Developing S.M.A.R.T. Goals

Developing S.M.A.R.T. Goals

The Marketing Objective

The marketing objective is to enhance its market share by reducing customer churn by 20% by the end of the year. This marketing objective is an outcome of competitive analysis. Analyzing existing competitive brands helps a business position itself effectively. Besides, a marketing objective guides the campaigns to support the project.

The business is a fast food restaurant. Over the recent months, the restaurant has lost some of its most loyal customers. The customer churn has led to reduced sales, hence a significant reduction in income. Therefore, the new marketing objective is to implement changes at the restaurant to attract new patrons.

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Using Marketing Research to Formulate a Marketing Objective

Marketing research helps businesses gather crucial data about their customers. Consumer data collected through marketing research include demographics, purchasing behaviour, location, and buying frequency (Hair, Bush & Ortinau, 2008). Such data provide valuable insights when preparing the marketing objective. Also, marketing research helps a business predict the effectiveness of promotional efforts. Today, businesses use more than one marketing effort, including advertising and personal selling (Hair, Bush & Ortinau, 2008). Successful campaigns involve alternating the different promotional methods based on market circumstances. Consequently, the business can formulate a marketing objective based on market analysis findings.

In addition, marketing research helps a business evaluate consumer feedback. Measuring consumer feedback may involve pushing an idea into the market and listening to the consumers’ sentiments (Hair, Bush & Ortinau, 2008). To end with, the company may release product samples into the market and look out for their feedback. For instance, the restaurant can introduce new delicacies and give free samples to visiting customers. The staff can then ask customers if they like new delicacies. Such feedback is crucial in formulating marketing objectives.

S.M.A.R.T. Business Goals Worksheet

Specific	The company seeks to enhance its market share
Measurable	Cutting customer churn 20%
Achievable	Increasing sales by 20% in a year is achievable based on competitive analysis
Relevant	Customer churn
Time-bound	By the end of the year
Final Goal	Improve sales

References

Hair, J. F., Bush, R. P., & Ortinau, D. J. (2008). Marketing research. New York, NY: McGraw-Hill Higher Education.

Woodruff, J. (2010). How to Write a Business Action Plan. Chron.com. https://smallbusiness.chron.com/write-business-action-plan-2750.html

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Use course content and additional research on developing marketing plans to complete the following:
1. Develop one clear, specific, and achievable marketing objective for a business of your choice.

2. How would you use marketing research to help you identify the marketing objective?
3. Articulate the marketing objective using the following template:

Use the S.M.A.R.T. Goals Template