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Marketing Objectives and Strategy Formulation

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Building a Marketing Plan: A Complete Guide is a 10-chapter book written by three marketing faculty at Central Queensland University, Australia: Ho Yin Wong, senior lecturer, Kylie Radel, lecturer, and Roshnee Ramsaran-Fowdar, senior lecturer. The book was written to provide both marketing students and business professionals with a comprehensive and practical framework for developing a marketing plan. Drawing together theoretical concepts, strategic thinking processes, and recent research findings, the text helps the reader conduct in-depth situational analyses, develop a deep understanding of target markets, set measurable and timely marketing objectives, develop a series of marketing strategies based on four key elements of marketing, and ensure that appropriate implementation and control mechanisms have been considered. To show how to apply the marketing planning framework discussed in chapters 2-10, the authors provide a comprehensive example in the appendix. Chapter 5 examines the role that marketing objectives play within the larger organizational strategic plan. The chapter first provides an overview of the components of effective marketing objectives. Next, it discusses methods for formulating marketing objectives by utilizing the Boston Consulting Group product portfolio mix, the Ansoff product-market matrix, the concept of competitive advantage, and the SMART approach to setting objectives. Then, examples of different types of marketing objectives from a variety of different products are introduced. Finally, the chapter covers the implementation of different marketing objectives.
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