In order to set SMART (Specific, Measurable, Achievable, Realistic and Time bound) goals, it is highly important that there is a compatibility between the marketing and business goals. (Write Market). The broader marketing goal is to become a cost leader and gain a larger market share in the market of toy manufacturers (Locally) in 25-30 years since the company at present is at its infancy stage. Company’s focus at present unlike its competitors is to give customers “More for less” in terms of value.
However, this long-term goal represents where the company wants to be in the future. The short-term goals include enhancing external positioning in the toy market by conducting ATL (Above the line marketing communication strategies like advertising, working on store ambiance and layout to make them more consumer friendly, etc) and BTL (Below the Line advertising like events, stalls, discounts, etc), maintaining and enhancing relationships with suppliers.
Stakeholder engagement, Up-to-date Knowledge about market trends, customer needs and changes in customer needs are also important marketing goals. It is also important that the toys Unique Selling Proposition i. e. low price, environmental friendliness, distinct benefits of using ORIGIN, innovative uses, etc are clearly communicated.
University/College: University of California
Type of paper: Thesis/Dissertation Chapter
Date: 16 October 2016
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