Step+3+-+Set+Marketing+Objectives+&+Value+Exchange

__**Marketing Objectives**__
The reason why setting up marketing objectives are an essential step in the process of a designing marketing strategy is that not only it provides a detailed explanations of how the team will be able to achieve their desired goal but also to provide motivations to reach their destination. The general principles applied when setting up marketing objectives are S.M.A.R.T which each stands for specific, measurable, achievable, realistic and time-based respectively.

The marketing objectives of the Hunt's Ketchup company is to achieve the goal of expanding their market share upto 20% as their current standings only stand upto 16% of the tomato ketchup's industry ( [|Gidman] ). We aim to target existing customers rather than broadening our market segments to non-ketchup users because it is possible for Hunt's Ketchup products to compete well against the Heinz Ketchup products in regards to its tastes, values, and healthiness. However, the problem is that many of the consumers consider Heinz as a dominant, superior ketchup that has no leading competitors. It is because consumers are aware of the brand name 'Heinz' as a famous ketchup which results in them buying that product. Therefore, in order to put up a strong competition against Heinz, it is essential achieve better brand awareness for consumers to appeal and get Hunts recognized as a delicious, relatively cheap and healthy ketchup product. A specific goal of this marketing campaign is to increase the market share of 'Hunts' ketchup upto 20% which will increase the revenue by $17.8 million from $71.2 million to $89 millions in the following quarter of the year but in a long term, the ultimate goal of the company is to increase its brand awareness, aiming to a point where consumers think of 'Hunts' when it comes to ketchups.

To assist the process of achiving the marketing objectives, it would be useful for the company to perform a marketing research on customers of their brand name recognition of 'Hunts' on a regular basis. For example, doing a marketing research on customers and another one a few weeks after having a blind taste contest testing in a particular city, to determine how much progression in terms of viralization and advertising has been made from that campaign.

The markting objectives are very realistic set that it can be achivable. The Hunts Ketchup is already the second dominant ketchup product in its market share. With a properly designed marketing strategy through promotion of its superior features in its tastes, competitive prices and healthy ingredients to the public, the goal of penetrating the revenue of $71.2 million dollars and expanding the market share to 20% is more than just an imagination. In fact, this is just the beginning of the process. Ultimately, 'Hunts' will be the dominant product in the ketchup industry within a decade, slowly changing the market preference to 'Hunts' as to 'Heinz'

__**Value- Exchange**__
 The value that brings Hunts ketchup into existing market is their high rated taste in their products. Not lonely their ketchup are delicious but now they are bringing in tomato paste, spaghetti sauce, barbeque sauce, etc. Their high rated tasting has a great value, which can compete with other markets. However, their lack in advertising, marketing resulted in other competitors getting known. Since they are not known recently, it is hard to set a fixed cost. If cheaper than other ketchup, consumers would think it has a low taste in quality and on the other hand with the price being higher than others, consumers would prefer a known branded one that is cheaper, not taking risks of a higher price that's not known. Recently Hunt’s ketchup has changed their ingredients in tasting for better quality as well as better dieting.

They have replaced an artificial flavor, high fructose corn syrup for sugar vinegar and salt. It is a lot healthier and has better tasting than before. Our Main objective is to increase in their value for marketing and promote that Hunts ketchup is a lot better tasting than any other ketchup companies. To be recognized and value the taste of ketchup, instead of consumers going straight into grabbing the well known ketchup or branded ones. You will know if you are successful in adding value into the market, if consumer realize that there are more benefits in the ketchup than others and it is worth the benefit or even if they are willing to pay more. Also if consumers agree that the Hunts ketchup has better tasting. .