SMART

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Goal setting is a common practice in marketing. It is important to set goals in the marketing strategy so that the marketing practices are aligned with the overall goals of the business. SMART goals are specific, measurable, attainable, relevant, and time-bound. These goals are applicable in business as well as for yourself.

For this assignment, you are an entrepreneur. You have a new product or service that you have created, and you are getting ready to launch your new brand. While putting together your marketing strategy, you should consider your marketing goals.

This assignment will help you connect core marketing conceptsspecifically the 4Ps (Product, Price, Place, Promotion)to your digital strategy, while also incorporating goal-setting through SMART goals. Youll explore how the marketing mix has evolved in todays digital world and apply these concepts to your own business idea.

These resources will give you a deeper understanding of how digital tools have changed the way businesses approach marketing and why clear, measurable goals are critical to success:

https://www.indeed.com/career-advice/career-development/smart-goals-marketing

Section 1: Marketing Mix and USP in the Digital Age

1. What is the name of your brand and the product or service you are launching? Provide a brief overview.
2. According to the Ali (2023) article, companies should “understand the consumer demand first and then design your product around that need.”

• What is your products Unique Selling Point (USP), and how does it relate to the ‘Product’ element of the marketing mix?
• How does your USP help shape your digital marketing strategy and stand out in the competitive landscape

1. In terms of ‘Place’, how will you distribute your product in a digital environment?

• What are the major differences between your digital distribution plan and traditional marketing channels (e.g., selling in a store)?
• Provide at least one example of how your business will leverage digital platforms to reach your audience.

Section 2: SMART Goals for Your Product Launch

1. Based on the video and reading about SMART goals:

• Write one SMART goal (Specific, Measurable, Achievable, Relevant, and Time-bound) that supports the launch of your product. All of the SMART elements should be present in the one clear goal. For example: Increase sales 10% by Quarter 2.
• Explain why this goal is important to your business and how you plan to achieve it.

1. Why is it essential to use SMART criteria when setting goals for your business, especially in a digital marketing context?