Marketing Aims and Objectives
Business marketing aims provide a road map to success, and business objectives describe what the company expects to achieve at different time intervals, such as one year or five years. According to the National Business Information Clearinghouse, business objectives give you "the ability to measure your progress and determine which programs have been effective." Businesses use marketing aims and objectives to control and measure the effectiveness of their business operations.
According to Winmark Business Solutions, marketing objectives can be defined as the "quantitative translations of the company's financial objectives." Quantitative measures of business success include sales revenues, number of units sold, market share and measurable advertising results. When marketing objectives are established, they should identify clearly what the company expects to achieve over a given period of time. An example of a measurable objective would be that the company would achieve a growth rate of 7 percent over the previous financial period.
According to the Chartered Institute of Marketing, objectives must be "specific, measurable, achievable, realistic and time-bound." For marketing objectives to be effective, they must identify exactly what the company expects to achieve, and realistic steps that must be taken to achieve the company's goals. Specific marketing objectives identify exactly how the business will benefit when the objectives are met. Specific objectives provide a framework for company personnel to rally around, and provide a means for senior leadership to control the direction the company is taking.
According to The Times 100 Business Case Studies, marketing aims must clearly promote the idea that the company has the right product at the right price, at the right place, and is using the right promotions. The aim of a company's marketing program should be to help consumers gain an appreciation of the products the company is offering, and how the products will meet the needs of the consumers it is trying to reach. The success of a marketing campaign is quantified by an increase in sales revenues.
Many different elements go into a sound marketing plan, including those suggested by the University of Missouri Extension: "Your marketing plan needs to have a mission statement that not only states the purpose of the marketing plan, but also explains why you are in business, giving both personal and business goals." A well-developed plan will identify the market segment you plan to reach, how you plan to overcome competitors, internal and external threats, and the profit level you expect to achieve.