Objectives

After finally figuring out the mission statement, a set of business and marketing objectives must be put in place to ensure that the overall goal is met. Objectives may include establishing a target audience to place more emphasis or even a particular supplier that may prove beneficial to the company. The book highlights an example of establishing these objectives by using the brand Kohler as a model.

“To increase its market share, Kohler might increase its products’ availability and promotion in existing markets and expand business via acquisitions. For example, Kohler intends to boost its production capacity in Thailand to better serve the Asian market.... (Marketing Pg.42).”

“Each broad marketing strategy must then be defined in greater detail. For example, increasing the product’s promotion may require more salespeople, advertising, and public relations efforts; if so, both requirements will need to be spelled out.... (Marketing Pg. 42).”

In order for our Phileas Fogg brand to expand, I plan to initiate an advertising campaign that will help expand the awareness of our brand as an exotic, healthier, alternative to other bar snack brands such as Planters and Frito-Lays.  I plan on tapping into social media as well as designing commercials around a catchy slogan that reflect our mission statement. I felt that viral campaigns and television commercials were a way to attract a broad target audience that varies in age, social class, gender, etc. I expect to see a general non-caucasian population respond well to our campaigns by introducing non-American flavors that they may be familiar with.

Establishing business and marketing objectives are the stepping-stones in creating a business portfolio that the company will rely on.