Question: Create a set of marketing objectives suitable for Starbucks VIA instant coffee in the American market.
Considerations:
- You are at liberty to make some assumptions or do additional research to facilitate your response.
- Objectives should meet the SMART (specific, measurable, achievable, realistic, and time-framed) criteria.
Examples of objectives that do NOT meet the SMART criteria:
-
- To achieve sales growth.
- To increase our market share.
- To increase customer retention to 100%.
- To grow our loyalty club membership base
Examples of objectives that meet the SMART criteria:
-
- To achieve sales of $250 million, a 15% increase over last year by December 2012.
- To increase our market share from the current 23% to 30% over the next 12 months.
- To increase customer retention by 20% (from 70% to 84%) during fiscal year 2010-2011.
- To grow our membership pool from 50,000 to 65,000 over the fiscal year starting April 2011.
3. Marketing objectives are objectives that are achievable through your marketing strategies, i.e. the 4Ps of Product, Price, Place, and Promotion strategies.
4. Marketing objectives are frequently written in relation to:
-
- sales in $ and volume
- market share
- profitability in $ or %
- service levels
- corporate awareness
- membership levels, etc
