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P4 use marketing research for marketing planning Mrs Howe Lesson Objectives P4 be able to use marketing research for marketing planning Interpret market research and identify the Marketing strategy and formulate SMART targets to enable the organisation to meet the strategic aims Which of these targets are SMART? • To sell more tins of cat food by February • To answer all customer service phone calls within three rings within six months • To increase profit margins by 30% • To raise awareness of Nokia Products in the 24-35 age group by 15% within the next 12 months • To become market leader Where required rewrite the target to make it SMART To sell more tins of cat food by February • • • • • Specific To sell more tins of cat food Measurable more Achievable ? Don’t know how Realistic ? many selling at moment Time scale by February To increase sales of cat food by 10% by February 2011 To answer all customer service phone calls within three rings within six months • • • • • Specific Measurable Achievable Realistic Time scale To increase profit margins by 30% • • • • • Specific Measurable Achievable Realistic Time scale To raise awareness of Nokia Products in the 2435 age group by 15% within the next 12 months • • • • • Specific Measurable Achievable Realistic Time scale To become market leader • • • • • Specific Measurable Achievable Realistic Time scale