Learn what are marketing objectives and read examples of those that businesses use to promote their products and services to potential customers. Read below the definition, factors to consider and examples
Marketing objectives are basically a list of goals set by a business which are to be accomplished when undertaking product/service promotion to its potential customers. They are very crucial since they define how a business will benefit as a result of marketing. They also set the specific standards that are to be used when measuring the progress of the business. Marketing objectives usually increase the morale among the business employees which in turn leads to a strengthened teamwork towards common goals. They should always help the business achieve its main mission and goals.
Factors to consider when setting objectives
There are various factors that a business/company owner should take into consideration prior to setting out their marketing objectives. This is necessary in order to attain complete effectiveness from these objectives.
First, the goals set should address specific areas rather than generalizing. Such areas include management, business development, employee and operational issues. The goals should also be achievable. This implies that that the set objectives should be attainable as per the level of skills available within the business.
They should also be realistic, depending on the availability of resources. It is important for a business to allocate a specific period of time within which results of certain objectives should be achieved. The set measuring standards should render the goal progress quantifiable for proper evaluation.
Marketing Objectives Examples
Case in point, a new business X is manufacturing a new brand of laptops. The business X hence sets out its marketing objectives as below:
Create brand awareness to the potential customer base by participating in upcoming exhibitions during December and giving out 250 laptops to the best performing students in a school
Have a large number of people in attendance at the official launch of the new laptop brand by inviting at least 5,000 persons by mail by January and include reputable guests
The first objective takes all important factors into consideration. For instance, the goal is specifically addressing the creation of brand awareness. The goal is also quantifiable since business X has clearly quoted 250 as the number of laptops to be given out. The business has also allocated the month of December as the period within which it will carry out exhibitions, hence time-bound. On the part of business X, the first objective is both achievable and realistic.
The second goal that business X wants to achieve is to have a large number of persons in attendance of their official launch. This goal is measurable since the business aims at mailing out at least 5,000 invitations. It is also specific since it is addressing the issue of public attendance in the launch of the new laptop brand. The business X specifies the time by which they are supposed to have mailed out the invitations. Considering the strategies they have put in place to attract a large number of people, the objective is achievable and realistic.
Generally, marketing objectives are part and parcel of any marketing plans of a business. Marketing, along with other factors, enable a business to achieve its goals, and hence success. It is the key aspect needed for your business to generate more lead sales, lead your potential customers to action and maintain a wide customer base.
Download a free sample marketing plan that contains another example.
You can learn more from the book, Marketing: Vision, Mission and Objectives (Win Win Marketing) marketing objectives now on sale at amazon.com.