Need Sunday by 8pm Assignment: Worksheets 4, 5, 6

Activity5-MarketingObjectives.docx

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Now that you’re clear on your current situation, you’re in a position to define your short, medium and long term objectives. I would like to see 1-3 years and 3-5 years as a long term approach. It’s recommended that you use the SMART framework when setting your objectives, so that each one is:

· Specific

· Measurable

· Achievable

· Realistic

· Time bound

Short Term (1 – 3 years)

Tactic	Objective	Strategy
Organizational 2017-2019 (Over 3 years)	1. Increase sales by 30% each year. 2. Increase the average transaction price from $40-$52 3. Gain 20% more rewards members year over year.	1. Increase in store visits from shoppers. The more they frequent our store the more the purchase. 2. Increase special events and community fundraising events.
Marketing 2017-2019 (Over 3 years)	1. Decrease brand awareness campaigns. 2. Go from 3,000 to 3,900 Facebook like 17’-18. 18’-19’ go to 4,500 likes. 3. Grow e-mail constant contact database.	1. Limit brand awareness campaigns by end of 2017. Focus on more direct response. 2. Increase paid media spend on FB and attempt more viral postings. Also use diverse digital and print publications to gain new followers. 3. Ask more instore visitors to join e-club, use incentives to join.
Marketing Mix Objective Strategy
Product- Once Upon a Child Childrens Resale.	1. Sales increase of 30% year over year.	1. Increase traffic driving special events through promoting on social media channels.
Place- In store. Traverse City, MI	1. Generate awareness of the events.	1. Use FB to market the event. Create a text message blast to members. Send email to CRM database announcing events.
Price	1. Objective	1. Strategy 1 for objective 1
Promotion- Bring a Friend event.	1. New Customers- Shoppers who have a friend that have never been to our store bring them and each person receives 40% off their entire purchase.	1. Run a gift card promo on FB. Post lots of pics and videos of great products available at the event. Use paid advertising on FB and Pandora to boost event.
People- Existing and New Customers. Targeting mothers and friends of current customers.	1. Gain new shoppers through friend referalls. Both new and existing customers are rewarded!	1. Get friends to tag and share our post, tag friends who you want to come to the event.