Goal SettingSuppose you are the sales head at a newly established herbal tea company looking to launch its product in a matured market like Mumbai. There are four major players in the market with approximately 90% of combined market share among them. Considering the market and the SMART criteria, which of the following would be the most appropriate goal that you should be looking to achieve?Acquire 25% market share in the first month of operation.Acquire 5% market share in the first year of operation.Acquire as much market share as you can in the first year.
Question
Goal SettingSuppose you are the sales head at a newly established herbal tea company looking to launch its product in a matured market like Mumbai. There are four major players in the market with approximately 90% of combined market share among them. Considering the market and the SMART criteria, which of the following would be the most appropriate goal that you should be looking to achieve?Acquire 25% market share in the first month of operation.Acquire 5% market share in the first year of operation.Acquire as much market share as you can in the first year.
Solution
The most appropriate goal, considering the market and the SMART (Specific, Measurable, Achievable, Relevant, Time-bound) criteria, would be to "Acquire 5% market share in the first year of operation."
Here's why:
-
Specific: This goal is specific as it clearly states what needs to be achieved - a 5% market share.
-
Measurable: The goal is measurable as market share percentages can be calculated and tracked.
-
Achievable: Given that the market is mature and already dominated by four major players, acquiring a 25% market share in the first month is highly unlikely and thus not achievable. However, a 5% market share in the first year is a more realistic and achievable target.
-
Relevant: The goal is relevant to the company's objective of establishing its product in the market.
-
Time-bound: The goal has a specific timeline - the first year of operation.
The other two options are either not achievable or not specific and measurable, and therefore do not meet the SMART criteria.
Similar Questions
Use a set of market-firm diagram to illustrate the situation of Healthy Herbal Power. Label allrelevant critical points and data related to price, quantity, costs and profit (loss) condition. NOexplanation is required.
What could be the most appropriate sales-focused goal for your staff, given your objective? Select an option keeping in mind the SMART framework.Sell a minumum quantity of any one of the snacks (such as cookies) within this quarter.Sell a minimum number of combo meals (for example, 'sandwich and chai' or 'burger and shake') within this quarter.Sell newly launched products, thereby boosting their adoption.Sell a minimum quanitity of tea within this quarter.
b a b Analyse two benefits to a business of setting marketing objectives.
The process of developing and maintaining a strategic fit between the organisation’s goals and capabilities and its changing market opportunities is known as...a.long-range planningb.annual market planningc.strategic planningd.ahort-term planninge.SBU planning
What approach might you take if the company wanted to enter new markets to help the business achieve its objectives?
Upgrade your grade with Knowee
Get personalized homework help. Review tough concepts in more detail, or go deeper into your topic by exploring other relevant questions.