Question

- The purpose of a marketing plan,

- The importance of developing marketing goals,

- An example of a quantitative marketing goal and a qualitative marketing goal,

- Ways to determine if you are achieving your marketing goals outlined in your marketing plan.

Answer 1

The main purpose of marketing is to create customer’s interest in the company’s products & services, in other words the marketing is defined because of the process of identifying, anticipating, and fulfilling the customers’ needs.

The marketing goal is the highest point of a journey that you simply reach through specific objectives and strategies in marketing. Defining and developing marketing goals always similar to defining company goals. Nobody does marketing for the sake of marketing the basics goals of marketing are always more sales, more profits, more market share, more revenue. The marketing goals is the main objective of your marketing plans and strategy, both goals and objectives are different in marketing but many peoples use goals and objective interchangeably, but marketing objectives helps you to achieve the marketing goals  

Quantitative Marketing goal

Increase market share by X% in the next financial year

Expanding market share is key for business growth and it can be defined as the percentage of the total market’s revenue of an industry which will be earned by a particular business. It gives an idea of its revenue compared to the industry and its competitors.

Market share can be calculated using the below formula:

Market Share = Company’s Revenue (Sales)/Entire Market Revenue (Sales)

Qualitative Marketing goal

Awareness

Awareness refers to consumer ability to recollect the specific product or company's name and whether they are aware of a business' activities in the market. Firms use awareness advertising and marketing campaigns to inform the customers.

Example and way to determine quantitative marketing goal

XYZ has reported its gross revenue of $50 million and the industry in which XYZ operates, it has total gross revenue for the $500 million.

Calculation of market share can be done as follows:

Company total revenue = $50 million

Industry total revenue = $500 million

Therefore, market share = $50 million/$500 million

Hence, the market share of XYZ is 10%

Example and way to determine qualitative marketing goal

In a qualitative marketing survey, the researcher might ask the consumer to rank the top three or five companies in an industry, if your business gets register in ranking then your company’s marketing campaign and advertising are effective in the market.