Market Segmentation: How to Do It and How to Profit from It, Revised and updated 4th Edition

Chapter 13

Setting marketing objectives and strategies for identified segments

Summary

It will by now be clear that, following the analysis that takes place as part of the segmentation process, realistic and achievable objectives, along with their associated strategies, should be set for the company’s key segments. As it is the setting of objectives that forms a key step in the marketing planning process, it is at this point that segmentation becomes directly linked with marketing planning which, in turn, means that the objectives have to be developed within the framework of the overall corporate plan.

Once agreement has been reached on the broad marketing objectives and strategies, those responsible for the programmes of marketing activity can then proceed to the detailed planning stage, developing the overall strategy statements into sub-objectives.

Unless the setting of marketing objectives and strategies is carried out well, everything that follows will lack focus and cohesion. In previous chapters, you have gone to a lot of trouble to develop an in-depth understanding of the market and to select the right targets. The purpose of this chapter is to ensure that you score a bull’s-eye on your selected targets!

This chapter is organized as follows:

• A discussion about what marketing objectives are and how they relate to corporate objectives
• How to set marketing objectives
• What competitive strategies are and how they can be used to gain competitive advantage
• How to start the ...