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Go to market strategy and marketing objectives
- 1. MARKETING OBJECTIVES GO TO MARKET STRATEGY Marketing objectives define what you want to accomplish through your marketing activities. There are several important factors to consider when establishing effective marketing objectives.
- 2. www.ramnathjk.com MARKETING OBJECTIVES SMART Approach •Setting specific •Measurable •Achievable •Realistic •Time specific objectives.
- 3. www.ramnathjk.com MARKETING OBJECTIVES SPECIFIC Need to understand the latest preferences of customers in the identified segments and appropriately target each stationary item such as pens, exercise books, rulers, and calculators to maximise sales volumes
- 4. www.ramnathjk.com MARKETING OBJECTIVES MEASURABLE Current market share is 20%, will set a target of 30% market share, meaning we need an extra 10%, market share amounts can be established based by monitoring the overall value of sales in terms of dollars
- 5. www.ramnathjk.com MARKETING OBJECTIVES ACHIEVABLE Ensuring technical competency and commitment of all personnel involved in the development and implementation of strategy. This can range from having an experienced and knowledgeable marketing team to capable sales staff. Access to funding is also necessary for the acquisition of extra stock to fulfil increased demand.
- 6. www.ramnathjk.com MARKETING OBJECTIVES REALISTIC The objective is realistic as the marketing resources are in place to conduct the segmenting and targeting exercise and access to the extra stock required
- 7. www.ramnathjk.com MARKETING OBJECTIVES TIME SPECIFIC The increase in market share is to be achieved within 12 months, a regular progress update will be taken every month to track level of success
- 9. www.ramnathjk.com GO TO MARKET STRATEGY Here's How: • Describe your company's unique selling proposition (USP). • Define your target market. • Write down the benefits of your products or services.
- 10. www.ramnathjk.com GO TO MARKET STRATEGY • Describe how you will position your products or services. • Define your marketing methods. Will you advertise, use Internet marketing, direct marketing, or public relations?
- 11. www.ramnathjk.com GO TO MARKET STRATEGY • Tips: • Your Unique Selling Proposition sets you out from the rest, don't try to develop a marketing plan without one. • It's important that you have a budget developed for your marketing plan. Marketing is an investment.
- 12. www.ramnathjk.com GO TO MARKET STRATEGY • Tips: • Your Unique Selling Proposition sets you out from the rest, don't try to develop a marketing plan without one. • It's important that you have a budget developed for your marketing plan. Marketing is an investment.
- 13. www.ramnathjk.com GO TO MARKET STRATEGY Tips: • Revisit your marketing plan at least once every quarter. Are you on target? Do you need to revise it?
- 14. www.ramnathjk.com GO TO MARKET STRATEGY