Every business wants to be successful in their industry. However, there is no point in aiming for success if the entity does not measure their progress. The goal of marketing objectives is to create a desirable end state, measure results, and determine whether or not those goals were met, and why.
One way that companies use marketing objectives is to keep everyone focused. Objectives give the company something to work for, and allow individuals to stay focused on their specific tasks. Objectives with desired results dictate the way people make decisions. Company-wide objectives also help to keep employees across different departments and locations on the same page.
Objectives also work to create recognizable achievements, which in turn help motivate employees. With an objective in mind, employees can come to work each day, knowing what they need to do to reach their goal. Once the time period of the objective is over, they can look at the results and see what they have achieved. If the objective as not achieved, they can go back to the drawing board, see what went wrong, and create a new objective.
In order for objectives to work in a company, they must be SMART objectives. SMART objective are those that are specific in what needs to be achieved, measure bale in a quantifiable manner, achievable and realistic, relevant to the industry, and abide by a certain time frame.
These SMART objectives guide business leaders in making decisions for the organization as a whole, as well as the marketing mix for different product lines. A goal consisting of growing brand awareness may focus on Place and Promotion, while a goal striving o raise sales may focus on Price and Product. Internally, an executive may wish to increase employee morale, and measure results through a year-end survey.
When objectives are set, people inside they company may be pressured to meet those goals by any means possible. It is important that ethical guidelines are enforced to prevent individuals from taking advantage of stakeholders in the company. Marketing messages must be reliable, and not misleading to consumers, while financial statements must be accurately reported. Some marketing objectives include the use of powerful CRM systems that hold consumer date. The security of customer information is of most important when considering this type of marketing.
In conclusion, objectives are meant to help a company, whether they are achieved or not. They inform decision makers of what did and did not work, while keeping everyone on task. There is no definitive way of creating objectives because they can vary greatly between organizations, time period, and competitors. As long as the SMART method is followed, the objectives can be customized to any company.
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