SMART Goal?

Goal setting must be SMART, when I was told to draw up a Marketing Plan for Product A. I was then a Product Manager in an MNC.

Very logical and reasonable. So, what is SMART Goal? I learnt that SMART is a acronym for:

• S= Specific
• M= Measurable
• A= Achievable
• R= Realistic
• T = Time bound

Thus a Goal must be specific and not general eg Product A must achieve 10% "Asthma" inhaler market share - NOT Product A must have10% market share.

 

Further, it must be measurable otherwise if we do not have the knowledge of the market it competes in how can we measure? Do we have the skill and means to measure? Do we understand the market?

 

Is 10% market size achievable or attainable? If not, why not? Further, if Product A is a "late-comer" to an existing competitive and matured market where there are already more than 10 competitors, is 10% achievable? Are there adequate resources like A&P and manpower in place to support the sales activities?

 

Is 10% realistic or relevant considering that there are already more than 10 competitors, despite the resources that the Company intends to "put in"? Or should the resources be allocated for other programs that may yield better returns etc Or should we redefine the market share to 5% or more if the Company agrees to proceed with the promotions for Product A?

 

Finally, to achieve the 10% market share, there must be a defined timeline otherwise there is no agreed deadline to achieve the goal. 

 

Thus, SMART Goal would finally be with clarity and time bound, and will read like this: "Product A must achieve a 10% Asthma inhaler market share by end December 2013". Well defined goal that leaves no room for ignorance, doubt or misunderstanding!