Marketing objectives define what you want to accomplish through your marketing activities. There are several important factors to consider when establishing effective marketing objectives. SMART Approach = Setting specific, measurable, achievable, realistic and time specific objectives When setting objectives it is very important to ensure that your objectives are; specific, measurable, achievable, realistic and time specific, or SMART for short. The "SMART" approach allows you to effectively manage your marketing activities and importantly be able to determine how successful they have been and whether they have delivered the particular benefits sought. The "SMART" approach is explained to illustrate how you address each area; * Specific - are your objectives stated in a way that is precise about what you are hoping to achieve? * Measurable - Can you quantify each objective, i.e. can you use a unit of measure such as market share in percentage or dollars or other to provide a way to check your level of success? * Achievable - Are your objectives reasonable in terms of what you can actually achieve or are you setting your sights too high? * Realistic - Do you have sufficient employees and resources to achieve the objectives you have set, if you don't then they are likely to be unrealistic? * Time specific - When are you hoping to achieve these objectives, you need to define a timing plan with target timing for each specific objective? As an example, ABC stationary supplier sells its goods to newsagents across the country and they want to boost revenue for their product range. To detail this objective more clearly, we could define it using the "SMART" approach as follows: To gain 30% market share for stationary by 2011.
* Specific - need to understand the latest preferences of customers in the identified segments and appropriately target each stationary item such as pens, exercise books, rulers, and calculators to maximise sales volumes *...
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