Marketing Planning and Practice
aman_2910Marketing Planning and Practice UMKDQD-15-2 Week 4 Webinar
Presented by
Michelle Jackson/Mike Healey
w/c 1 March 2021
Plan for Today’s Webinar
The role of objectives for organisations
How to write objectives
Opportunity for any questions arising from the webinar or general questions around the module
Objectives
Objectives are influenced by many internal and external influences
Developing clear objectives is critical to ensuring the effectiveness of the organisation
Setting objectives is an essential step in marketing planning
Effectiveness and competitive advantage
Objectives will vary from organisation to organisation
Will vary between products too – you may have chosen to select a product group from your chosen organisation
Different Types of Objectives
Objectives related to commercial markets could include:
Market share growth
Market share maintenance
Share of product market
Share of market segment
Establishing a position in a new market
Different Types of Objectives
In the not-for-profit charitable sector objectives will reflect the desire to enhance the quality of lives:
Raising funds
Raising awareness
Control of costs related to funds raised
Number of clients supported
Targeting key influencers
Not-for-Profit
Developing an Aim into an Objective
Aims/goals need to be developed into quantifiable and measurable objectives
These should be SMART
They should be written as a single sentence
Marketing Objectives
Need to be developed to support the corporate objectives
Mainly concerned with products and markets
Likely that typical marketing objectives will concentrate on:
Increasing sales of existing products into existing markets
Launching new products into existing markets
Launching existing products into new markets
Launching new products into new markets
Operational (Marketing Communication) Objectives
We often see objectives presented in marketing plans that are operational or tactical objectives
They will be objectives are often related to the product mix, pricing, promotion or distribution aspects of the marketing mix
These would normally be developed with higher marketing objectives in mind
We want you to write marketing not operational objectives
Operational (Marketing Communication) Objectives
Please do not write objectives that include operational detail
Examples might be:
Mentions of media
‘Increase traffic to the website by 20%’
‘Increase brand awareness through social media followers by 10%’
Mentions of place/promotional/product detail
‘Expand into Boots stores by 2022’
‘Launch a new product by September’
Marketing Objectives
Do not write objectives that try to include too much
An example might be:
Sell x million units by May 2022 and retain customer acquisition with high consumer satisfaction
Writing the Objectives in your Plan
It is up to you to decide on the focus for your objectives
It must follow from the insight analysis and the challenge/opportunity
Your plan should link from insight -> objectives -> strategy -> tactics (marketing mix)
Activity: Writing Objectives
Can you identify how these are specific and time-related?
Examples:
To increase sales by 15% by 2022
To increase market share of Product X by 10% by 2022
Answers in the chat box
Writing the Objectives in your Plan
The final section of your plan will involve how you will control and measure your plan, so think about whether your objectives are measurable?
How could you improve these further?
To increase sales by 15% by 2022
To increase market share of Product X by 10% by 2022
Answers in the chat box
Writing Objectives in your Plan
Incorporating metrics gives better detail – identifies a baseline point
To increase sales by 15% (from 100k to 115k) by June 2022
To increase market share of Product X by 10% (from 20 to 22%) by July 2022
Next Week
We will consider the next section of the marketing plan - strategy
In the meantime, aim to complete your insight section
It will take you time to complete
Include wider industry/sector information in the analysis
Work on your objectives
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Any Questions?
You can stay with the webinar session if you have questions (audio is preferred but you can use the chat box too).
If not please feel free to leave the session. There will be opportunities to ask questions at the end of every webinar session.