SMART marketing objectives
Q1. You are required to develop at least two SMART marketing objectives to facilitate the achievement of the goal. A brief explanation of each would be necessary.
The basic principles of marketing are based on the SMART objetives which gives a scope to clearly define the purpose of the marketing plan. SMART objectives are defined as:
Specific: this objective covers the exact purpose of the marketing plan, like what needs to be done and how it should be done. The objectives of marketing plan should be clearly defined.
Measurable: this objective gives the terms to which the marketing plan can be measured or evaluated. This is more a quantitative measure of objectives.
Achievable: this objective gives the key things …show more content…
There will be flexibility for the management to make decisions based on the market value of the new product. The new brand can work as an independent governing body.
Q2.2 Describe three areas of the product decisions implemented as product differentiation strategy. A product differentiation strategy is a unique kind of marketing strategy which focus on target market I which there are already existing competitors and try to create a different perception to the customers that the company or the product is different to the existing products in the market. The three areas of the product decision implemented as a product differentiation strategy are:
Quantify the difference for customers: explain the customers in numbers to clearly tell the difference to the existing products or as an alternative to the existing products. By telling facts and figures the customers will realize how the product is different. Concentrate on the target market: we should focus on the target audience and trying to tell
Q1. You are required to develop at least two SMART marketing objectives to facilitate the achievement of the goal. A brief explanation of each would be necessary.
The basic principles of marketing are based on the SMART objetives which gives a scope to clearly define the purpose of the marketing plan. SMART objectives are defined as:
Specific: this objective covers the exact purpose of the marketing plan, like what needs to be done and how it should be done. The objectives of marketing plan should be clearly defined.
Measurable: this objective gives the terms to which the marketing plan can be measured or evaluated. This is more a quantitative measure of objectives.
Achievable: this objective gives the key things …show more content…
There will be flexibility for the management to make decisions based on the market value of the new product. The new brand can work as an independent governing body.
Q2.2 Describe three areas of the product decisions implemented as product differentiation strategy. A product differentiation strategy is a unique kind of marketing strategy which focus on target market I which there are already existing competitors and try to create a different perception to the customers that the company or the product is different to the existing products in the market. The three areas of the product decision implemented as a product differentiation strategy are:
Quantify the difference for customers: explain the customers in numbers to clearly tell the difference to the existing products or as an alternative to the existing products. By telling facts and figures the customers will realize how the product is different. Concentrate on the target market: we should focus on the target audience and trying to tell