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SMART Objectives exercise.

You have now found secondary information on your chosen industry and listed the types of primary information, which your company may use to assist them to help them understand the needs of their potential group.

The company now wishes to set out what it wants to achieve with their marketing strategy.

Exercise:

1. List for LM Ltd SMART objectives.

2. Why are setting SMART objectives important for the company?

Answers

SMART Objectives for LM Ltd

• Specific: To obtain 3% market share within the first year of operations within our industry.
• Measurable: To sell 3000 units per month, which equates to approximately 3% market share.
• Achievable: Taking into account primary and secondary research and facts from our market share data LM Ltd do believe the objectives set are achievable.
• Realistic: Considering the amount of financial resources and manpower expertise we at LM ltd do believe that objectives set are realistic.
• Time: It is the hope that the 3% market share objectives set for LM Ltd will be achieved by the end of Dec 31st 2004.
  

 

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Further reading:

Principles of Marketing by Philip Kotler

Principles of Marketing by Frances Brassington