Marketing Objectives
Marketing objectives are specific, measurable goals that a company aims to achieve through its marketing activities. These objectives are aligned with the overall business goals and typically focus on areas such as increasing sales, expanding market share, building brand awareness, or launching new products. They provide a clear direction for the marketing team and help in evaluating the success of marketing efforts.
8 Key excerpts on "Marketing Objectives"
eBook - ePubMarket Segmentation
How to Do It and How to Profit from It
- Malcolm McDonald(Author)
- 2012(Publication Date)
- Wiley(Publisher)
...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 process of marketing planning A brief review of product development as a growth strategy An introduction to marketing strategies and how to set them How to develop effective marketing strategies for identified segments A brief discussion about marketing in a downturn Guidelines on the profitability aspects of setting Marketing Objectives and strategies A review of the chapter Exercises further to help you analyse the gap between sales and financial objectives and long-term forecasts Marketing Objectives: what they are and how they relate to corporate objectives There are no works on marketing which do not include at least one paragraph on the need for setting objectives. Setting objectives is a mandatory step in the planning process. The literature on the subject, though, is not very explicit, which is surprising when it is considered how vital the setting of Marketing Objectives is. - - - - - - - - - - Definition: A marketing objective is the quantification of what an organization sells (its products) and to whom (its segments). - - - - - - - - - - An objective will ensure that a company knows what its strategies are expected to accomplish and when a particular strategy has accomplished its purpose...
eBook - ePubHow to Write a Marketing Plan
Define Your Strategy, Plan Effectively and Reach Your Marketing Goals
- John Westwood(Author)
- 2019(Publication Date)
- Kogan Page(Publisher)
...It relates to which products we want to sell into which markets. The means of achieving these objectives, using price, promotion and distribution are marketing strategies. At the next level down there will be personnel objectives and personnel strategies, advertising objectives and advertising strategies, etc. There will then be tactics, action plans and budgets – all to enable us to achieve our objectives. Marketing Objectives relate to any of the following: selling existing products into existing markets; selling existing products into new markets; selling new products into existing markets; selling new products into new markets. Marketing Objectives should always be SMART: Specific – they should be expressed in terms of values or market shares, and vague terms such as increase, improve or maximize should not be used. Measurable – you should be able to confirm whether you have achieved them or not. Achievable – do you have the resources, in terms of people and investment, to achieve them? Realistic – although targets should be stretching, if they are clearly unrealistic, they will just be demotivating. Time-bound – there should be a set timescale for achieving every objective. The following are examples of Marketing Objectives: to increase sales of the product in the UK by 10 per cent per annum in real terms, each year for the next three years; to increase sales of the product worldwide by 30 per cent in real terms within five years; to increase market share for the product in the United States from 10 per cent to 15 per cent over two years. You need to have short-term as well as long-term objectives...
eBook - ePubEfficient Marketing Concept for hotels and restaurants
Marketing stragies for the future-oriented host
- Frank Höchsmann(Author)
- 2021(Publication Date)
- Books on Demand(Publisher)
...5. Marketing Objectives Marketing can be operated successfully via corporate goals. You can only select proper Marketing action if it can also be checked whether these measures contribute to the achievement of objectives. Draft sub-goals for your Marketing tools and actions, which serve as guidelines for planning and as orientation for control. If goals are clearly defined, you can quickly determine whether they are feasible. This is why we recommend a smart formulation of the Marketing goals. 5.1 "SMART" formula Letters sense Declaration S Specific Specific: The description of the objective must be concrete, specific. M Measurable Measurable: The goal must be measurable, in units. E.g., how many Euros, guests, conferences / conference participants, rooms, menus, seats, occupancy rate, degree of well-being, etc. A Attainable Accessible: The goal must be achievable with the resources given / available to us. Resources can refer to finances staff, capacities (e.g. number of rooms or seats), technical equipment, know-how. R Realistic Realistic: Sales planning must be realistic, because only then can we achieve the goal or goals. Goals that are set too high are doomed to fail and lead to frustration and demotivation. T Timely Deadline: a good sales plan is linked to a timeline. Start and end dates must be precisely defined and known to the sales staff. Sales planning is best divided into individual steps with time specifications / dates. So-called scheduled "milestones" are particularly useful for planning. 5.2 Quantitative and qualitative Marketing Objectives Based on the results of the market analyses and the business objectives, quantitative and qualitative targets are set. The quantitative targets are mainly market-economic goals such as sales volume, turnover, price level and market share. The qualitative ones are the market psychological goals such as customer satisfaction, customer loyalty and brand image...
eBook - ePub- Richard M.S. Wilson(Author)
- 2010(Publication Date)
- Routledge(Publisher)
...10 Missions and Objectives DOI: 10.4324/9780080912127-10 8.1 Learning Objectives When you have read this chapter you should be able to understand: (a) the purpose of planning; (b) the nature of the corporate mission and how a mission statement can best be developed; (c) the significance of vision; (d) the factors influencing objectives and strategy; (e) the nature of corporate objectives; (f) the nature of Marketing Objectives. 8.2 Introduction To be effective, a strategic planning system must be goal-driven. The setting of goals or objectives is therefore a key step in the marketing planning process since, unless it is carried out effectively, everything that follows will lack focus and cohesion. In terms of its position within the overall planning process, which forms the basis of this book, objectives setting can be seen to follow on from the initial stage of analysis and, in particular, the marketing audit, which provided the focus of Chapter 3 (see Figure 8.1). Figure 8.1 The strategic planning process By setting objectives, the planner is attempting to provide the organization with a sense of direction. In addition, however, objectives provide a basis for motivation, as well as a benchmark against which performance and effectiveness can subsequently be measured. The setting of objectives is thus at the very heart of the planning process, and is the prelude to the development of strategies and detailed plans. Perhaps surprisingly therefore, in view of its fundamental importance, the literature on how to set Marketing Objectives is surprisingly thin, something that is reflected in a comment made more than 20 years ago by McDonald (1984, p. 82): The literature [on marketing planning] is not very explicit, which is surprising when it is considered how vital the setting of Marketing Objectives is. An objective will ensure that a company knows what its strategies are expected to accomplish and when a particular strategy has accomplished its purpose...
eBook - ePub- Jim Blythe(Author)
- 2012(Publication Date)
- Routledge(Publisher)
...CHAPTER 2 Planning within the Marketing Context Learning objectives After working through this module and reading around the subject, you should be able to Explain the importance of objectives, the processes for setting them and the influences upon them. Identify the various possible organisational objectives. Show how marketing planning is crucial in a market-oriented organisation. Describe the stages of the marketing planning process. Explain the concept of the marketing audit. STUDY TIP This section accounts for 25% of the marks for the module, so (like Unit 1) it should account for about 10 hours of study time in total for the average student. If you do less than this, you will need to be exceptionally bright, or you will lose marks! You need to read around the subject, read the course textbook and think about what you are reading – what you learn is not only about passing the exams, it also prepares you for a successful career in marketing. SETTING OBJECTIVES First, we need to distinguish between an aim and an objective. An aim is simply a statement of something we would like to do, for example, the firm might aim to be the best-respected in the industry, or we might aim for our promotional campaigns to be more memorable. These are not objectives. An objective is an aim which is measurable, that is, we have some means of knowing that we achieved the objective. Statements such as ‘we wish to sell as much as possible’ are aims, not objectives, because we have no real way of knowing how much ‘as much as possible’ actually is. Objectives are the building blocks of strategy. They are the basis for determining future direction, consistency, motivation and measurement of performance. EXAM TIP You will often be asked to make recommendations for future action for a firm...
eBook - ePubBusiness
The Ultimate Resource
- Bloomsbury Publishing(Author)
- 2011(Publication Date)
...An effective campaign has a single focus with a specific measurable result. By mixing objectives, you may achieve only part of the outcome you want. MAKING IT HAPPEN Set the Right Objective Having clear objectives for your campaign is the only way you’ll be able to tell whether you’ve succeeded! You may have multiple objectives, but it’s wise to identify a specific task for a specific campaign. This might be: • raising awareness of a company, product, or service within a clearly identified target market; • communicating the benefits of a product or service; • generating leads for the sales force or retail network; • encouraging prospects to buy directly through a direct response campaign; • persuading prospects to switch brands; • supporting a special marketing event such as a sale or an exhibition; • making sure that customers know where to obtain the product; • building confidence in an organization. Whatever your general objectives, you should be clear how much is dependent on the communications and how much dependent on other aspects of your marketing effort, such as the sales force (if you have one). Make the Objectives Measurable To insure you design a cost-effective campaign that delivers results, advertising objectives should be translated into precise, measurable targets, as in the following: Consumer Product • target market: 500,000 ABC1 prospects in the South of England • marketing objective: achieve high level of product understanding • advertising objective: persuade 15 percent of targeted prospects to request a free sample Business Product • target market: 5,000 specialist machinery designers in (specified) industrial processes • marketing objective: increase market share to 20 percent (that is, recruit 1,000 new clients) • advertising objective: persuade 40 percent of prospects to request product fact file Raise...
eBook - ePubArmstrong's Handbook of Performance Management
An Evidence-Based Guide to Performance Leadership
- Michael Armstrong(Author)
- 2022(Publication Date)
- Kogan Page(Publisher)
...11 Defining objectives Introduction Objectives indicate what has to be accomplished. Their definition is a fundamental activity in managing performance. They provide direction and a basis for monitoring performance, and they help to communicate the organization’s strategic goals to employees. This chapter starts with a definition of the meaning of the term ‘objectives’ and continues with a review of the conceptual background and a description of the processes of defining objectives and strategic alignment. The meaning of objectives The terms ‘objectives’ and ‘goals’ are often used interchangeably, both meaning an outcome to be achieved. But it is possible to distinguish between them. Goals are expressions of overall ambitions and intentions. They set out what, in general, an organization or an individual wants or needs to do in the longer term. Objectives are specific aims or targets, the achievement of which will support the attainment of these goals. Thus the strategic goals for a business could be to increase market share, to improve productivity and to minimize harmful impact on the environment. In each of those areas objectives could be set in the form of quantified targets or a definition of some other form of measurable achievement. Individuals have overall goals, for example, to improve performance, behave in accordance with accepted standards, develop skills or further their careers. They also have objectives in the form of the precise actions and measurable steps required to achieve overarching goals – those of the organization (the process of strategic alignment) as well as their own. There are two types of objectives: performance and personal. Performance objectives Performance objectives are generally expressed by simply defining each of the main activities the role involves in terms that indicate the expected outcomes or the purpose of the activity...
eBook - ePubThe Media Handbook
A Complete Guide to Advertising Media Selection, Planning, Research, and Buying
- Helen Katz(Author)
- 2022(Publication Date)
- Routledge(Publisher)
...Chapter 2 Media Objectives and Strategies DOI: 10.4324/9781003175704-2 Learning Outcomes In this chapter you will learn how to: Differentiate marketing, advertising, and media objectives Explore the stages of the consumer journey Understand how to create media objectives Setting objectives is something we are all familiar with in our day-to-day lives: “I will make the Dean’s List this semester,” “I’ll get 1,000 Instagram followers," or “My goal is to become the CEO of the company by the time I reach 35.” Whatever the objective may be, if you didn’t have one, it would be difficult to know what you’ve achieved! First, however, it is important to differentiate objectives from strategies. The strategy is the plan that is put in place to reach an overarching goal. Objectives are the steps proposed to deliver on the strategy. Beneath all of these are the tactics needed to achieve the objectives. In the context of a class, your goal of making the Dean’s List might have a strategy of focusing solely on your classes during the term. Then your objectives could be to aim for top grades in three of your four classes, while the tactics to achieve that could be extra study sessions in the university library each week. In the media planning context, you need to establish firm objectives for your plan to demonstrate how it will help your brand achieve its marketing goals. Although you may feel that to execute a media plan you must keep returning to your starting point, moving one step back for every two you go forward, it cannot be overemphasized that everything you do on the media planning side must be coordinated with the overall marketing strategy...
