SMART objectives are simple and quick to learn. The objective is the starting point of the marketing plan. Once environmental analyses (such as SWOT, Five Forces Analysis, and PEST) and marketing audit have been conducted, their results will inform SMART objectives. SMART objectives should seek to answer the question ‘Where do we want to go?’. The purposes of SMART objectives include:
- To enable a company to control its marketing plan.
- To help to motivate individuals and teams to reach a common goal.
- To provide an agreed, consistent focus for all functions of an organization.
- Specific – Be precise about what you are going to achieve.
- Measurable – Quantify your objectives.
- Achievable – Are you attempting too much?
- Realistic – Do you have the resources to make the objective happen (men, money, machines, materials, minutes)?
- Timed – State when you will achieve the objective (within a month? By February 2018?)
Some examples of SMART objectives as follow:
1. Profitability ObjectivesTo achieve a 20% return on capital employed by August 2018.
2. Market Share Objectives
To gain 25% of the market for sports shoes by September 2017
3. Promotional Objectives
To increase awareness of the dangers of AIDS in CAMEROON from 12% to 25% by June 2017.
To increase trail of X washing powder from 2% to 5% of our target group by January 2019.
4. Objectives for Survival
To survive the current double-dip recession.
5. Objectives for Growth
To increase the size of our CAMEROON operation from $200,000 in 2017 to $400,000 in 2018.
6. Objectives for Branding
To make Y brand of bottled beer the preferred brand of 21-28 year old females in North America by February 2017.
Comments
Post a Comment