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Objectives
Objectives are statements of plans of intention stated in a measurable and subjective way. In a study by Kotler (2009) objectives are specific in nature and carry a characteristic of being achievable at the end of a specified period of time. The objective of the company will mention the targets to be achieved by the end of financial year 2010 June. Converse company will state its objectives with reference to market share, sales and profitability.
Market share
By the end of the financial year, Converse Company will cover 67 % of its market niche. The objective will be achievable after integrating e-marketing strategy in its advertisement criteria. This is in recognition of the fact that information technology plays a critical role in the present economy where most of the transaction is done via internet.
The 67 % market niche covers a total of 10 identified potential market environment. In a study (Kotler, 2009) branding, pricing, and excellent distribution channels will sum up to meet the target of 67% market coverage.
Sales
A statement of sales objective of the company is: by the end of the financial year June 2010, Converse Company will have recorded a sales level of 10,000 units which is equivalent to $ 500,000. Competent sales team who will be employed form a basis for a high sales level to be recorded. A continuous process of research on the product is important to build its competitiveness. This undertaking will also make the company to take over the market and increase its output level in terms of sales.
Profits
After consideration of the costs and other expenses of the company, a profit level of $ 400,000 will be achieved at the end of the year. This represents a percentage turnover ratio of 60 %. The objective is achievable following a shift to a less costly strategy of e- marketing. With reference to customer’s experience, feedback from customers is important if the company is to realize more sales. Converse company will target to meet a high satisfaction level for its customers.
Control
This entail measuring the performance of the company with reference to pre-stated objectives. It assists the policy makers or rather the managers to adjust their marketing strategies with an aim of meeting the objectives. It is imperative to disintegrate the objectives of a whole financial year into periods of 3 months interval. The action will go along in monitoring the performance of the business in 4 periods of three months each. Tabular illustration of periodic targets is shown below.
The rate of return to investment is calculated by dividing earnings with the net investment and converted to percentage.
Recommendation if the plan fails
In a study by Joshi (2005), outsourcing is one of the factors to consider if sales level is to be increased. Converse company will employ the services of Horizon outsourcing company to sell some of its products. The net effect will be a higher turnover ratio and possible 30% profit increment.
Another channel available for the company is training of its sales team on customer relation so as to orient the company to a customer based mode of marketing. Customer experience centers are important in obtaining feedback on market intelligence and therefore tailor products to customer’s satisfaction.
References
Joshi, R. (2005) International Marketing. 3rd edition. New Delhi, Oxford University Press.
Kevin, L and Kotler, P. (2009) A Framework for Marketing Management .4th edition. Texas, Pearson Prentice Hal.
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