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Week 5 - Planning Direction, Objectives and Marketing Support

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Week 5 - Planning Direction, Objectives and Marketing Support

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sff.memari
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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You are on page 1/ 14

What’s up for today’s class?

 Planning Direction
 Marketing and 4P Objectives
 Workshops 1 and 2 (not to be submitted today)
 Finalize Deliverable 1 as a team
 Finalize your individual Peer Evaluation

Notes:
 Deliverable 1 is due on Friday at 11:59 p.m.
 Keep up on your hybrids – see “Upcoming
Events” for due dates and times.
Week 5 MKT 2260 1
Week 5
Chapter 5

Planning Direction, Objectives


and Marketing Support
Determining Marketing Plan
Direction
 Goals and Objectives
 Goals: Long-term performance targets.
 Objectives: Short-term performance targets.

 The direction chosen must be consistent with


the organization’s priorities and strengths.

Week 5 MKT 2260 3


Options for Marketing Plan Direction

Source: Marian Burk Wood, Essential Guide to Marketing Planning, 2nd ed. (Harlow, Essex, England: Pearson Education, 2010), Fig. 5.1, p. 95.

Week 5 MKT 2260 4


What’s your client’s direction?

 Growth? If yes,
 Market penetration?
 Market development?
 Product development?
 Diversification?
 Maintenance?
 Retrenchment?
 Explain your thinking.

Week 5 MKT 2260 5


Setting Marketing Plan Objectives

 Keys to Effective Objectives


 Specific, time-defined, and
measurable.
 Realistic, but challenging.
 Consistent with the mission and overall
goals.
 Consistent with internal environmental
analysis.
 Appropriate in light of opportunities
and threats.
Week 5 MKT 2260 6
Objectives…

Week 5 MKT 2260 7


Question #1

Is this a valid objective:

“Stanley” will gain many new customers by the


end of the year.

Yes?
No?

Week 5 MKT 2260 8


Question #2

Is this a valid objective:

“Stanley” will have 10,000 IG followers by


December 1st, 2024.

Yes?
No?

Week 5 MKT 2260 9


Shaping the Marketing Mix

 Consider the firm’s key priorities.


 All tactics and programs developed:
 Must be consistent with and in support of the
mission, direction, goals, and objectives

Week 5 MKT 2260 10


Marketing Plan Objectives
 Market - Oriented Objectives
 Financial – sales, market share, etc. to fulfill your market opportunity
 Marketing Mix objectives to support
 Product objective
▪ What you wish to achieve from a product management / product development perspective that will
accomplish your marketing objective(s) (core, actual and augmented) and fulfill your market
opportunity
▪ Include customer service here.
 Pricing objective
▪ What you expect from pricing to achieve your stated marketing objective and fulfill your market
opportunity
 Distribution objective
▪ What you want from distribution to achieve your stated marketing objective and fulfill your market
opportunity
 Communications objective
▪ What must IMC achieve in order to meet your stated marketing objective and fulfil your market
opportunity
 Societal objectives
 For example, greener products, reducing waste, charitable donations, involvement in
community projects, etc.
Week 5 MKT 2260 11
Workshop #1 - Marketing Objective(s)
 Open your Google Doc Marketing Plan
1. Write your financial/marketing objective – this objective is
mandatory
▪ Start by determining the focus of the objective: sales? % change?
Absolute $? Number of customers? Profit? Market share? Provide
supporting rationale.
▪ Then make it measurable – find secondary research as rationale
for this number
▪ Finally determine a realistic timeline and explain your thinking
2. Discuss its consistency with your client market opportunity
and provide rationale
3. Do your objectives measure up? (page 83 in your text).
Explain your thinking.
4. Write the objective and 1-2 sentences of rationale in the
body of your marketing plan – details in the appendix
Workshop #2 – Product, Digital Marketing and Distribution Objectives

 Open your Marketing Plan on Google Docs


 Split your team in 2 groups. Take 45 minutes.
 1 group write product, digital marketing (MKT2208) and distribution
objectives
 Be sure your objectives are SMART and fulfil your market opportunity
 Provide rationale
 Illustrate the relationship to the SWOT, marketing objective, client
market opportunity
 1 group write pricing and communication objectives (from MKT 2292)
 Be sure your objectives are SMART and fulfil your market opportunity
 Provide rationale
 Illustrate the relationship to the SWOT, marketing objective, client
market opportunity
 Get back together and ensure consistency amongst the 4P objectives.
What to do now?

 Planning Direction
 Marketing and 4P Objectives
 Workshops 1 and 2 (not to be submitted today)
 Finalize Deliverable 1 as a team
 Finalize your individual Peer Evaluation

Notes:
 Deliverable 1 is due on Friday at 11:59 p.m.
 Keep up on your hybrids – see “Upcoming
Events” for due dates and times.
Week 5 MKT 2260 14

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