An example of this is Tesco PLC, due to their strong finances they have the resources to receive the research the require opposed to Lidl and Aldi as they don’t have strong finances they won’t be able to access the research that Tesco PLC would be able to
Smart (specific, measurable, achievable, resources, time-bound)
When gathering information, if it’s not cost effective, then the objectives that you have set will be invalid because the information is not very dependable or valid. If your resources are well, small then you might not have enough resources to provide for a huge amount of customers which could lead to your organisation losing customers
As Tesco PLC have the high finances and the resources to provide for the demand of their customers they are less likely to lose customers because they won’t have a reason to leave because they are provided with what they require opposed to Lidl or Aldi as they don’t have the financial backing to support high amounts of customers they’re customers’ demands may not get fulfilled and so they will have sufficient reasons to choose another supermarket to shop at
Objectives; determine strategy and tactics, implement changes; evaluate
The objectives that you have set for the origination will determine the strategy and tactics that you will be using, and then these tactics and strategies will be implemented by changing the current strategies and tactics.
This is also done by Tesco PLC as they have annual objective changes in which they change their objectives for the coming year, the change their objectives my giving their employees new targets that they have to achieve
Validity of data collected
Validity of data collected means how reliable the sources are from which you have obtained your information. If the information is not reliable it won’t be any use to your organisation and won’t be applicable to your organisation, this will also not be effective in creating revenue and attracting customers
Due to Tesco PLC strong finances they are more likely to have valid information that is applicable to their organisation.
Marketing planning process model (audit with PESTLE (political, economic, social, technological, legal and environmental external factors)
When the organisation uses its information to set objectives that may be based on inaccurate or unreliable information. Then the strategy that has been set to achieve those objectives will take time to develop but will be working towards wrong objectives. When the organisation realises the error the will have to change how the organisation operates which will affect the organisation. Then after all that has been stated above has occurred the organisation will then evaluate the objectives
If the information that you have obtained on audit with PESTLE are not reliable or from a reliable sources then the information that has been gathered will be in valid because the sourced information is not reliable and plus how will you know if the person who has given you the information knows the information is valid
If the information that has been collected by Tesco PLC is not reliable it will have a massive effect on their profit, but due to their research team and strong finances the chance of invalid data is very low because they will tend to use different ways to verify the information that has been received
SWOT (internal strengths and weaknesses, external opportunities and threats)
If the information is out of data or from an unreliable sources and you have acted upon that information, then you will have inaccurate information upon the external opportunities and threats which could lead to a massive disruption or loss to your organisation, if the information is incorrect then it will also provide you with wrong information upon internal strengths and weaknesses which could lead to your competitors misusing your disadvantage to their advantage
Before Tesco PLC uses the information that they have received they will redo the researching to see if the same information is valid, they may also do vigorous test to see the validity of the information before setting them as their annual objectives, this is because if they are invalid it will have a negative effect on the organisation
Smart (specific, measurable, achievable, resources, time-bound)
If the research that has been collected from the smart objectives are inaccurate then the objectives that the organisation has set based on the collected information will also be wrong. If the objectives are inaccurate or unreliable then the strategies that have been placed to achieve those objectives will lead the organisation to work towards wrong objectives. If the strategies and objectives are inaccurate then the changes that have been made to achieve those objectives will also been working towards wrong targets. When the organisation evaluates these wrong information that has been obtained from the smart research then they will evaluate the information to evaluate to recognise the wrong objectives, they will then state clearly the loses that the business has acquired
If the validity of the information that you have obtained is unreliable then the objectives will be unrealistic, and so if you spend a lot of money and resources on something that is not what you had expected, then you have wasted your time and resources, and if the information is wrong then the targets may affect your progress, your competitors will then use your misfortune for their advantage
Before Tesco PLC uses the information that they have received from the research they will do vigorous test and sample test to see if the research is realistic or unrealistic, they will also contact the research providers to validate the information that they have been provided with
Objectives; determine strategy and tactics, implement changes; evaluate
If the validity if the information that you have obtained is invalid then the strategies and tactics will be affected because you may not be doing as well as you had initially thought and so this will have an effect on your tactics and strategies because you may have based them upon you doing well in the market place. Wrong information also effects the implemented changes may have been based upon you doing well because these changes had been based upon wrong information this will have a negative effect on the organisation
by
serhadsdeadhotmailcom (student)
