Zamim/develping a marketing plan/objective setting

Objective setting
In this section we will look at how marketing objectives are set.

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