The above two words are simplest but most significant for your business. Marketing is the heart of your business, and the objectives are critical for the success of it.
If we define in the simplest form,
Marketing Objectives is the group of goals set by a business when promoting its products or services to potential consumers that should be achieved within a given time frame.
A company’s marketing objectives for a particular product might include increasing product awareness among targeted consumers, providing information about product features, and reducing consumer resistance to buying the product.
In any given scenario, the marketing objectives work hand in hand with the corporate objectives. If a marketing objective is to achieve customer satisfaction through proper training of the employees, a typical corporate objective would read something like – building trust to become the most recognized brand among the customers & stakeholders.
This way most of the functional tasks of any business are related to the marketing objectives and we all know that any functional objective arises out of the well thought of and informed corporate goal.
If we look at some typical marketing objectives, you will realize that the marketing objectives have a wide range, indeed a very wide range.
The basic heads of a marketing objective are something like the following:
- Increasing the Market Share
- Customer Reach and Satisfaction
- Establishing the Positioning of Brand/Business
- Managing Competition by gaining advantage
- New Product Development / Innovation
While writing the marketing objectives for a business, one should be careful –
- And distinguish between the goal and objective.
- An objective needs to be precise, it should be measurable. An objective is set to measure the success & progress of a goal.
- They have to realistic and should be followed by a timeline.
- It should be practical and attainable. An objective shall rather not be conceptual.
- Sharp objectives will only lead to exact strategies and save them from becoming the tactics.
Let us check out an Example for Market Objectives for a Pizza Outlet:
Launching a Pizza Outlet (Restaurant)
Currently as we work on a Pizza Outlet, I thought it would be best to discuss the business & marketing objectives for a restaurant brands. I mean who doesn’t love good food.
The very basics of starting a restaurant business should be:
- Love for food.
- Love for serving quality.
- Hygiene & Health.
- Money as in Profits.
And none of the above is sufficient in them. Strong business acumen with a passion for the entire above is required for a rock solid foundation. If you love cooking and have flair to serve, you value relationships and believe in quality. You certainly have the reason to plan for a restaurant business.
Coming to the Business Objectives, a restaurant owner must think about –
Value for money offer
When a person steps into a restaurant, all one thinks of is good food in taste & quality. So we can say the prime objective should be – to offer good food at a fair price.
Aesthetics & Ambience
It is believed that how to look leads to perceptions, and how you serve leads to first recall. That suggests the necessity for a – good and clean atmosphere.
Understand the Market
It is very important to understand the market and have a STP done. STP is Segmenting Targeting & Positioning. Before the launch the business owner must know about the demographics, the location, the segment which you wish to cater – Happy Hours for university students or fine dining experience for the corporate crowd. You would love to have a healthy ambience or you would like to customize it for music lovers. All this is a must know as accordingly you can determine the marketing objectives for the identified market segment.
Customer Relationship Management
CRM is most important in current times. With the competition multiplying each day – CRM is one aspect which differentiates and helps build customer preferences. Courtesy, Mannerism and Hygiene are of utmost importance but at the same, the staff should be alert about the customer queries & complaints. An unattended complaint not only leads to loss of a client but also bad word of mouth. CRM is the key to reputation management.
Now based on the above Business Objectives, we can quickly take out the Market Objectives, they are:
- Customer Loyalty
- Restaurant traffic and regular orders
- Financial Goals – Monthly or weekly. Sometimes they have separate financial goals for weekdays and weekends depending upon their target market.
- Establishing Brand Identity & Promoting the image.
The above examples underline the fact that marketing objectives are only an extension of corporate objectives.
About the author: Jigyasa Laroiya is a brand enthusiast and is now founder-director at her brand start-up 30TH FEB. For more than 5 years, she worked on understanding, conceptualizing and executing brands & business consulting services. Before opening her own firm, she worked with agencies like Contract Advertising, Alia Group. She is also been associated as a resource person with IIM Shillong.