Page 82 - Duct Tape Marketing

66 Part I: Getting Started in Marketing

Table 5-1 Anatomy of an Objective

A Verb A Noun A Precise Description of the Desired
Change
To introduce
To gain a new section aimed at young, affluent urban professionals
To improve
5 percent market share from Competitor X

delivery time by one hour daily

Setting strategies

Strategies are the plans for achieving business objectives. They are practical,
achievable, and action-oriented. Strategies generally detail changes that a
business intends to make to the four marketing functions called the market-
ing mix: pricing, product, promotion, and place (also known as distribution).
These four marketing mix elements are easily remembered as The Four Ps.

ߜ Product: What will you sell? How will you develop or alter your offering
to meet your goal and objectives?

ߜ Pricing: How will you set or change your pricing or payment options?

ߜ Promotion: What will you say in your advertising and promotions? How
will you communicate your product benefits?

ߜ Place: Where will you make your product available to your customers?
How will it be distributed?

Cast your goals and objectives in cement when you create your marketing
plan each year. But your strategies must remain flexible so that you can
adjust them in response to competitive forces, economic realities, or new
opportunities that arise over the course of the year. As you alter your strate-
gies, though, remember that the only strategy worth pursuing is one that
directly supports your goals and objectives.

Goals, objectives, and strategies in action

Once you’re clear about your annual goal, every action becomes a building
block toward achieving that ultimate desired end.

Small businesses sometimes falter when asked to state their goals. Instead
they say that they’re going to open a new office, begin selling a new product,
or increase prices in June. But those aren’t goals — those are strategies.
Knowing your strategies without being clear about the goal you’re trying to
reach is like wandering in the woods wearing a blindfold.