How to Write Marketing Objectives

Marketing Objectives
DR FRED OKPALA
Copyright © 2021 Talent & Skills HuB

Objectives
To Understand the Concept of Marketing Objectives
To Understand the Criteria for Effective Marketing Objectives
To Understand the Benefits of Setting Marketing Objectives
To Understand how to Write Marketing Objectives

What is Marketing Objective?
Marketing objective is “the process of identifying, anticipating
(predicting) and satisfying customer needs profitably”.
Marketing objectives set out what a business wants to achieve
from its marketing activities.
The objectives need to be consistent with overall aims and
objectives of the business. They also provide an important
focus for the marketing team.
Marketing objectives address the desired growth and market
share or profit for the product in the specific markets with
quantitative guide against evaluation.

Criteria for Marketing Objectives
What makes a good marketing objective?

Criteria for Marketing Objectives
It is often said that an effective marketing objective
must meet the SMART criteria

Some Examples of Marketing Objectives
that meet SMART Criteria
Increase company sales by 25% by 2016
Achieve a market share of 30% for Product C within 3 years of launch
Increase the percentage of customers who rate service as "excellent" from 80% to 85%
within 18 months
To achieve 20% of the market share within two years of launch
To maintain 50% of the acquired customers for repeat purchase within one year of
launch
To achieve 40% brand awareness of the product within the context of the target market
in the first year

Business Benefits of Setting Marketing
Objectives
Provided the marketing objectives are relevant and achievable, there are some
important business benefits from setting them and monitoring progress against
them. Effective marketing objectives:
Ensures functional activities are consistent with corporate objectives
It provides a focus for marketing decision-making and effort
It provides incentives for marketing team and a measure of success / failure
It establishes priorities for marketing resources and effort

How Do You Write Marketing Objectives?
To write a comprehensive set of fundamental marketing objectives, you have to consider the five
criteria of SMART as a starting point.
Then following different areas that will help you to set specific objectives.
1. Sales Objective
Start by recording your sales goal in pounds or apply a percentage increase.
For example, you might decide that in the next year, you will achieve gross sales of £1 million. You
can also aim for a 25 percent increase in sales. As part of your objective regarding sales, you will
need to include the strategy you will use to reach the objective.
For example, a marketing objective could state, “ABC company will increase sales by 25% through
identifying a market segment we have not explored.”

Market Share Objective
Another objective is setting a target for market share. It
will be good to make this both realistic and incremental.
Don’t expect to capture an 80 percent market share in one
year, let alone five years. Begin where you currently are
and add a percentage for the period your marketing plan
covers.
For example, “We will increase market share by 10 percent
in the next year (12months)” should be more in line with
what you believe you can accomplish. This will likely
motivate your marketing team much more than an open-
ended type of goal.

Customer Acquisition Objective
Decide on the number of customers you need to achieve your
sales objective and market-share targets.
This requires you to analyse the size of an average purchase.
For example, if the average customer spends £200, you will
need 10 customers for every £2,000 you want to increase
sales.
It costs money to acquire customers, so make sure you have
the budget to reach your objective. You could do something to
the effect of, “We will acquire 100 new customers through
Facebook advertising by the end of this year.”

Increase Purchase Objective
You may decide to increase the percentage for each
customer’s purchase. If, for example, your customers
currently spend £200 per purchase, choose a percentage
you would like to add to that.
You would write out this marketing objective as:
“We will increase the average customer purchase by
12% by suggesting additional products at checkout.”

Price Objective
Here you can set price targets. Review your current prices to
determine how they position you in the marketplace. Your
marketing objectives depend on effective pricing.
For example, a limited-edition wine could justify a high price
to appeal to well-to-do connoisseurs. On the other hand, local
IT services might have to be priced to compete with
neighbouring businesses.
The goal is to set a price target that leaves you a profit margin
yet makes you competitive.
Reaching this price objective might take several small steps,
such as increasing prices 10 percent per year.

Combine the Objectives as a Summary
Finally, you should combine all of your key objectives into one summary paragraph, so
you can see whether they work together.
For example, if your summary states, “We will increase sales by 15 percent and lower
our prices by 20 percent,” you can see that you have two objectives that work against
each other.
An effective summary of your key marketing objectives might read, “ABC will achieve
sales of $1 million, which will give the company a 15 percent market share. ABC will
increase the number of customers by 20 percent, and increase the average purchase by
10 percent. Also, ABC will increase the prices by 5 percent over the next three years.

Talent &
Skills HuB
T&S-HuB is an enabling environment that supports people
in the development of their talents and skills and in the
actualisation of their personal passions and ambitions.
We help learners and individuals sharpen and exhibit their
talents and skills while exploring relevant and life
changing opportunities that suit their passions.
You can be supported by our instructors, counsellors, and
mentors on employability skills and other personal and
professional development.
Book an appointment for one-to-one or group tutoring
through our website; ts-hub.com
You can also contact us via email: contactus@ts-hub.com

References and Further Reading
Kosaka, K. (2019) How to Define and Measure Marketing Objectives: A Start-to-Finish Guide
[Online] available at: https://blog.alexa.com/marketing-objectives/ accessed: 10/06/20
Lang, R. (2020) Your Ultimate Guide to Marketing Objectives (Define, Measure & Examples)
[Online] available at: https://uhurunetwork.com/marketing-objectives/ accessed 10/06/20
Tutor2u (2018) Marketing Objectives (Introduction) [Online] available at:
https://www.tutor2u.net/business/reference/marketing-objectives, accessed: 10/06/20

Further Support
At Talent and Skills Hub, you can be supported by our instructors, academic
skills advisors and mentors for marketing objectives. You can book an
appointment for one-to-one or group tutoring through our website; ts-hub.com

How to Write Marketing Objectives

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