Zamim/develping a marketing plan/objective setting
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Objective setting
In this section we will look at how marketing objectives are set.
| to be able to set objectives students should have basic knowledge of planning and should be able to carryout a situation analysis to determine the strengths, weaknesses, opportunities and threats |
| after reading this part, students should be able to set clear objectives |
| after reading this part students should try to get marketing plans of real organization to have an idea of how objectives are set in practice |
An objective is a quantified statement of what the organization intends to do. Objectives are very helpful to an organization in the following ways:
- can be used as a standard of measurement
- can also give direction
- can act as a motivator
- can be used for control purposes
Objectives are supposed to meet the 'SMART' criteria if they are to be effective. The acronym 'SMART' stands for:
- specific
- measurable
- achievable
- realistic
- time-bound
An example of a SMART objective would read as:'to increase market share of product A by 8% in the next 8 months'.Some of the more common Marketing objectives include:
- to increase market share
- to increase profits
- to achieve a specific return on investment
- to enhance the image of an organization
- to reduce costs
| the segment looked at objectives, their usefulness, criteria for their effectiveness and examples of objectives |
