ABSTRACT
Business objectives are generally function and operation and need to be defined for the survival of the organization. For example ‘To increase highly skilled elements of workforce by 10% by December 2005’
Marketing objectives
Marketing objectives are about products and marketing only! For example ‘To increase sales of existing products into new markets by December 2005’
A gap analysis is used to assist the organization with its strategy development process and in simple terms is designed to illustrate ‘where we are now’ and ‘where do we want to be in the future’
n Long-term time frame, i.e. 5 years
n Broad focus
n Defining marketing and competitive positioning is a key task
n Information and problems are unstructured, external speculative
n Market growth is an example of a strategic marketing activity
n Short-term time frame
n Narrow focus
n Daily marketing activity is the key task
n Information and problems are structured, internal and repetitive
n Advertising is an example of a tactical marketing activity
n Identify the possible segments within the market – this will consist of individuals or organizations with similar needs or preferences
n Gather information on those market segments identified – to do this the segments need to be accessible
n Evaluate the attractiveness of different segments — they need to be large enough to be viable
n Ascertain the competitive position within each of the target segments
n Develop variations on product/service specifications to meet the needs of individual segments
the appropriate mix to meet the target market demands
REMEMBER!- 1. Customers must need and want the products/
services 2. Customers must assert their buying power,
i.e. money, resources, etc. 3. Customers must be willing to use their money
and resources to buy products 4. They must have authority to buy different
products or services!
