(Solved Homework): What are marketing goals and objectives? How are they distinguished? What are the…

 

What are marketing goals and objectives? How are they distinguished? What are the SMART criteria for marketing objectives?

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(Solved Homework): What are marketing goals and objectives? How are they distinguished? What are the…
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Answer: Marketing goals is a communication of broad direction for any department. Managers ideally formulate and review company goals and identifies ways in order for marketing department to support these goals. Each supporting action is a set goal for a department to work upon and improve on. For instance, a company’s goal of increasing revenue may correlate to marketing goal of increasing brand awareness for new products. These goals in turn provides direction for the marketing department.

Marketing objectives can be termed as specific actions that marketing employees should perform. Each marketing objective provides a method to achieve company goals. Objectives may include measurement capability that allows marketing employees in orderfor them to evaluate their ability to succeed at achieving these objectives. For instance, a marketing goal of raising brand awareness may t be supported by marketing objective of being in touch with new customers each week.

Marketing goals is an broader term than marketing objectives. It creates broader broad description of what marketing deparments should follow. Lets analyse SMART criteria for marketign objectives:

  • Specific – Is the detail in the information sufficient target issues and opportunities?
  • Measurable – Marketing goal creates a generic idea of a department’s aspirations and marketing objective quantifies these actions.
  • Actionable – Are these Information used can improve performance ?
  • Relevant – Are these information relevant to the marketing problem?
  • Time-bound – Marketing goals creates long term plan. Marketing objectives on the other hand takes short term approach in order to complete an action identified by marketing goal..

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