9: Setting SMART Objectives in a Marketing Plan

9: Setting SMART Objectives in a Marketing Plan


Well. The next step in the A-O-S-T-C stages is the O. It’s for setting objectives and defining how a company’s going to do things. Where you’d like the company to go? It sounds like a business plan. A business plan is used for companies to get loans from banks
and investors. A marketing plan is a confidential in-ternal
document. What type of objectives should a marketing plan have? Well. You might be tired of acronyms, but they’re called SMART
objectives. That’s easy to remember. It’s an acronym for Specific, Measurable, Achievable, Realistic,
and Timed. So that each objective is clearly defined and achievable. There’s also something called the Ansoff’s Matrix, which could be
a good starting point for setting objectives. What does this do? It helps you decide if the company should develop existing
products and markets or explore developing new products and
penetrating new markets. Moving on… Aren’t the next two the same? What’s the difference
between “strategy” and “tactic”? They aren’t the same thing. One looks at the big picture,
at how you’ll achieve your objectives. The other focuses on
what you’ll do to achieve them. I’ll show you later. Okay. And finally, the last objective is Control. Then you monitor whether or not you are achieving your goals. You must analyze the results you get and make any needed
changes or modifications to the strategy.

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