Assignment -
Goals and Objectives, and Relevant Strategies
The group assignment requires you to develop a marketing strategy that will change the brand preference of a target consumer segment from one product to another. If you have a strategy then you clearly need some goals and objectives which the strategy will strive for. Invariably students do the following:
1. Make no distinction between a goal and an objective; and
2. Provide a list of strategies to achieve their goals/objectives.
Doing this for the group assignment will see your marks slashed. For this assignment you MUST adopt the following approach-this is NON-NEGOTIABLE.
A goal covers a 'theme', e.g. Brand awareness, Growth, Image. How could you measure these? Examples are:
1. Brand awareness-percentage of the target market that is aware of the brand;
2. Growth-annual increase in sales ($); and
3. Image-percentage of the target market that rates the firm in the industry top quartile for customer service.
Objectives are measurable and time specific. Hence, for a three year marketing strategy you may have for the Brand awareness goal the following objectives for the end of each year:
1. Year 1-15%;
2. Year 2-30%; and
3. Year 3-60%.
The following table, in this format, MUST be a part of your report.
Table 1: Goals and Objectives (2018-2020)
|
Objectives
|
|
Goals
|
How Measured
|
Year 1
|
Year 2
|
Year 3
|
|
Brand awareness
|
Percentage of the target market that is aware of the brand
|
15%
|
30%
|
60%
|
|
Growth
|
Annual increase in sales ($)
|
2.5m
|
4m
|
7.5m
|
|
Image
|
Percentage of the target market that rates the firm in the industry top quartile for customer service
|
10%
|
25%
|
50%
|
|
|
|
|
|
|
Instead of then just listing a number of strategies for this assignment you MUST write a strategy on how you are going to achieve:
1. The Brand awareness goal and objectives;
2. The Growth goal and objectives; and
3. The Image goal and objectives.
You write these strategies in the same order as the goals are shown in the table. A few points to note:
1. Goals should be in priority order;
2. They should also follow some logic, e.g. if you are launching a new product then Growth would not be the first goal as you need to create awareness first (based on the Awareness Interest Desire Action model)-so priority and logic may not be so simple to decide;
3. How many goals should you have? Three would be a minimum and I think five would be a maximum although you may have more; and
4. As you write the strategies to achieve each goal you may start to see some overlap. What you do to increase sales may also be something that helps build the brand, i.e. you will see the integrative nature of your strategies. This is desirable-it is just not marketing communications that should be integrative but all sub-functions of marketing need to be.
Report Formatting-General Comments
Reports are to satisfy the following requirements.
- Report format-business (not an essay)-see Report Writing notes on Moodle and resources below.
- DO NOT write in the first or second person (I, we, our)-write in third person only.
- Proof-read at least three times for spelling, grammatical and logic errors.
- Australian English is required. You only use US English when you are quoting an American source.
- Font-Any San Serif font, e.g. Arial.
- Size-11.
- Paragraphs-fully justified.
- Paragraph spacing-one space before and after.
- Line spacing-1½ lines.
- DO NOT number the title page. Have the Executive Summary and the Table of Contents in a separate Word section and number them with lower case Roman numbers. Put the Introduction in another section and use the standard numbering-1, 2 and so on-making sure you start at 1.
- All tables and diagrams must be suitably labelled-they do not form part of the word count-check APA 6e Manual for where you put the table/diagram titles.
- APA reference style.
Total 2500 words + 20 Slides.
Attachment:- Assignment File.rar