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Marketing Objectives

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Marketing Plan Objectives

Marketing objectives must be established in keeping with the financial institutionís mission and its corporate objectives, as stated in its strategic plan. The mission is the foundation of the strategic plan, and is often established based on market needs, business strengths and weaknesses, competition, resources, market, environment and shareholder expectations.

 

The objectives tie into the different fields of marketing activity and must be linked to the economic and financial objectives, and will generally be stated in terms of services, programs and markets. To be operational, objectives must satisfy many criteria. First, they must be clear and measurable and have stated deadlines. They must also be consistent with the institutionís objectives and with the objectives established by other functions. They must be challenging and yet within reason, that is, they must be achievable while providing individuals with a sense of accomplishment. Objectives can be quantitative, allowing for easy measurement of success, or qualitative where progress will be more vaguely defined.

 

In addition to their decision-making contribution, marketing objectives play three major roles, including, the integrating of marketing activities with institutional objectives, the formation of the basis for performance evaluation, and the assistance in the co-ordination of the marketing effort. Marketing objectives are focused on the market in order to convert the bankís financial goals and growth into market terms. For a given product or service the objective will specify: (1) the expected sales volume, (2) the expected market share, which directly relates the bankís performance to that of its competitors, and  (3)the positioning goals of the institution. See below the examples of marketing objectives:

 

Marketing Plan Objectives Example

  • Raise $65 million in deposits over the next three years.

  • Increase market share of deposits from 35% to 45%.

  • Maintain a loans-to-deposit of 80% (see appendix F).

  • Increase profit by 15%, 22% and 35% respectively over the next three years, and ultimately increase ROA from the current 0.56% to 0.95% at the end of year 2004 (see Appendix G).

 

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