Hello Lakshmi,
The trick to devise good or rather smart Objectives for Director - Marketing lies in knowing the management vision and the planned forecast and we are talking of a product related business here.
For a Director - Marketing, the general 3 KRA's, which more or less remains the same throughout are : (1) Sales to be achieved (topline) (2) EBIT (profits) & (3) New business client/ventures/products introduction/etc. A 4th KRA could be related to Customer Feedback, specific market region/territory-domestic-exports/etc, increase in number customers/traders, etc. The 5th KRA could be related to his skills/abilities/competencies-related to leadership/teamwork/problem solving/multi-tasking/strategic thinking/etc- which are desired.
The real challenge while preparing the KRA-KPI lies in writing down the KPI's so that it gives a clear-cut indication of how the performance is to be measured. Remember the word "SMART". The "SMART" the objectives (I mean both, the KRA as well as the KPI's) are, the easier it is to measure the performance. However, the KPI's are generally figures-so it's quantitative, or could be related to time (which is again measurable), or activities (either it's done or not done). So, the trick to ensure that the Objective setting is perfect is to ensure that the KPI's are "SMART" & not difficult to understand.
I hope you find my views useful.
Cheers, A.B.