Understanding Key Marketing Concepts: From SMART Objectives to the Marketing Mix

SMART Objectives

SMART objectives: Specific, Measurable, Achievable, Relevant, Time-bound

Aims vs. Objectives

Difference between aims and objectives: Aims are general statements concerning the overall goals, ends, or intentions of teaching. Objectives are the individual stages that learners must achieve to reach these goals.

AIDA

AIDA: Attention, Interest, Desire, Action. The objective is close to the sale.

Marketing Mix

Marketing mix: 4 aspects to be considered in the market: product, price, distribution, and promotion.

KPIs

KPIs: Numbers related to the objectives set within our strategy or annual marketing plan.

The Boston Matrix

The Boston Matrix: Relationship with the commission and the growth of the market.

The Body Shop (Auditing)

How do the auditing methods of The Body Shop differ from traditional methods?

Traditional Audit (TA): A method to verify the progress of a company. How successful has it been compared to its stated objectives? The Body Shop finds a way to measure how people think. Goals and results are reasonably easy to quantify.

To what extent can The Body Shop's focus on ethical issues undermine its relationship with its shareholders?

Get feedback from interested parties and involve them in the dialogue.

Adidas (Marketing Mix)

Evaluate whether below-the-line promotion is better than above-the-line promotion.

Below-the-line promotion targeted at the youth audience was a key method for Adidas to achieve its marketing objectives. It used a wide range of promotional activities to create deeper engagement with its audience, mixing traditional media with an innovative use of social and digital channels. Above-the-line promotion refers to traditional methods of advertising, such as print adverts in magazines and newspapers, billboards, or online and TV advertisements.

Why is sponsorship so important for Adidas?

The sponsorship deal obtained by Adidas was the broadest set of sportswear rights in Olympic history, and Adidas set four key marketing objectives.

Infiniti's Marketing Mix

Explain Infiniti's marketing mix.

Infiniti's marketing mix considers several factors, including competition, the type of product, the target market, and findings from market research. Here's a breakdown:

• Products: Luxury cars with Japanese cutting-edge design as a key differentiator.
• Price: A premium price in line with the premium quality of the product.
• Place: Vehicles sold through state-of-the-art Infiniti Centers, which are expanding globally.