The marketing objectives are broad-based statements and they align with the goals of the organization. When we think about these goals of the marketing objectives, we have to say that there could be various purposes. Among these are for example: Target Market, Brand Recognition and Increase Revenue.
In marketing, the goals are SMART goals. SMART is an acronym for specific, measurable, achievable, relevant and time bound goals.
Let’s look at an example of how marketing objectives relate to a company’s goal. Imagine that you want that more people purchase products from your pet store in this year. Your target are pet owners (dogs and cats) and you are looking for increasing first time buyers. Below an explanation.
Goal:
– Increase the number of first time buyers by 20% in fiscal year 2020.
Objectives:
– Achieve an average purchase by first time customers of at least $30.
– Attract 20% of new customers from different cities.
Example Strategy:
1. Employ new advertising methods not previously used to reach new customers.
2. Advertise in new cities online.
Example Tactics:
1. Advertise on new websites.
2. Use Google AdWords.
3. Use Facebook ads and YouTube commercials to target people who might be interested in the products.
4. Offer savings to first time customers by signing up for emails.
Legal and Ethical Issues
When doing any marketing plan, it is very important and necessary to consider all the legal and ethical aspects. The marketer must consider what the state or federal laws say in relation to the product that is intended to be presented in an advertisement or campaign. Failure to follow what the law requires could hurt the business. It would have to pay large sums of money as punishment or may even close the business or people may go to prison. That’s why by reviewing the legal and ethical aspects, you can do a work that is effective.
The Federal Trade Commission (FTC) also has a guideline to follow. For example, you cannot make advertising campaigns that promise a series of benefits about a product or service when this is not true. In the end, the client may realize and the business reputation gets hit. The FTC is in charge of protecting the consumer from fake advertisement, among other aspects.
Therefore, it is also necessary for any business to be ethical when doing its work. That speaks to how trustworthy or not a business is. Consumers come to realize when a business lies to them, and that is worse for them because it creates a bad reputation and they no longer want their services. The Marketing Association (AMA) gives an ethical conduct code of norms and values to follow, such as, not harm, and keep honesty, responsibility, fairness, respect, transparency and citizenship (“Codes of Conduct,” 2020).
References
Codes of Conduct | AMA Statement of Ethics (2020). American Marketing Association.
Retrieved from:
Codes of Conduct | AMA Statement of Ethics
Esposito, Emily (2015). The Essential Guide to Writing S.M.A.R.T. Goals.
Smartsheet. Retrieved from:
https://www.smartsheet.com/blog/essential-guide-writing-smart-goals
Federal Trade Commission (2020). Retrieved from:
Ghanbari, Meysam (2014). Business Goals vs. Objectives vs. Strategies vs. Tactics.
Linkedin. Retrieved from:
https://www.linkedin.com/pulse/20140616055721-142774715-business-goals-vs-
objectives-vs-strategies-vs-tactics
Smart Goals (2020). MindTools. Retrieved from:
EK Marketing Blog by Ericka Koehler 