Download Objectives - Dr.Inas A.Hamid

Marketing planning
Special Topic in Marketing
Chapter (1) – Lecture (2)
Dr. Inas A. Hamid
• Marketing opportunities are often found by
systematically analyzing situational environment.
• Once an opportunity is recognized, the marketing
executive must then plan an appropriate strategy for
taking advantage of the opportunity.
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2- Marketing Objectives
• Marketing objectives usually are derived from
organizational objectives.
• Objectives describe the Intended:
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Outcomes of carrying out the mission.
Organization's desired profit level.
Organization's market position.
Organization's reputation.
Organization's social responsibility.
Organization's level of quality.
Objectives should be written in order to their
importance to force the managers and employees to
think and remember them.
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Objectives should be SMART
• S: Specific. The objective should define what to be done
and by whom. “ Increase sales by 6 percent annually over
the next five years”.
• M: Measurable. Stating the objectives in terms of certain
percentage “profits or market share or sales volume” to
help the planners to assess whether the organization is
meeting them. For example; “increase consumer
awareness” are vague, whereas “increase awareness of the
55-65 year age group from 40% to 80% is more precise and
capable of measurement.
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• A: Achievable. Objectives should be seen as achievable to
stimulate employees to do their best . For example; If sales
are targeted to increase by 25% over a designated time
period then manufacturing capacity will have to be secured
to meet this target.
• R: Realistic. Objectives need to be set with a degree of
realism rather than on the basis of imagination. T: Time.
Define a time frame for accomplishing the objectives.
• The differences between poorly stated objectives and
well-stated objectives . Chapter 1, P.19
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Types of objectives:
Corporate
objectives
Marketing objectives
Marketing communications
objectives
• Each consists of one of two main componentsthey are either sales or communication based.
Sales objectives
• Performance of sales objectives can be determined in
terms of sales volume –sales value- profit – market
share…
• Are sales generated by marketing communications
activities alone?
• What impact do marketing channel and product
availability play in sales performance?
• Marketing communication is important but it is not the
only contributor to marketing success.
Communication goals
• Awareness is an important state to be achieved .
• To achieve awareness people need to perceive the
product, to understand what it might do for them
(benefits), and they need to be convinced that such a
purchase would be in their best interest and to do this
there is a need to develop suitable attitudes and
intentions.
• Promotional objectives must include:
• Identification of the target audience.
• A clear message.
• Expected outcomes in terms of trial purchase,
awareness, and so on.
• Mechanisms for monitoring and control.
3- Select the target market
• The success of any marketing plan depends on how well it can
identify customers needs and organize its resources to satisfy
them profitably. Four important questions must be answered:
1.
2.
3.
4.
What do customers need?
What must be done to satisfy these needs?
What is the size of the market?
What is its growth profile?
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• The target market process (TMP) consists of segmenting
the market, targeting particular segments and then
positioning the offer in the selected segment in order to
achieve the marketing goals.
• Targeting particular segments depends on:
1. Profitability.
2. Present and future sales volume.
3. The match between what it takes to appeal
successfully to the target and the organization's
capability.
TMP
Segmenting the
market
Targeting
segments
Positioning
The offer
4- Developing marketing mix
• It is the set of controllable variables that must be managed to
satisfy the target market and achieve organizational
objectives.
• These controllable variables are usually classified according to
four major decision areas: product , place , price , promotion.
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Product
Benefits
Features
Options
Quality
Design
Branding
Packaging
Services Warranties
Place
Channels
Logistics
Inventory
Transport
Assortments
Locations
Price
List price
Discounts
Credit terms
Payment periods
Incentives
Promotion (Marketing
Communication)
Advertising
PR
Sponsorship
Direct marketing
Point-of-purchase
Exhibitions and trade fairs
Personal selling
Interactive marketing
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• All 4P,s have a part in the communication process but only
marketing communication or promotion has the power to inform
, remind, persuade and induce action in consumers.
• The marketing communications must therefore be interactive and
on a two-way communication form.
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5- Implementing and Control of Marketing Plan
• Implementing the marketing plan involves putting the plan into
action and performing marketing tasks according to the
predefined schedule.
• Marketing executive must closely monitor and coordinate
implementation of the plan.
• In some cases, adjustments may have to be made in the basic
plan because of changes in any of the situational environment.
For example; competitors may introduce a new product. In this
case , it may be desirable to speed up or delay implementation of
the plan.
• Controlling the plan involves three basic steps:
• Measuring the results of the implemented marketing plan.
• Comparing these results with the objectives.
• Taking decisions on whether the plan is achieving objectives.
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Assignment
• Read the case study “ Market opportunity analysis “ , p.p.
243- 249, then answer the questions , p.249.
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