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Objectives
Completion requirements
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At this point in the plan the objectives must be outlined. Having defined where it is, the business must specify where it wants to go. An objective must be:
- Measurable
- Time-constrained
- Give responsibility
A marketing plan will include both financial and marketing objectives.
Bill Jones, in conjunction with Smith’s financial team, has formulated the following financial objectives for Tica-treat:
- An average return on investment for the next three years of 25%
- Net profits for 1998 of R 200 000
- A cash flow of R1 000 000 for 1998.
He has also formulated the following marketing objectives for Tica-treat:
- Attain sales of R 2 000 000 for 1998, an increase of 33% over 1997
- Expand customer brand awareness from 50% to 60% and top-of-mind awareness from 35% to 50% by the end of the year.
- Increase market share from 10% to 16% by end of 1998.
All the above objectives will be the primary responsibility of Bill Jones.
Objectives should also be stated in order of importance and be reasonably challenging.