MGT 3300 Lecture Notes - Lecture 11: Marketing Mix
Document Summary
A firm should develop its own objectives which usually reflect a company"s mission statement and objectives. A mission statement helps set the course. It sets out the organization"s basic purpose for being. The whole firm and each functional area should work toward the same objectives. Company objectives provide the larger framework for setting marketing objectives. Marketing objectives guide the development of objectives for each element of the marketing mix. Knowing the objectives for a specific element of the marketing mix then guides more specific objectives. For example, marketing objectives drive promotion objectives. And then promotion objectives will drive objectives for each element of the promotion blend. Objectives should be explicit quantified and related to time deadlines. It is important to evaluate how realistic each opportunity is in relation to the specific capabilities of the company. Key areas that limit the search for opportunities are: Financial strength some opportunities require significantly more capital than others.
