Case: D1 | SMART goals

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Set your goals

08-04-2022 479 views 2

D1 | SMART goals

‘We want to increase sales.’
‘More volume.’
‘Bigger market share.’

These vague descriptions are perfect examples of what not to do while setting up an export-marketing plan. Generalities only create confusion and lead to poor results. On the contrary, you will need to know exactly what your goals are. Goals should contain enough detail so that the people involved understand what results are expected.

An effective way to define a specific outcome for objectives is to use the SMART outline. SMART is an acronym for Specific, Measurable, Achievable (also: ‘Agreed upon’), Realistic and Time-based. If you develop your company’s export goals and objectives to meet these requirements, then your plan will have a good chance for success.

Do you want to push a specific product? Do you want to have more market share? Do you want to focus only on one type of customers / market segment? Which comes first and which will come next? Well, you probably have got the point. It’s a about time to think strategically.

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export management

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Assignments for students

Keep your business case in mind, think over your research and answer the questions to your best ability.

At first, you will be asked to clearly identify different segments of potential consumers.
You’ll conclude with a clear definition of SMART goals for the short term (< 1 year) as well as for the long term (3-5 years).

Remember SMART?

Specific. Be as precise as possible. “Being leader, being number one”: that is not specific at all; it is not a definite goal. Be surgically precise on what. On how.
Measurable. Link the goal to numbers. How much do you want to sell?
Achievable. You need ambition… and also to be pragmatic here.
Realistic. Based on your research so far, is the market ready? Is your company able to deliver on it’s promises and forecasts? Are any partners willing and able to make it all happen (in your set time frame)?
Time-based. When? How fast?

Which standards apply?

All questions are answered; any motivation is valid, concise and to the point.
The market segments mentioned are specific and valid.
The goals mentioned are specific, measurable and time-based. It is allowed to make assumptions to support the attainability of the goals.

Core assignments for students

Discover whether you master the essence of this case by completing the corresponding core assignments. If necessary, you can share your answers with your teacher or supervisor.

Case: D1 | SMART goals

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Edvard Spaapen

Editor of content during development stage