It is important to know the market plan in the process of determining the marketing strategies. There are many marketing objectives, but the main focus here will be on four types of marketing objectives- such as profitability, market share, promotion, and growth.
Profitability Objective: As the name suggests, profitability is related to the profit that any particular product will earn. The strategies that lead to earning more profits and higher returns from the product should be the objective of any business, and without it, the business will cease to exist. Net profit margin, return on investments, financial leverage, and asset turnover are some parts of it.
Market Share Objective: This means that the company’s aim has set for its total share in the market, which is one of the most important parts of any business strategy. The market share of any product determines the success rate of the product and the company and its demand among the customers.
Promotional Objective: Promotional objective refers to the promotion tactics used by the company to promote its products among the customers and increase product awareness among the customers. There are various methods of promoting a product in the market; it could be done through advertisement, digital marketing, marketing campaigns, social media, or email marketing.
Growth Objective: It means that the strategies and aims set for the growth of any product by the company. The company’s growth is determined by its promotion activities, profitability, and market share and is all directly affected.
Key Features of Marketing Objectives
The key features of marketing objectives are SMART, i.e., specific, measurable, attainable, relevant, and time-based.
Specific: Specific means the accurate details and description of how any certain task will be achieved. For example, increasing the profits is not enough, providing information and evidence on achieving the profit is an important task and should be specific.
Measurable: The goals set should be measured after they are achieved; a measuring unit or technique is important to keep a track of the achieved goals.
Attainable: Any goals or targets set by the company should be practical and achievable and not unachievable. For example, making unnecessary claims like achieving 100% market share is unattainable, and it should not be a target.
Relevant: Any goals in the marketing strategy should be able to not tangle with the overall objective of any marketing strategy and should be relevant to the overall goal of the business.
Time-Based: It is important to have a time frame in which the given task or objective should be implemented. A specific time frame should be set within which the marketing objective must be completed or achieved.
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