Marketing Objectives

• What do marketing objectives set out to achieve?

  What a business wants from marketing
• Why must marketing objectives be consistent with overall business aims?

  To ensure alignment with the business's goals
• What is the definition of marketing?

  Identifying, anticipating, and satisfying customer needs
• How do marketing objectives relate to the purpose of marketing?

  They need to support the purpose of marketing
• What does the acronym SMART stand for in marketing objectives?

  Specific, Measurable, Achievable, Realistic, Timed
• What does 'Specific' mean in the SMART criteria?

  Details exactly what needs to be done
• What does 'Measurable' imply in the SMART criteria?

  Achievement or progress can be measured
• What does 'Achievable' signify in the SMART criteria?

  Objective is accepted by responsible individuals
• What does 'Realistic' mean in the SMART criteria?

  Objective is possible to attain
• What does 'Timed' refer to in the SMART criteria?

  Time period for achievement is clearly stated
• What is ‘Timed’ in the SMART criteria

  time period for achievement is clearly stated
• Examples of marketing objectives to support corporate objectives

  -Maintain or increase market share

  -Develop innovative new products

  -Increase quality of service to existing customers

  -Enter a new market

  -Build competitive advantage
• Benefits of setting marketing objectives

  -Ensure functional activities are consistent with corporate objectives

  -Provide a focus for marketing decision-making and effort

  -Provides incentives for marketing team

  -Measure of success/failure

  -Establishes priorities for marketing resources and effort