Business – 3.1 The nature of marketing – Role of marketing | e-Consult
3.1 The nature of marketing – Role of marketing (1 questions)
Login to see all questions.
Click on a question to view the answer
Definition: Marketing objectives are specific, measurable targets that a business sets for its marketing activities, designed to support the overall strategic goals of the organisation.
Difference:
- Financial objectives focus on monetary outcomes such as revenue, profit, or return on investment.
- Non‑financial objectives concentrate on qualitative or behavioural outcomes such as brand awareness, customer satisfaction, or market share.
Examples:
- Financial:
- Increase sales revenue by £2 million in the next fiscal year.
- Achieve a gross profit margin of 35% on new product lines.
- Non‑financial:
- Raise brand awareness among 18‑25‑year‑olds from 30% to 50% within 12 months.
- Improve customer satisfaction score from 78% to 90% by the end of the year.