Formulate the objective:
Formulate the objective:
Your objectives should follow
the SMART rule to be more likely to succeed.
This is because:
- Your
objective should be clear (Specific) so you know exactly what needs to be
achieved.
- You
can tell when it has been achieved (Measurable) because you have a way to
measure completion.
- Is
likely to happen because it is an event that is Achievable.
- Before
setting an objective you should analyse relevant factors such as resources and
you time to ensure that it is Realistic.
- Finally the Timescale element provides a deadline which helps you, focus on the tasks required to achieve the objective.
Figure 2:
SMART rule: Specific, Measurable, Achievable, Realistic and Time scaled
EXAMPLE
Organisations, businesses and people
set objectives everyday often without realising it. If they test their
objectives against the SMART principle, they will increase their chances of
success. Once a SMART objective has been set, the next step is to write a plan
detailing how the objective will be achieved” [1]
A software company would like to
increase its sales so it has set an objective to increase its market share to
3% in 12 months.
|
Element |
How does the objective include this element |
|
Specific |
The objective specifically states
that the firm would like to increase its market share instead of something
general like be more profitable |
|
Measurable |
The objective specifically states that the
firm would like to increase its market share to 3%. Stating the percentage
provides something that can be measured to show whether the objective has
been achieved or not |
|
Achievable |
Before setting the objective the
firm should have assessed its capabilities and its marketing environment to
ensure that the objective is achievable |
|
Realistic |
Before setting a 12 month deadline for the
objective the firm should have reviewed its resources, employees, competitors
and current market share to ensure that an increase in market share to 3% in
12 months is realistic |
|
Timescaled |
This element is achieved by the
objective including a 12 month timescale |
[1] Smart objectives, Learn marketing
net: For Marketing Learners Globally, http://www.learnmarketing.net/smart.htm
[16.11.2012]