I’m stuck on a Marketing question and need an explanation.
Case Study 2a
In order to achieve your vision and your goals, you will need objectives (outcomes for your marketing team). List three marketing objectives that you want your marketing team to accomplish for your company. Be concise, we do not need an academic paper and discussion, only that the objectives be clearly understand. You do not have to know how you are going to achieve those goals at this point, only that you want them done somehow.
You should work as much as possible for your objectives to help you achieve your vision and mission.
Objective could include for example:
- Identify and target at least one new marker segment
- Create messaging for our target segment
- Increase leads by 10%
- Build brand awareness.
- Grow market share by 4%
- Launch new products or services.
- Enter new markets internationally or locally.
- Increase customer engagement on social media
- Develop pricing strategy
- Should be
- Timely: Done in a year
For one of your marketing objectives write down three decisions that as a manager you will have to make.
Ensure for your decision that you have widened your options as described in the decisive video (https://youtu.be/eY3ivHv7J7s).
Examples could include:
- What is the best marketing media channel to reach our target market?
- How do I organize my marketing team most effectively to grow our market the fastest?
- What processes should we put in place to most effectively do market analysis.
- Should be explained as a choice to be made that your team can help you with, not as a choice already made.
As a manager, you will need to create metrics to measure whether you will reach your goal.
Write down a one goal, one lag metric to achieve that goal, and at least one LEAD metric. (the LEAD/LAG Measurement video https://youtu.be/Dwpak1IzYj8, might help).
- Increase customer engagement
- Lag measurement: # likes on Facebook
- Lead measurement: number of company Facebook posts
- Book more appointments
- Lag measurement: #sales appointments booked
- Lead Measurement: #leads on website.
- Open new target market
- Lag measurement: # of new people on our email list
- Lead measurement: # of initial email sent to new people.
- Should include an objective listed before
- Lead measurement should have something to do with lag measurement and be something that you have control over so that you can increase or decrease it as needed to hit the lag measurement goal