Overview
The lecture covers the definitions and connections between corporate objectives and marketing objectives, demonstrating how each contributes to overall business success.
Corporate Objectives
- A corporate objective is a target or goal a business aims to achieve.
- Corporate objectives provide direction and motivation for the organization.
- They are usually broad and reflect the main priorities of the entire company.
- Corporate objectives must follow the SMART criteria: Specific, Measurable, Achievable, Relevant, and Time-bound.
- Example: Increase market share by 50% by the year 2025.
Marketing Objectives
- A marketing objective is a target set by the marketing department to support the overall corporate objective.
- Marketing objectives should be linked to, and support the achievement of, the corporate objective.
- Example: Increase brand awareness by 30% within 24 months to help grow market share.
Linking Corporate and Marketing Objectives
- Each department’s objectives, including marketing, contribute to achieving the overarching corporate objective.
- Achieving marketing objectives assists the company in reaching its larger goals.
The Four Ps in Achieving Marketing Objectives
- Product: Introducing new products can increase brand awareness.
- Price: Setting premium prices can position a product as luxury and raise market share.
- Promotion: Advertising in targeted media and using personalized selling techniques can boost brand recognition.
- Place: Distributing products through select retailers or personalized online strategies increases accessibility.
Key Terms & Definitions
- Corporate Objective — A company-wide goal guiding the organization’s overall direction.
- Marketing Objective — A specific goal set by the marketing department to support the corporate objective.
- SMART Objective — An objective that is Specific, Measurable, Achievable, Relevant, and Time-bound.
- Four Ps — Product, Price, Promotion, and Place; main elements of marketing strategy.
Action Items / Next Steps
- Review Unit 1 (Business Objectives) for foundational concepts.
- Ensure you can define and distinguish between marketing and corporate objectives.
- Re-watch the lecture video for clarification if needed.