Module 1: Planning a Marketing Campaign

Marketing aims and objectives

The aims and objectives of marketing are to try to ensure that customers buy the product offered by the business rather than a product offered by another business. To do this they can follow a number of strategies. Click on the examples below to learn more.

Understanding customer wants and needs

To sell their goods and services effectively, businesses need to understand the wants and needs of their customers. Customer needs are basic but their wants can be provided in a number of diverse ways. For example, every person needs food but what they eat is a choice that depends on other needs. For example, if you are in school all day, your choice of what or where to eat will be affected by that.

What needs/wants do fast food places satisfy?

Developing new products

Building a better understanding of customer needs and wants can lead to the development of new products that satisfy their wants in a better or unique way. In this way businesses hope to keep customers interested and attract new customers.

Improving profitability

Successful marketing can lead to the creation of a well-known brand that people will be willing to pay more for, which can improve profitability. Direct marketing and sales can also lead to more of the profits being retained.

Increasing market share

Market share is how much of the market one business owns, namely the percentage of the customers in the market that buy from that business. By increasing market share, you attract more customers away from the competition.

Diversification

Research can lead a business to diversify. This can be about targeting a different market with the same product or developing a new product.

Increasing brand awareness and loyalty

Marketing also involves increasing awareness of a brand or product. This can be achieved through advertising or through other promotions. In this way brands also strive to increase loyalty to make sure people continue to buy their goods.