7891011 12 13. 1415 16 Business Objectives Our goal is to deliver food within th
ID: 418144 • Letter: 7
Question
7891011 12 13. 1415 16 Business Objectives Our goal is to deliver food within the budget. We have a smart goal as under Specific Measurable > Attainable Realistic > Period Specific To obtain 10,000nclients in 5 months, we need at least $ 40.000 in one year. To advertise the company on social media, Camps, and events we spend less money Measurable To increase 20 % income and 40% clients every year. Also, to increase the workforce of the company from 20 employees to minimum of 100 in 2 years there should be food costs less than 40% of all revenue. Attainable To target the goal as per the business in the market. . .Flexibility in goals with the changes or price and wages Realistic Number of employees are in ratio with the number of customers which can alter accordingly Food for events should be ordered at least 48 hours in advance .Explanation / Answer
Company here is identified its goal for the delivery of food product within the calculated budget. While doing so company has divided its goals under 5 measures and phases.
Specific
Company is planning to obtain more and more clients by doing promotion of the product; company has identified advertising as one of the mode of promotion of the product. They are doing all sorts of advertising, beat it on social media or on the television or at various events.
Company is also trying to bring a budget for customer’s acquisition and in numerical terms, the company has come up with a budget of $40,000 in a year to acquire 10,000 clients in coming 5 months. Company is planning to spend more money in customer acquisition as compared to promoting products.
Measurable
Company is planning to increase its income in coming years, it is measured that to increase an income of 20%, company has to acquire 40% more clients every year. This means that per 2 customers only one percent income is increasing. To acquire more customers, company has to increase its sales force also, right now company has a workforce of 20 people and they are planning to increase it to 100 people in coming 2 years.
Apart from this, they are also trying to reduce the cost of food products to increase its revenue by 40% of total cost.
Attainable
Company right now is not very rigid about the plan to achieve its goal; they are ready to strategies and apply as per the market conditions. It is mentioned that company has to target its goal of sales as per the business market condition in the industry and are willing to modify its goal for pricing and wages which is beneficial for the company.
Realistic
Right now, the plan of the company is to acquire 10,000 clients in half year time and achieve that goal, the number of employees are also increased so that the ratio between employee and customer is always 1:1. This situation may alter in future as with experience employees will be able to manage more customers.
In case of sale of food in the big events, the company wants to have the order 48 hours before the event, this is reasonable also as they will get sufficient time to get ready for the order.
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