Marketing Strategy. Chapter 5 Mission, Goals, and Objectives. The mission statement is a clear and concise statement that explains the organization's reason for being. All firms, no matter how large or small, need public mission statements.
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Mission, Goals, and Objectives
The mission statement is a clear and concise statement that explains the organization's reason for being.
All firms, no matter how large or small, need public mission statements.
Mission statements can be accompanied by shorter vision or value statements that elaborate on what the firm stands for.
The mission statement should be the most critical and comprehensive statement of an organization's raison d'être.
In line with the marketing concept, mission statements should be consumer-oriented.
Elements of the Mission Statement
1) Who are we?
2) Who are our customers and what do they value?
3) What does our organization stand for?
4) What makes our organization unique?
5) What impressions does this organization want key
publics (i.e., customers, employees, citizens,
regulatory agencies) to have of us?
In devising a mission statement, management should be concerned about the statement's width.
If the statement is too broad, it will be meaningless to those who read and build on it.
Overly narrow mission statements that constrain the vision of the firm can prove just as costly.
Mission stability refers to the frequency of modifications in an organization's mission statement.
Of all the pieces of the strategic plan, the mission should change least frequently and will likely remain constant through multiple rounds of strategic planning.
The mission should change only when it is no longer in sync with the firm's capabilities, when competitors drive the firm from certain markets, when new technology changes the way consumer benefits are delivered, or when the firm identifies a new opportunity that matches its strengths and expertise.
Goals are general accomplishments that are desired.
Objectives provide specific, quantitative benchmarks that can be used to gauge progress toward the achievement of the marketing goals.
Goals are expressed in vague terms and do not contain specific information about where the organization stands now or where it hopes to be in the future.
Goals are sometimes referred to as qualitative objectives.
Goals indicate the direction the firm is attempting to move and the set of priorities it will use in evaluating alternatives and making decisions.
It is important that all functional areas of the organization be considered in the goal-setting process.
Criteria for Good Marketing Goals
1) Good marketing goals are ATTAINABLE given the unique
characteristics of the organization and its environment.
2) Good marketing goals are CONSISTENT with one another,
with the goals of other functional areas, and with the goals of
the entire organization.
3) Good marketing goals are COMPREHENSIVE in that they
mesh with the goals of all areas of the organization, thereby
promoting cooperation and coordination with other areas.
4) Good marketing goals involve some degree of UNCERTAINTY
in that they use vague terms such as “largest” or “best” to
indicate comparison with other organizations.
Objectives provide specific and quantitative benchmarks that can be used to gauge progress toward the achievement of the marketing goals.
Goals without objectives are essentially meaningless because progress is impossible to measure.
Objectives involve measurable, quantitative outcomes, with specific assigned responsibility for their accomplishment, and a definite time period for their attainment.
In some cases, a particular goal may require several objectives to monitor its progress.
The organization's goal will usually require the establishment of objectives in various functional areas of the firm.
Criteria for Good Marketing Objectives
1) Good marketing objectives are ATTAINABLE given the unique
characteristics of the organization, its environment, and the
specific considerations identified during the SWOT analysis.
2) Good marketing objectives possess CONTINUITY in that they
promote higher levels of performance as compared to the
objectives of previous planning periods. Marketing objectives
can be either continuous or discontinuous.
3) Good marketing objectives incorporate a TIME FRAME for
4) Good marketing objectives include an ASSIGNMENT OF
RESPONSIBILITY in that they identify the person, people,
function, or unit responsible for achieving the objective.
Marketing goals and objectives identify the desired ends, both general and specific, that an organization hopes to achieve during the planning period.
Properly set goals and objectives set in motion a chain of decisions and serve as a catalyst for the subsequent stages in the strategic-planning process.
Organizational goals and objectives should lead to the establishment of consistent goals and objectives for each functional area of the firm, including marketing.