The Executive Suite: Setting Goals and Objectives in a Marketing Plan

Friday, November 22, 2013

Setting Goals and Objectives in a Marketing Plan

Setting Goals and Objectives in a Marketing Plan

The success of any marketing plan largely depends on its goals and objectives, which are descriptions of what the plan should accomplish both overall and specifically. Although the statements might seem simple, writing strong, attainable goals and objectives is a challenge and should be done before launching a marketing plan.

Although often used interchangeably, KIDASA Software Inc. points out that goals and objectives are not the same thing. A goal is a "high-level statement," meaning it focuses on the overall aims of the plan, which is generally increasing sales and awareness. Objectives are "lower-level statements" that focus on the specific tasks that are put into place to achieve those goals.

SMART is an acronym that stands for "Specific, Measurable, Achievable, Realistic and Timed." Specific and measurable statements include quantifying additions, such as "by 15 percent." Past marketing plans and a study of similar plans put into play by other companies can help you decide if your plan is both achievable and realistic, and "timed" simply means giving your statement a time line or deadline. All objectives should follow the SMART theory, while goals should not be specific or measurable.

According to Small Business Notes, the "4 Ps of Marketing" are "Product, Price, Promotion and Place," and refer to your products and services, what you charge, how you create awareness and how you distribute. When setting both goals and objectives, it is important to consider each of these aspects to make sure your statements are thorough. Although your marketing plan goal might be broad, covering two or more of these aspects, try to create one or more objectives for each of the "Ps" to ensure you have established exactly how your plan will fulfill each.

Just as a marketing plan must have goals and objectives, the company itself must also have these statements. In fact, business goals and objectives are vital to the success of any marketing plan. According to The Marcus Letter, a marketing plan can only be successful if its objectives "stem from, and serve, firm objectives." The statements you write for your marketing plan must also be designed to fulfill the demands made by the company's goals and objectives.