Objectives

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…The marketing plan allows the marketing manager to enter the marketplace with an awareness of possibilities and problems…without objectives; there is no basis for measuring the success of marketing plan activities. (Lamb Hair McDaniel MKTG Chapter 2 page 18)

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A marketing objective is a statement of what is to be accomplished through marketing activates. The objectives themselves must follow realistic, measurable goals and be time specific.

• Increase product awareness among the target audience by 25 percent by focusing on college campuses across the country.

• Inform target audience about features and benefits of our product with a goal of increasing sales by 10 percent in one year.

• Set up the fragrance within social networks such as Facebook and Twitter, organize viral campaigns on YouTube to increase awareness of our product by 10 percent within the first six months of release.

• Setting up organized attendance to all major sporting events including XGames with booths to give away samples of our product with a goal of increasing awareness and sales by 5 percent.

• Pricing structure is to be set at $25 for a 1.7 ounce bottle of Quest’ la Vita is a reasonable amount to as for with stipulation that there is freshness date and the fragrance must be replaced after six months of use.
Competition varies during the product life cycle, of course, and so at times it may strongly affect pricing decisions.  (Lamb Hair McDaniel MKTG Chapter 17 page 273)



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Demographic Factors

…Generation Y were born between 1979 and 1994…Inquisitive. Gen Yers tend to be inquisitive, wanting to know the reasons why things happen, how things work, and what they can do next. Connected. Fifty-four percent use social networking sites like …Facebook and 44 percent have created profiles featuring photos, hobbies, and interests…Gen Yers are not easily shocked. They’re much more aware of the world around them than earlier generations were. (Lamb Hair McDaniel MKTG Chapter 3 page 35)

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As stated in chapter two of the book, promotion includes advertising public relations, sales promotion, and personal selling. Promotion’s role in the marketing is to bring about mutually satisfying exchanges with the target markets by informing, educating, persuading, and reminding them of the benefits of a product.

Penetration pricing is at the opposite end of the spectrum from skimming.  It means charging a relatively low price for a product  as a way to reach the mass market.  (Lamb Hair McDaniel MKTG Chapter 18 page 279)