not unique no research