Setting Realistic Objectives, Part 2

Editor's Note: In part one of this two part series, Bruce W. Marcus explained how to develop objectives for your firm and how they must relate to the firm's marketing objectives. In part two he explains marketing objectives and how to create a marketing program.

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Marketing Objectives

The word market warrants some clear definition. A market is a group, of any size, with a common need or purpose. A market is a group that can be reached by common media. A market group is dynamic, subject to change, to reorganize, to respond to such external forces as the economy, laws and regulations, and social factors.

Recognizing that the shape of any market group is at best amorphous, the prudent marketer must be dedicated to understanding each market group's dynamic, its immediate as well as its potential needs, and the factors that affect its foundation. For example, significant financial regulation changes the nature of the financial market for both accountants and lawyers. New laws and regulations, as well as changes in accounting principles or tax laws, all affect the nature of the market. And all generate new marketing activities. Not every company in a market is right for your firm, but fortunately the electronic media makes it possible to learn a great deal about most target companies and to tailor specific marketing efforts to a particular company. It's called target marketing, obviously.