Business – 8.2 Marketing strategy – Planning the marketing strategy | e-Consult
8.2 Marketing strategy – Planning the marketing strategy (1 questions)
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Objectives provide a clear direction for the marketing plan, enable performance measurement, and align marketing activities with overall business goals.
Using the SMART framework ensures objectives are:
- Specific: Target a 10% increase in market share among 18‑25‑year‑olds for the new smartwatch.
- Measurable: Track sales volume and market‑share data monthly.
- Achievable: Based on market research, a 10% gain is realistic given the product’s unique features.
- Relevant: Growing market share in this segment supports the company’s long‑term growth strategy.
- Time‑bound: Achieve the increase within the first 12 months after launch.
By meeting all five criteria, the objective becomes a practical guide for planning, execution, and evaluation.