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SMART OBJECTIVES
EXERCISE 4 ANSWERSSMART Objectives Theory Page | Worksheet Answer
After completing primary and secondary research about the PC industry, your company LM Ltd is now ready to write its marketing objectives.
1 Write SMART objectives outlining what LM Ltd would like to achieve within the PC Market.
You can decide what your objectives will be as long as they follow SMART principles. Here is an example answer.
Specific - Obtain 3% market share during the first year of operating in the PC Market
Measurable - By selling 3000 PC units per month
Achievable - Primary and secondary research suggests this objective is achievable
Realistic - The Financial resources and manpower which will support this objective have been carefully calculated to ensure that this is a realistic objective
Timescaled - From 01 April 2015 to 31 March 2016 so that 3% market share is achieved by the end of March 2016
2 Why is it important for LM Ltd to ensure that their objectives are SMART
Plans with SMART objectives help support achievement by encouraging clear objectives which you can track. If your objective doesn't have one of the 5 elements it is less likely to succeed.
Specific - This ensures you are clear about what you would like to achieve, otherwise objectives could continuouslychange or your team may end up working on different objectives. In our example 3% market share should help dissuade people from trying to over or under achieve market share.
Measurable - If you can't measure your progress then you won't know how you are progressing and when you have achieved your objective. If you don't know how you are doing then you won't know whether your plans need to be amended.
Achievable - There is little value in setting objectives that you are not going to achieve.
Realistic - This element is about ensuring that once you put all of the elements in your plan together, the plan as a whole is realistic. For example although achieving 3% of the market share is achievable it may be unrealistic to try and achieve it within two months.
Timescaled - Deadlines help to focus people and teams by providing clear start and end dates. Without start and end dates people may take too long to achieve objectives or rush things and affect output quality. As Time scaleshelp people manage different priorities it is useful to give each element of your plan its own start and end date.
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