They typically relate to what products (or services) will be where in what markets (and must be realistically based on customer behaviour in those markets). They are essentially about the match between those ‘products’ and ‘markets’. Objectives for pricing, distribution, advertising and so on are at a lower level, and should not be confused with marketing objectives. They are part of the marketing strategy needed to achieve marketing objectives.
To be most effective, objectives should be capable of measurement and therefore ‘quantifiable’. This measurement may be in terms of sales volume, money value, market share, percentage penetration of distribution outlets and so on. An example of such a measurable marketing objective might be `to enter the market with product Y and capture 10 per cent of the market by value within one year’. As it is quantified it can, within limits, be unequivocally monitored; and corrective action taken as necessary.
The marketing objectives must usually be based, above all, on the organization’s financial objectives; converting these financial measurements into the related marketing measurements.
He went on to explain his view of the role of `policies’, with which strategy is most often confused: “Policies are rules or guidelines that express the ‘limits’ within which action should occur.
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