BUSINESS

Specific

Details exactly what needs to be done.

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Measurable

Achievement or progress can be measured.

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Achievable

Objective is accepted by those responsible for achieving it.

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Realistic

Objective is possible to attain (important for motivational effect)

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Timed

Time period for achievement is clearly stated

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Corporate objectives (Internal)

Corporate objectives are those that relate to the business as a whole. They are usually set by the top management of the business and they provide the focus for setting more detailed objectives for the main functional activities of the business.

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Finance (Internal)

The financial position of the business (profitability, cash flow, liquidity) directly affects the scope and scale or marketing activities.

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Human resources (Internal)

A motivated and well-trained workforce can deliver market-leading customer service and productivity to create a competitive marketing advantage.

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Operational issues (Internal)

Operations has a key role to play in enabling the business to compete on cost (efficiency / productivity) and quality.

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Business culture (Internal)

E.g. a marketing-orientated business is constantly looking for ways to meet customer needs. A production-orientated culture may result in management setting unrealistic or irrelevant marketing objectives.

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Economic environment

The key factor in determining demand. E.g. many marketing objectives have been thwarted or changed as a result of the recession. Factors such as exchange rates would also impact objectives concerned with international marketing.

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Competitor actions

Marketing objectives have to take account of likely / possible competitor response. E.g. an objective of increasing market share by definition means that competitor response will not be effective.

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Market dynamics

The key market dynamics are market size, growth and segmentation. Changes in any of these undoubtedly influence marketing objectives.

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Technological change

Consumer and other markets are now affected by rapid technological change, shortening product life cycles and creating great opportunities for innovation. These have to be taken into account when setting marketing objectives.

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Social & political change

Changes to legislation may create or prevent marketing opportunities. Change in the structure and attitudes of society also have major implications for many markets.

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Elton Mayo

Better communication between managers and workers

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BUSINESS

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