vowelSMART Objectives

SMART Objectives.

How do you make objectives SMART?

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 objectives. Objectives should seek to answer the question 'Where do we want to go?'.

The purposes of objectives include:

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To enable a company to control its marketing plan.

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To help to motivate individuals and teams to reach a common goal.

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To provide an agreed, consistent focus for all functions of an organization.

All objectives should be SMART i.e. Specific, Measurable, Achievable, Realistic, and Timed.

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Specific - Be precise about what you are going to achieve.

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Measurable - Quantify your objectives.

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Achievable - Are you attempting too much?

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Realistic - Do you have the resources to make the objective happen (men, money, machines,

materials, minutes)?

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Timed - State when you will achieve the objective (within a month? By February 2018?)

Some examples of SMART objectives follow:

1. Profitability Objectives

To achieve a 20% return on capital employed by August 2019.

2. Market Share Objectives

To gain 25% of the market for sports shoes by September 2018

3. Promotional Objectives