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.

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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

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after reading this part, students should be able to set clear objectives

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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

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the segment looked at objectives, their usefulness, criteria for their effectiveness and examples of objectives