Explain the different marketing goals and objectives?

Marketing Goals and ObjectivesFollowing are the most important marketing goals and objectives:

Sales Objectives

·        Compare your prospects for future sales with either past performance, or a general industry performance report. By analyzing the industry average as well as your own performance you will demonstrate to the reader that you can look "beyond your borders" to the competition to give yourself an idea of how well you are performing, or what general difficulties the whole industry may be facing.

·        Identify industry wide problems and create strategies to challenge them. This will also demonstrate that you have the necessary foresight to allow you to recognize problems in the future.

·        Set "benchmarks" for your sales objectives by using quarterly reports as a way of evaluating the success of your overall marketing approach. Indicate how much "market share" you intend to collect over the next 5 years, to show that you expect to advance your position against your competitors using your "individual" approach.

Profit Objectives

·        Include your predictions for after tax profit for each of the next five years. Relate this profit assumption based on the contents of your operating budget's costs figures found in your Business Plan.

·        Indicate how you will reinvest your profit margin in specific areas of the Marketing Plans future activities, as well as countering operating and start up costs you already have. Don't neglect the future of the Marketing Plan because you have to defer the costs you already have. A sound Marketing Plan should do more than "pay for itself" and its activities.

Pricing Objectives

·        Focus on the weaknesses of your competitors by offering better quality at a competitive price. Remember what your own attitudes are towards products you consume on a day to day basis. Remember how you react to high prices for poor or marginal quality or service.

·        Justifying your prices for your product or service while thinking like a customer will give you an advantage. Survey a sampling of your potential customer group and ask them directly how they feel about competitors products, services, industry prices and any areas for improvement.

Product Objectives

·        Much like what you would be doing for your prices, focus on the wants, needs and perceptions of your consumers and the general public. Identify any problems for your industry/product.

·        Show how you will attract more customers while keeping the ones you have. Determine the determining factors of customer preference towards a product, like price, or social considerations such as environmental impact, product quality or convenience.

·        Indicate the goals you have for quality of service, level of service (speed and accuracy), customer satisfaction, and your own flexibility to support consumer demands and requests.