Marketing Goals FOR CAMERA COMPANY (1/2 to 1 single spaced page): Define your Marketing Goals clearly separating these into marketing and other business goals. Ensure that objectives are quantified and measurable wherever possible (e.g. 5 % growth in market share over the next five years). Provide details and rationale for pursuing target markets, segmentation and positioning decisions, and emphasize points of difference between the firms products / services and those of its competitors. Explain why your business is focusing on these specific target market segments. What makes these segments more interesting than the others that you've ruled out? Why are the characteristics you specify important? Think about sales, market share, market positioning, image, awareness, and related objectives. Remember to make your objectives concrete and measurable. Objectives that can't be measured can't be tracked and followed up, so they are less likely to lead to implementation. The capability of plan-vs-actual analysis is essential. Financial objectives are very different from marketing objectives. For example, a financial objective might be to increase profits by 10%, while the associated marketing objective to attain the profit goal might be to increase market share by 3%. Marketing Plan Objectives should be a. relevant to the marketing function. For instance, although increasing traffic to your website may be the desired outcome, the marketing goal can be stated as increasing awareness, and / or interest, and /or positive attitudes towards the brand. b. directed at specific target markets of interest to the brand and reachable through your website. For instance, an initiative aimed at attracting visitors from Europe may be of limited interest to the company due to lack of a presence or distribution centers in Europe, or lack of sufficient infrastructure. The company may have greater interest in attracting customers from some states / regions within the US. Remember to define your target markets specifically this makes it easier to track progress towards your goal. c. measurable by the tools available at your disposal. For instance, you may believe it is useful to have a goal such as increasing the number 4 of relationships with visitors to the site. However, this is difficult to measure. Simply logging the number of times a visitor visits the site is not evidence of a relationship. One would need to monitor their interactions, purchase behavior, engagement with the site and user communities, etc.. A more appropriate goal might be to increase brand associations and engagement of the abc segment. This is measurable by counting the number of suggestions received, new requests for information, peer ratings likes, shares, etc. d. important for decisions about the brand. The point of the exercise is to generate information that would allow company executives to reinforce what they might already be doing or more importantly change things so as to improve communications, distribution, change pricing strategy, etc. e. stated in the following format: To increase/stimulate/change xyz by a% within the next 123 months. For instance, you may state a goal such as To increase awareness of the product line among visitors from the states of NY, NJ, and PA by 10% within the next three months. i. As raising product awareness is clearly desirable and an outcome of the marketing function of a firm, it is appropriate. ii. The goal is specifically directed at the geographic markets of NY, NJ, and PA. This allows managers to coordinate other marketing efforts within the region to create synergy and increase their impacts. iii. Progress towards this goal can be tracked by the tools available to analyze website visitor activity. For instance, you could measure the amount of time spent by at the website as a proxy for interest / awareness. Google Analytics can be used to provide this information. A longitudinal analysis of the average time spent on the site at the start and end of a three month period is a good proxy of the change in awareness of visitors. iv. Clearly, increasing awareness is a key brand objective especially when a product is being introduced into the market.