Currently traditional institutions of higher learning are facing more robust competition from alternative educational programs and non- traditional institutions offering certificates and degrees. In addition to this competition the programs offered by the traditional institutions of higher learning are being called into question by graduates; the parents of graduates and the potential employers of these graduates. Parents and graduates are questioning the cost /benefit of a college degree and employers are discounting the relevance of a GPA as an attribute for entry level positions. The authors briefly discuss the introduction of the Collegiate Learning Assessment Test (CLA+). The test is designed to be administered to graduating seniors and the test results will serve as evidence that a graduate possesses the skills considered to be essential by potential employers. The authors point out that the CLA+ is a summative assessment measure. They contend that assessment programs must also include formative assessment measures. The authors propose that assessment programs should be a continuing component of each and every class within each and every degree program offered by the traditional institutions of higher learning. Formative assessment efforts must begin at the level of the individual class and must be linked to statements of both teaching and learning objectives relevant to the course content. From an analysis of syllabi that were used in an introductory Marketing course, the authors have chosen to illustrate unsuitable teaching and learning objectives The authors point out the necessity of informing faculty members about the elements of effective and measurable teaching and learning objectives. The authors then present a series of teaching and learning objectives derived from their experience in revising an important introductory or portal course. Finally, the authors contend that the structure and language of the teaching and learning objectives presented in the article can be generalized to programs and courses in a variety of academic disciplines and offer some suggestions for the conduct of assurance of learning (assessment) efforts.