Learning Objectives
By the end of this module, you will meet these learning objectives:
• Define marketing objectives
• Determine Key Performance Indicators (KPIs) to measure
success
• Identify methods to monitor results
Module Overview
Successful implementation of organizational goals and objectives hinges
on how those goals are set. Effective goal setting is the backbone of
successful marketing. To this effect, the SMART framework is a widely
used goal-setting framework across industries all over the world. SMART
is an acronym for Specific, Measurable, Achievable, Relevant, and Time-
bound. Using this framework ensures that the goals and objectives are
grounded and not too ambitious.
According to Fulgoni (2018), “The media environment has changed,
however, and delivering against these objectives is no longer as easy as it
was in the days when a prime-time network-television buy would
suffice.” As a regional marketing director in the course scenario, you will
often be expected to define and redefine goals, as well as outline
objectives that align with the SMART framework. However, just defining
SMART marketing objectives is not enough. For each marketing
objective, you also must identify the associated key performance
indicator(s) (KPIs)—measurable values to gauge the progress of the
defined objectives. Additionally, you will need to use certain methods,
tools, and technology to monitor the results these objectives are yielding.
In this module, you will continue in your role as the marketing director of
the regional theme parks in the course scenario. You will present the
marketing research efforts that need to be conducted. You will ensure
your target audience is not too narrowly segmented. You will also ensure
the marketing plan and all research efforts are aligned with the
organization’s vision, mission, and values. Next, you will identify two
marketing strategies. For each of these strategies, you will then use the
SMART framework to define associated marketing objectives. After you
have defined the marketing objectives, you will identify KPIs associated
with these objectives and propose methods to monitor the progress of
each objective.
References
Fulgoni, G. M. (2018). Are you targeting too much? Effective marketing
strategies for brands. Journal of Advertising Research, 58(1), 8–11.
