Success of any business is based on achievement of goals. So the need to set objectives in any area of business like sales, production, finance and marketing is essential for planning and control.
An effective way to set objectives is to follow the SMART technique. This is one of the most popular methodology used for setting objectives.
- Specific – Be clear on specific goals to achieve
- Measurable – Quantify the objectives
- Achievable – Is the objective achievable?
- Realistic – Before setting deadline for an objective, firm must think on its feasibility, in terms of resources, competitors, and market share.
- Timed – Be sure on the time by which the objective can be achieved
Organizations usually follow SMART Objectives for ensuring business success.
Read this article on Example of a Smart Objective for a Marketing Plan
