Indicator 1.04 – Employ marketing information to develop a marketing plan Part 2

RELATIONSHIP OF GOALS, TACTICS, & STRATEGIES TO THE MARKETING MIX Mission Statement – the guiding principle for all business decisions and provides direction for planning. Goals/Objectives – established on a yearly basis and support the mission statement. Goals must be measurable and have a deadline. Strategies – are then developed to accomplish goals and it reflects the method to achieve the goal (what to do). Tactics – are then developed to accomplish the strategies; it is the how things will be done, daily actions.

Goal: What is the marketer’s destination? A goal is an objective you plan to fulfill SMART:(Specific, Measureable, Action, Realistic, Timebound) Determine where your firm needs to be by a particular date and agree upon goals A family-style restaurant wants to increase sales Agree to increase annual sales by 10% over last years sales Goal is specific and can be evaluated for success or failure at the end of a given time frame.

Strategy: Which route will the marketer take to get there? A strategy is a plan of action for achieving your goals and objectives. Create the plan of action (route) believed to be most efficient. Example: Strategy #1: add a kids’ menu in order to increase sales to young parents in the area

Tactics: What small steps are needed to make it happen? Tactics are specific actions used to carry out strategies Marketers carefully choose the short-term actions, or tactics, they use to carry out their strategy. Tactics must line up with where they plan to go –their goal- and how they plan to get there They pay attention to every detail – their strategy

MARKETING STRATEGIES CHANGE…… What factors cause that change? Different Goals Economic conditions change Political or influence of governmental agencies changes Demand changes reflecting new consumer attitudes Environmental changes Advancements in technology Actions of Competitors