Chapter 2 Marketing Objectives Chapter 2 Copyright 2008

Chapter 2 Marketing Objectives Chapter 2 Copyright © 2008 by South-Western, a division of Thomson Learning. All rights reserved 1

The Nature of Strategic Planning Understand the importance of strategic marketing and know a basic outline for a marketing plan

Defining the Business Mission Develop an appropriate business mission statement

Defining the Business Mission u Answers the question, “What business are we in? ” u Focuses on the market(s) rather than the good or service u Strategic Business Units (SBUs) may also have a mission statement

Setting Marketing Plan Objectives Describe the criteria for stating good marketing objectives

Marketing Objective A statement of what is to be accomplished through marketing activities. Chapter 2 Copyright © 2008 by South-Western, a division of Thomson Learning. All rights reserved 6

Marketing Objectives u Realistic u Measurable u Time specific u Consistent with and indicate the organization’s priorities “Our objective is to achieve 10 percent dollar market share in the cat food market within 12 months of product introduction. ” Chapter 2 Copyright © 2008 by South-Western, a division of Thomson Learning. All rights reserved 7

LO 3 REVIEW LEARNING OUTCOME Criteria for Good Marketing Objectives Realistic, measurable, and time-specific objectives consistent with the firm’s objectives: 1. Communicate marketing management philosophy 2. Provide management direction 3. Motivate employees 4. Force executives to think clearly 5. Allow for better evaluation of results Chapter 2 Copyright © 2008 by South-Western, a division of Thomson Learning. All rights reserved 8