Key Marketing Objectives
Establishing your key marketing objectives is an essential area of the business plan because it shows just how you will identify with your potential customers, how you will promote to them, and more importantly how you will keep them coming back (and away from your competitors). Also your marketing objectives would help identify your strengths, weaknesses, opportunities and threats (the SWOT analysis).
Strengths and weaknesses are deemed to be within control of your business (the micro marketing environment), whilst opportunities and threats are beyond your control (the macro marketing environment).
You will need to put into place strategies that:
1) Build on your strengths (S).
2) Minimise your weaknesses (W).
3) Capitalise on your opportunities (O).
4) Counteract your threats (T).
If you find that you have more weaknesses and threats than you have strengths and opportunities this may present a problem.
You may want to re-visit some of these as some areas may be both opportunities and threats, the state of the economy (favourable or unfavourable) is a good example of this.
Marketing Plan Outline
1. Environmental trends:
See also Market Research
See also Market Research
a) Name of competitor.
c) How long have they been in business?
d) Personnel; staff structure and set up.
e) Their strengths; from yours and customers perspectives.
F) Their weaknesses; from both yours and your customer's perspectives.
Draw a simple matrix/table and compare what their strengths and weaknesses are compared with yours, this will give you something to work with in developing your competitive strategies.
What strategies will be adopted in regards to the following;
a) Products and services.
f) Utilising your competitive advantage.
See also Viral Marketing, Market Research, Understanding Generations, Improving your Competitiveness and Improving your Image.
These could be in the form of:
a) Sales analysis.
b) Customer retention and growth.
c) Profitability and % growth.
d) Measurement of new business to existing business.
e) Measurement of business coming through promotional activity.
f) Measurement on the number of referrals that result in sales.
g) Measurement of how much business is generated from your website.
Definition for Marketing
All company planning and operations should be customer-oriented, focusing on satisfying customers’ needs and wants. All the marketing activities in a business should be coordinated and consistent. Customer-oriented, coordinated marketing activities are seen as the means of achieving the business's own objectives.
Marketing can be further defined as creating a profitable environment in which to sell your products and services.
The UMACS Biz Zone just got even better...
The UMACS Biz Zone Newsletter service has just combined with our sister website - UMACS Business World's Newsletter Service. So now you have the best of both worlds!
We know you will enjoy this great additional FREE content that we now have for you!
Our website UMACS Business Solutions will remain as always, only now you have more options for growing your business!
Sign-up below to join the UMACS Business World mailing list and receive some great bonuses!