SMART Present an example Goal Statement applicable to your o

SMART

Present an example Goal Statement applicable to your organization and follow your Goal Statement with an example of a SMART Objective to help achieve the Goal. Analyze how these two statements are different from one another.

Goal: A broad-reaching statement of what we want to achieve. (Usually at least 1 to 3 years in the business world when used in a Strategic Planning effort)

Objective: A specific statement of action(s) we plan to take to help us achieve each of our Goals. (shorter term)

In most cases, multiple Objectives are developed to help achieve a single goal, and collectively these objectives will result in meeting the goal.

Since Objectives define actions we intend to take, and as such, will turn into work being performed by the people in the organization, we will be using the “SMART Objectives“ principles for developing our objectives. So, for clarity, when we speak or write of objectives as a part of strategic planning in this course, we will use the term \"SMART Objectives.\"

“ SMART” is an acronym for the following required elements of a quality Objective.

S----Specific   (Not a vague statement---defines work to be accomplished)

M---Measurable  (The organization determines what constitutes completion)

A---Achievable  (The organization makes the necessary commitment)

R---Relevant  (The objective is fully supportive of accomplishing the Goal)

T---Time-Framed  (The time for completion of the Objective is not open-ended)

Solution

Organisation: Customer care products manufacturing

Goalstatement : Increase revenue of the company by creating more value to the customers and gaining more market share.

Objective: Reduce operational cost inorder to leverage more on margins of the product share

Enhance customer service effecvness through real time market analysis

identify potential new market for business expansion

SMART goals

Specific Revenue of ththe company can be increased only by generating more sales , rwducing the operational cost and expanding product portfolio and identification of new market

Measurable : Increase sales revenue by 20% within next 3 years

Gain market share atlatleast by 10% more than the last year in the current year.

Customer satisfaction score shouod be min 90% (9/10)

Attainable : Deep dive on current market and identify opportunity for new product introduction . Do more customer oriented marketing and collect real time response and surveys to evaluate their requirement

Relevent : changing customer demand and increasing cost pressure need to identify new market for business expansion and should bridge the gap on customer based service models.Revenue gain is necessary for overall development of Company.

Time specific: sales revenue to be increased within 3 yrs time frame and every year customer satisfaction score should be maintained at 90%. Opportunity identification and market expansion should be planned and executed for every year down the line of 2-5 yrs.