Discuss the factors that make marketing objectives effective

What will be an ideal response?

ANSWER: A marketing objective is a statement of what is to be accomplished through marketing activities. To be useful, stated objectives should be:Realistic: Managers should develop objectives that have a chance of being met. For example, it may be unrealistic for start-up firms or new products to command dominant market share, given other competitors in the marketplace.Measurable: Managers need to be able to quantitatively measure whether or not an objective has been met. For example, it would be difficult to determine success for an objective that states, "To increase sales of cat food." If the company sells one percent more cat food, does that mean the objective was met? Instead, a specific number should be stated, "To increase sales of Purina brand cat food from $300 million to $345 million."Time specific: By what time should the objective be met? "To increase sales of Purina brand cat food between January 1, 2014, and December 31, 2014."Compared to a benchmark: If the objective is to increase sales by 15 percent, it is important to know the baseline against which the objective will be measured. Will it be current sales? Last year's sales? For example, "To increase sales of Purina brand cat food by 15 percent over 2012 sales of $300 million."