BUS 497 WEEK 4 Marketing Objectives and Strategies,
BUS 497 WEEK 4 MARKETING OBJECTIVES AND STRATEGIES
Behind the overall corporate objectives, lie the departmental goals and plans. The departmental goals are integrated to form the overall corporate goals. The marketing department formulates goals and motivates its staff in order to achieve those goals. The marketing team develops a plan aimed at improving a product or increasing sales. The marketers define the marketing objectives and marketing strategies of the company. Though the two concepts go hand in hand, marketing objectives and strategies differ in different ways
Marketing objectives defines what the company wants to achieve through its marketing activities. The objectives define a particular time frame. For instance the marketing objectives of a specific product may include: promotion to increase product awareness, change of product features. Factors to consider when establishing marketing objectives include the SMART Approach: Setting specific, measurable, achievable, realistic and time specific objectives (Sandhusen, 2000).
The SMART” approach helps a company manage its marketing activities effectively and be able to assess whether they have been successful in delivery of the product. Marketing strategies focuses surrounding conditions, competition and company’s products. Strategy provides the direction of marketing objectives towards specific goals that can be expressed clearly and simply. Marketing objectives must be aligned to the overall goal of the business. In addition they have to be synchronized with departmental goals (Timothy, 2011).
Marketing strategies provide a detailed plan on how to accomplish the marketing objective. Strategies list steps to be taken, what need to be done in order to achieve each stage, and the expected time on each step. Marketing strategies are made by management although the workers are the people who are in charge of implementing it. The marketing strategy considers threats and opportunities of the potential market as well as the company’s weaknesses and strengths (SWOT analysis). Marketing strategy should be based marketing research and not assumptions (Timothy, 2011).