welcome back to our short videos on business studies specifically on marketing we are going to look at marketing objectives and corporate objectives for today okay so what does this picture remind you of well in unit 1 we did have a chapter on we did look at a chapter called corporate objectives right or business objectives okay and this word target was frequently used okay so let's do a bit of a recap since we are going to talk about corporate objectives as well in this very short video okay so what are objectives so an objective is a target okay it is a target that you know a target that we aim to achieve an objective provides us with something to look forward to to reach and to keep us going so this is a very simple explanation of what an objective mean it is basically a target something that you aim to achieve a goal post in your life you know that's what you want to do that's what you want to achieve similarly objectives are important for businesses as well okay so in moving further let's look at these three questions to see whether any of this makes sense to us for now the first one is do you remember the purpose of a corporate objective right do you know what it means to say or to define a corporate objective what is the purpose of a corporate objective right from there you'll be able to also understand what is a marketing objective okay and why there should be a link between corporate objectives and marketing objective okay so what i'm trying to say is that corporate objective and marketing objective has to be linked it comes from a particular company defining what is the main goal of the company ie corporate objective and it's further broken down into several departments all right in a company who each where each department has their own objective to achieve that when they achieve it they're actually meeting the corporate objective of the company right therefore yes there has to be a link between the corporate objective and the marketing objective because they are serving at the end of the day the same goal but through different means by different departments okay let's move on so to give you a better understanding okay so let's look at the first explanation at the top right here we are talking about marketing objectives and what does it mean it is a targets or a set of targets or goals by the marketing department to help the business achieve its overall objectives so as mentioned to you earlier the marketing department has a role to play to ensure that by achieving its own department's objective it is achieving the overall objective of the company ieb corporate objective yeah so let's look at an example of a corporate objective of company a right so company a has a corporate objective it's a bit of a mouthful to be saying corporate objective right so um yeah let me try to do that properly corporate objective okay so the corporate objective of company a is to increase market share by 50 by the year 2025. so if you recall we have studied that um you know a an objective or a corporate objective for that matter needs to be smart right needs to be specific it needs to be measurable needs to be timely so there's some time frame going on here that's measurable in terms of percentage and it has to be specific in terms of increasing market share so these are the components of a smart objective and for today's example we are saying that corporate objective for company a is that they want to increase their market share and how do you increase your market share is of course by looking at having more sales right so that your you hold the bigger piece of the pie as compared to other players in the same industry right so this is the main aim of company a now if we break that down to the marketing department's objective in order to reach the corporate objective let's look at an example here all right in order to help the corporate objective to be achieved the marketing department has a different objective which is to increase branding awareness by 30 within 24 months or within two years all right so in order for them to achieve that or to help the company increase the market share the marketing department looks at the marketing objectives of course all right which is to increase branding awareness and how are they going to do that you will learn a little later on in this chapter as well but i'm just going to give you a preview they are doing that through the four p's okay and the four piece is firstly they're looking at the product how do you increase branding awareness how do you make people know about your products then you know you got to look at the product itself first right so they are probably looking at introducing two new products in their in their series of product lineups right so by creating new products you know and of course that that involves with you know other important elements as well this may help to increase branding awareness secondly they may be looking at as well price right of course increasing market share would mean having you know making more money for the company right so coming up with new products and setting more premium prices may simply do the trick right pricing them a little bit more premiumly high priced products right showing that luxury you know element to it this may help to increase the market share as well right through branding awareness of course thirdly they will also be looking at how to promote so you have a product you have a price but if you do not have a way to promote you're not going to reach the element of branding awareness nor will you be reaching the point of increasing market share right so this this is a premium product and using a premium pricing then using famous specialized magazines or advertisements or having more of a personalized selling you know approaching customers you're setting appointments doing demos you know enticing them you know these are all the ways of promoting the particular product and then we also look at how to make the product accessible right now you're promoting the product you have a good price it's a premium product where should you have these products placed right so in very famous retailers or you know uh or or more you know online but personalized method of selling right that would also work right so these are all examples of how a marketing objective of a company can be achieved all right and by the marketing objective is met then the corporate objective is somehow will would also be met as well okay and the marketing objectives can be met by looking at the four important elements of any marketing objective all right the product the price the promotion and the place okay so here we are at our summary slide where we uh must or should take note of these key questions to help us remember what we have just gone through you should be able to understand or define what is a marketing objective you should also know what is a corporate objective now a rewind or a recap to unit one on business objectives is necessary to help you understand corporate and marketing objectives yeah and as well as the linkage between marketing objective and corporate objective and we are at the end of our class for today all right for any questions or concerns my email address is at the bottom i will do my best to help you and at the same time i hope you are able to follow today's class all right if you have you know if you you feel that you need bit of help always rewind the you know play back the videos uh we i have completed unit one in unit two right for a yes so go through that again if to help you with your revision i wish you all the best until we meet again thank you so much for your time