Elements and Performance Criteria
- Identify strategic direction
- Confirm organisation's mission, vision, purpose and values from current organisational materials or from owners, directors or senior management
- Analyse strategic organisational documents to identify organisational directions and targets
- Complete a situational analysis that identifies factors impacting on the direction and performance of the business
- Identify legal and ethical requirements for the organisation
- Document and confirm the strategic direction of the organisation with owners, directors or senior management, and identify its impact on marketing activities
- Review marketing performance
- Evaluate the effectiveness of previous marketing and positioning strategies to identify lessons learned
- Analyse current key products or services and major markets for strengths, weaknesses, opportunities and threats
- Evaluate previous marketing opportunities captured by the organisation, and examine and document their profitability
- Evaluate marketing performance against previous objectives, targets to identify critical success factors, and areas for improvement
- Scope marketing opportunities
- Identify and analyse marketing opportunities in terms of their viability and likely contribution to the business
- Use an assessment of external factors, costs, benefits, risks and opportunities to determine the scope of each marketing opportunity
- Analyse opportunities in terms of their likely fit with organisational goals and capabilities
- Evaluate each opportunity to determine its likely impact on current business and customer base
- Formulate marketing objectives
- Develop objectives in consultation with key internal stakeholders that are attainable and measurable, and that identify the nature and extent of what is to be achieved
- Ensure objectives are consistent with the forecast needs of the business and the market
- Ensure objectives are compatible with the organisation's projected capabilities, resources and financial position
- Ensure objectives are compatible with the organisation's direction and purpose, and meet legal and ethical requirements
- Formulate long term strategic objectives and related key performance indicators by product or service, market segment and overall
- Develop a risk management strategy to identify risks and manage contingencies, and to ensure that marketing objectives are met in accordance with overall organisational requirements
- Document marketing objectives