Marketing Objectives

Why are objectives so important and how do we define and refine them?

Objectives can be defined as a mission, purpose, or standard that can be reasonably achieved within the expected timeframe and with the available resources. In general, an objective is broader in scope than a goal, and may comprise of several different goals. Objectives are the most basic planning tools underlying all planning and strategic activities. They serve as the basis for policy and performance appraisals, and act as glue that binds the entire organization together.

In a marketing plan, success is based on the marketing objectives that serve, support, and further the company’s plans. They are the guide to the instruments that fulfill the company’s objectives.

By developing the marketing plan and utilizing the output of your Situation Analysis and SWOT, you can start to establish specific marketing objectives that are SMART: • Specific - for example, you might set an objective of getting ten new customers. • Measurable - whatever your objective is, you need to be able to check whether you have reached it or not when you review your plan. • Achievable - you must have the resources you need to achieve the objective. The key resources are usually people and money. • Realistic - targets should stretch you, not de-motivate you because they are unreasonable. • Time-bound - you should set a deadline for achieving the objective. For example, you might aim to get ten new customers within the next 12 months.

Marketing plan objectives are important to not only the company’s marketing strategy, but also the company’s short-term and long-term strategies. Objectives must include scheduled activities, deadlines, and measured progress. They should be grounded in reality, but also challenging to inspire higher performance. Objectives should support the organization mission and in line with the available resources and follow the market opportunities and threats.

References: Wood, M. B. (2008). The Marketing Plan Handbook. Upper Saddle River: Pearson Prentice Hall. http://www.businessdictionary.com/definition/objective.html How do the marketing objectives tie to the organizations objectives? A marketing plan and it objectives are a critical component of any business strategy. The plan helps to define measurable marketing goals and objectives, to identify target audiences, to develop key messages, and to create a timeline and an implementation plan. Marketing objectives will directly reflect and augment the organization’s overall business plan and growth goals and should be broad sweeping statements of the businesses overall strategies and objectives. An organization must have objectives to guide its future success. Although objectives cannot guarantee the success of a business, their presence will certainly mean more efficient and financially less wasteful management of operations. Objectives form a specific expression of purpose, thus helping to remove any uncertainty about the company’s policy or about the intended purpose of any effort. To be effective, objectives must present startling challenges to managers, jolting them away from traditional in-a-rut thinking. If properly designed, objectives permit the measurement of progress. Without some form of progress measurement, it may not be possible to know whether adequate resources are being applied or whether these resources are being managed effectively. Finally, objectives facilitate relationships between units, especially in a diversified corporation, where the separate goals of different units may not be consistent with some higher corporate purpose. Despite its overriding importance, defining objectives is far from easy: there is no mechanical or expert instant-answer method. Rather, defining goals as the future becomes the present is a long, time-consuming, and continuous process.