Week 10-11 Flashcards
(41 cards)
is a company’s plan to sell or advertise a product or service.
It’s a long-term plan that guides a company’s marketing efforts, resources, and
tactics. A _________ is essential to a business’s success.
Marketing strategy
an overview of how a business or organization will
articulate its value proposition to its customers. Generally, a _________
outlines business goals, target market, buyer personas, competitors, and value for
customers.
marketing strategy
explains the organization’s current purpose and how it
will achieve its goals, it describes the organization’s current purpose, including
its business, objectives, and how it will achieve them
Mission statement
often mutable and can change as the organization’s circumstances change.
mission statement
defines the organization’s business, its objectives, and
how it will reach these objectives.
mission statement
_________ describes the organization’s future goals, it describes the
organization’s future goals and aspirations.
vision statement
are often more
future-oriented than mission statements.
Vision statement
are important for the success of a business
because they provide purpose and meaning. They can be used to guide strategy
development, communicate the organization’s purpose to stakeholders, and set
goals.
Mission and vision statements
are measurable goals that businesses set to achieve through their marketing
campaigns. They are designed to align with the overall business strategy and ensure that marketing
efforts are focused on achieving specific goals.
marketing objectives
In the ______________ section of your plan document, you spell out your revenue and other
goals for your marketing efforts for the next 3 years. (and, ideally, beyond), while also providing
specifics on how you will achieve them
Marketing objectives
As a start, consider that a typical marketing plan has at least four objectives:
• Lead generation.
• Brand awareness.
• Brand consideration.
• Sales.
should include a description of what you intend to accomplish,
including concrete, numerical goals with an associated marketing timeline.
marketing objectives
Restrict the number of __________ you set per year. Keep them challenging but
achievable. Set modest goals to start so you avoid discouraging your people or yourself. You don’t
want to set an unrealistically high bar.
marketing objectives
are specific, measurable, achievable, relevant, and time-bound goals that help you
achieve your marketing goals.
SMART marketing objectives
Make your goal clear and easy to understand. For example, you can set a goal to sell 100 products, get 200 new
subscribers, or generate 20 qualified leads.
Specific
Identify metrics that you can use to track your progress. For example, you can track the number of website visitors
that come from your marketing campaigns.
measurable
Make sure your goal is realistic and achievable within your company’s constraints. Setting an unattainable goal
can lead to wasted time and poor morale.
Achievable
Set a deadline for your goal. This will help you stay on track and ensure your team feels a sense of urgency.
Time-bound
Consider how your objective will help you achieve a larger goal.
Relevant
improving the unique product value proposition
customers will see the product as more desirable and be willing to pay a price
premium, therefore, sales revenue will be increased.
Finance objectives
a target or something we want to achieve through the
finance department. ___________ guide the finance department and
its team in making decisions and focusing on relevant activities to achieve
objectives.
financial objectives
can relate to revenues, costs, and profits. In a broader
scope, they may also relate to return on investment, capital structure, and
financial soundness (associated with financial leverage).
Financial objecives
12 TYPES OF FINANCIAL OBJECTIVES
- Increasing margins
- Increasing revenue
- Reducing COGS
- Reducing overhead
- Improving liquidity
- Increasing net revenue
- Calculating EBITA (Earnings Before Interest Taxes and Amortization)
- Maximizing ROI
- Maximizing ROCE
- Improving cash flow
- Increasing net profits
- Reducing debt-to-equity ratio
are the gaps between financial measurements, like revenue and costs or
profits and revenue
margins
