The document discusses marketing objectives and how they are used by companies. It provides definitions of objectives, notes that objectives must be specific, measurable, agreed upon, realistic and time-bound. Marketing objectives guide a company's marketing plan and strategy and are set to achieve overall corporate goals. Examples are given such as increasing market share, sales or brand awareness. Objectives help motivate teams and provide a shared focus. Constraints like resources, competition and the economy must also be considered when setting objectives.
2. OBJECTIVES
0 Goals or targets that companies set themselves
to achieve and which provide a focus for
decision ,making and for devising strategy
0 Short term targets with defined measurable
achievement
0 Objectives must be definable and quantifiable
...there must be an achievable target.
0 Objectives should be defined in such a way that
actual performance can be compared with the
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objective.
3. MARKETING OBJECTIVES
0 Goals/targets that must be achieved by
the marketing or merchandising
department to achieve overall goals.
0 Marketing objectives are the aims set out
for the organisation’s marketing
programme.
0 Marketing objectives are about products,
sales, marketing and merchandising
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4. Why do we need Marketing
Objectives?
0To enable a business to
control a marketing and
merchandising plan.
0To help motivate individuals.
0To provide a common goal.
0 To provide an agreed,
consistent focus for all
functions of the business
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5. Marketing Objectives and
Strategy
0Objectives provide the starting point for
marketing/ merchandising plans and strategies
0Strategy concerns methods devised to achieve the
objectives.
0The success of the strategy should be evaluated in
terms of the extent to which objectives were
achieved
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6. SMART objectives
0 Specific – not vague
0 Measurable – quantities and verifiable
0 Agreed – with those concerned
0 Realistic – and achievable
0 Time related – to be achieved within a
specified time
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7. How do these objectives fit in with
overall objectives?
0 Hierarchy of objectives – marketing subordinate
0 Corporate objective – overall objectives
0 Marketing/merchandising - set out by the
Marketing and Merchandising Departments
0 Marketing mix objectives – product, place,
promotion, and price.
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8. example...
0 Corporate objective – to grow the company
0 Marketing objective - increase market share
0 Product objective – to launch a new range
0 Distribution objective – to appoint new agents
for this range
0 Promotional objectives – to increase brand
awareness by 25%
0 Pricing objective – to be cheaper than
competitors
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10. WHY?
0Maintain market share
0Increase market share
0Enter new markets
0Develop new products
0Enhance product image
0Establish product as market leader
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11. and also...
0Increase product range
0Enter new market segment
0Increase sales
0Increase sakes revenue
0Increase customer awareness
0Increase brand loyalty
0In all cases these objectives should be made
SMART
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12. SMART objectives
0 Specific – not vague
0 Measurable – quantities and
verifiable
0 Agreed – with those concerned
0 Realistic – and achievable
0 Time related – to be achieved
within a specified time
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13. Examples of SMART
0Increase market share in the target market
by 5% in the coming year
0Increase product sales to the TM by 20% in
the coming year
0Increase brand awareness by 40% in the
coming year
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14. Constraints on Setting Objectives
0 Realistic and achievable
0 Little purpose in setting unrealistic goals
0 Organisational freedom is therefore constrained
0 Constraints are internal (lack of resources)
and external (consumer demand)
0 Objectives should be achievable given the constraints that
apply
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15. Constraints...
0 Internal
Financial – limited funds
Resources - limited human resources and expertise
Market position – sales, market share
External
Competition
The economy - consumer demand
Tastes and fashions – changes in customer preferences
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16. A final thought...
0 “
If you don’t know where you are going any road will
take you there”
(Raymond Viault, former CEO of Jacobs Suchard)
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