Marketing plan and objectives - Essay Example

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Marketing plan and objectives

In the marketing plan, the organization will need to define its mission statement and objectives for a strategic business unit with is a section of the entire business or collection of business activities within the entire company. The strategic business unit should have direct control over its resources, its own competitors, and plans which are independent of the other strategic business units in the company. A large firm can, therefore, have marketing plans for each of the strategic marketing units (Homburg and Krohmer, 1-40). Setting marketing plan objectives The objectives of the marketing plan come before any other details are developed. Without objectives, it would be difficult to measure the success of a marketing strategy. A marketing objective is a statement containing the details of what is to be accomplished in the marketing process. Marketing objectives should meet the following criteria for them to be useful in any measure: Realistic Managers should set objectives that have the natural chance of being achieved. It would be needless to set objectives that are beyond the capacity of the company to achieve them. For example, it would be unrealistic for the marketing manager to set objectives for start-up firms or new products to command the dominant market share, when there are other competitors in the market. The objectives should not stretch beyond the resource limit of the firm (Homburg and Krohmer, 50). ...Show more

Summary

Name Instructor Course Date A marketing plan is a written document that that guides the marketing activities of the marketing manager of any business entity. The document has specified objectives with the necessary actions that are required to attain the objectives…
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