.1. Discuss the purpose of setting marketing objectives 2. Discuss each component of the acronym...

Question

.1. Discuss the purpose of setting marketing objectives 2. Discuss each component of the acronym SMART in relation to marketing objectives. 3. Discuss the Ansoff matrix and its application to developing marketing objectives. 4. Explain the difference between marketing strategy and marketing objectives. 5. Explain Porter’s model of competitive advantage and its relationship to marketing strategy and setting objectives. 6. Explain differences between the marketing strategies of market penetration, market development, product development and diversification. 7. Explain the balanced scorecard approach and its usefulness in assessing organisational performance 8. Define the term return on investment and outline how it is calculated. 9. Describe four statistical methods and/or forecasting techniques that can be used to evaluate marketing opportunities. 10. Briefly describe one method for forecasting market growth rate. 11. Explain the purpose of a SWOT analysis and a PEST analysis and the differences between each. 12. As a Senior Marketing Manager responsible for a team of staff, outline the anti-discrimination legislation you would need to adhere to. Provide one example of how you would implement legislation in daily practice. 13. Outline key legislation and regulations that apply to the marketing industry in Australia. Provide at least three examples. 14. Briefly describe the importance for marketers to abide by the provisions of the Australian Marketing Institute Code of Professional Conduct. 15. Describe one aspect of this Code that is important in relation to identifying marketing opportunities?

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Table of Contents
Q1
	The purpose of setting market objectives is to accomplish several goals such as increasing sales volume, building brand awareness, growth in market share, acquire new customers, strengthening customer relationships and improving shareholder & stakeholder relations.  These marketing objectives help in planning strategic actions to achieve these objectives.
Q2
	SMART method comprises of four elements, they are specific, measurable, attainable, relevance and time bound. Marketing plans should have specific goals with proper detail and information. Measuring a goal is important for evaluating the accomplishment of that goal. Companies should set goals that are realistic and achievable. There should be relevance among all the goals. Timely relates for setting adequate deadlines to achieve a set of goals.
Q3 
	The Ansoff matrix is also referred as market product expansion matrix and has four strategies i.e market development, product development, market penetration and diversification. Organization utilizes Ansoff matrix to analyze and formulate plans regarding growth of markets and products and helps in evaluating the risks involved in existing and new markets (Dawes, 2018).
Q4
	Marketing objectives helps an organization to set goals and the required timeframe for accomplishment of those goals. Marketing strategies are the plans and actions that are prepared to accomplish marketing objectives within the stipulated timeframe. For example a company wants to raise its sales volume by 13% and has adopted several sales strategies to achieve it.
Q5
	Porter’s model of competitive advantage focusses on two basic advantage i.e lower cost and differentiation.

1. Discuss the purpose of setting marketing objectives 2. Discuss each component of the acronym SMART in relation to marketing objectives. 3. Discuss the Ansoff matrix and its application to...

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