Marketing Planning and Practice

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Week4WebinarWritingobjectives.pptx

Marketing 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

16

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.