How would you write one marketing strategy objective for your product or service for your marketing plan in a few sentences or short paragraph that would be arranged through SMART goals?
Marketing strategy is the basic game plan for achieving the marketing objective in terms of the intended positioning, details of marketing etc. so that the target market takes it very well. On the other hand, marketing objective is specific and measured in terms of sales unit, sales in dollars or in there terms of market share. This can be expresses in terms of brand awareness from advertising, number of channel members etc. According to Burke, a good marketing objective and subsequent plan is core to the good functioning of the company and its sales, branding etc. So a good marketing objective should be arranged through SMART goals. This smart goal can be abbreviated and denotes the following:
Specific means the degree to which the goal is specific, understandable and communicable. Vague goals might backfire the company. Say, if the goal is to become the best company, it isn’t specific as there are many measures to become the best company. We need to understand the “who”, “what”, “where”, “when”, “which” and “why” questions for any objective we have chosen.
Measureable means the degree to which the goal can be quantified or can be measured. This is important to have an evidence that a goal is accomplished. Say, sales goal can be measured as 1000 units, setting which we can measure how near are we from the goal. This also help us understand the need of promotional strategies to achieve the goals.
Attainable on the other hand determines how achievable the goal is. It is based on the assessment of internal competence and might also need change in skills and attitudes sometimes. Keeping unrealistic goals which cannot be attained backfires the company. So, it is good to keep realistic goals.
Realistic on the other hand determines how practically the objectives set, keeping unrealistic assumptions at bay. Many a times businesses keep unrealistic estimates of the marketing plan which comes with a cost to the company. Say, if the company plans to sell 3 times its current sales without any investment in its capacity building might be one example.
Time bound, lastly, says that the company should have certain time frame on which the sales objective will be completed. Having no plans might serve as a procrastination tool for the company.
On Basis of this, the marketing plan that I have determined for my previous company, Eton was like this, To create awareness of the product, increasing the Facebook likes by 100%, and reaching to 44 new schools and having 5 dealers in Kathmandu in 6 months.