Chapter 7 Notes

Chapter 7 Notes - Chapter 7 Chapter 7: Establishing...

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Chapter 7 Chapter 7: Establishing Objectives and Budgeting for the Promotional Program Feb. 25 Accountability  – create and use objectives, budgets Value of Objectives Marketing/(Communications) Objectives: expressed in terms of a number - focus and coordination o communication - plans and decisions o what do we want to accomplish - measurement and control o how will this be measured  Characteristics of Objectives Objectives: - quantifiable - Realistic: realistic goals - Attainable: are the goals reachable - Measurable: (quantifiable) - Specific: how specific do we make the objective (form of a number) and by when - Not Mutually Exclusive: objectives have to relate to another so that they are realistic and  attainable – must be integrated Ex. Advertising can shape corporate images – Mary J. Blidge and Ford, joining fight against  Breast Cancer. How would this add increase sales? Female market, people who have/know people that have had breast cancer,  emotional ad, What age group? Yea Marketing Versus Communications Objectives Marketing Objectives - generally stated in the firm’s marketing plan - achieved through the overall marketing plan - quantifiable, such as sales, market share, ROI - to be accomplished in a given period of time - must be realistic and attainable to be effective Communications objectives - Derived from the overall marketing plan - More narrow than marketing objectives - Based on particular communications tasks - Designed to deliver appropriate messages - Focused on a specific target audience
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Chapter 7 Many Different Factors Affect Sales Sales$: Advertising and Promotion “nothing kills a poor product faster than good advertising” Competition: always match price drop Product Quality: product quality drops = sales drop
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Chapter 7 Notes - Chapter 7 Chapter 7: Establishing...

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