Q1.

Jagruti Electric Motors is a startup company and has just introduced Two Wheeler electric
scooters in India. The marketing team consists of 10 employees. You lead the marketing
team and you need to prepare four Team goals that the marketing team needs to focus on.
Use the concept of SMART goals while preparing the Team goals.

Answer:-

Introduction: Performance goals are short-term objectives set for specific duties or tasks in your current
job position. These goals are usually related to the overall company goals or specific department goals
where you work. They help you know what is expected of you in your position. Goals can also come
from the highest parts of the company. At a very basic level, most people like to know how they are
performing. They also prefer to have a road map that helps keep them focused and prioritized on the
right things. Performance goals help do this. They can also be vital in getting a promotion or pay raise
because they are often used to gauge employee performance. At a higher level in the organization,
executives like to create performance goals to make sure the overall company goals and those of the
specific departments and employees are aligned. For example, if the main focus of the company is to
reduce operating expenses by 20%, but many of the departments are hiring more sales employees,
investing in new expensive software, and buying new equipment to help drive sales, the likelihood of
reaching the expense goal of the company is very slim.

Types of goals in an organization are :-

1. Strategic: Business strategy is the identification and creation of plans that will help achieve macro
goals such as increased profitability, expansion, diversification, debt reduction, risk management,
increased employee retention or a reduction in taxes. The strategy starts with the end goal and
initially doesn’t define the tactics, or ways in which the goals will be achieved.

2. Tactical: A tactical plan is a written outline of the specific actions you’re going to take to address a
problem or achieve a goal. It could list the tasks that you’ll do yourself, and the tasks you’ll assign to
employees. Ideally, you can set a goal, identify strategies for how you could achieve the goal and then
create a tactical plan to implement those strategies.

3. Operational: Operational goals are specific to the daily tasks and requirements to run a business.
Efficient operations make it easy for employees to function and to excel within their work
environment. Operations ensure that products and service make it to market through predefined daily
tasks. Setting operational goals early makes it easier to scale and grow a business.

Concept and application: Suffice to say, SMART goals have tons of uses and tried-and-true benefits.
Let’s look at each term in the acronym with performance management and one account manager’s
SMART goal in mind. 

Specific- SMART goals are specific and clear, reducing confusion for employees, managers, and even
other colleagues and giving employees focus and direction. Specificity also helps managers evaluate
their direct reports’ performance more objectively. With vague goals, it can be hard to say if the
employee fell short or exceeded expectations, but with specific goals, it will be evident. For the account
manager in our SMART performance goal example, there’s no question about what constitutes success.
They knew exactly what was expected of them to both meet and exceed the goal. If the account
manager retained 92% of their accounts and added 55 new accounts, it’s clear that they crushed their
goal. A vague goal, like “retain most accounts and add new accounts,” could have resulted in lower
client retention and acquisition since the account manager wouldn’t have had exact numbers to work
toward. Or, it could have downplayed just how well the account manager performed that year and the
company may have missed a chance to recognize their work.

Measurable- SMART goals are measurable and their progress can be tracked. Measurable goals have
several uses in performance management: 

 To show if employees are on track, behind or ahead of targeted goals.

 To show the margins by which employee exceeded or ran short of goals.
 Indicate strength and potential areas of improvement.
 Compare past and present performance.

Attainable- SMART goals are achievable while still challenging employees. Achievable goals are those
that employees have the tools, support, time, and expertise to reach. Goals that are too hard to reach
can end up making employees feel discouraged and hurt their performance. On the other hand,
attainable goals can be motivating and inspire employees to continue working toward goals in the
future.

Relevant-Individual goals, objectives and standards need to be aligned with the unit, departmental and
over all organizational missions. Missions defines the purpose and from the purposes, people get the
directions. Mission aligned performance standards and objectives, therefore, help in achieving desired
results. Employees and supervisors need to know that their work expectations cascade from the
agency’s strategic goals

Timely- While deciding performance objectives and standards, it is necessary to spell out the time frame
to make sure the employees get the results in the desired result window. Goals and objectives are
annual and so performance targets also need to be annual. However, for better tracking of results,
performance monitoring is done at short intervals to ensure achievement of performance targets. Set
goals that give employees enough time to achieve them but also challenge them to be productive.

Team goals:-

Use social media marketing to get customers and leads- Marketing teams sometimes use social media
platforms to promote Jagruti Electric Motors and engage with potential customers. Using SMART goals,
we can determine the best ways to advertise content using analytics and respond to comments from
customers. We can also create an accurate timeline for social media campaigns, which are a key aspect
of this type of marketing. By understanding the overall purpose of a campaign, teams can better plan
each process task.

“ Reachout to 5000 people through social media by 31 st of March’23.”

Build an E-mail audience: Marketing teams create email subscriber lists to Jagruti Electric Motors. We
can use the SMART method to study customer trends and optimize email schedules. By evaluating your
strategies using SMART goals, we can determine effective methods for communicating information to
subscribers and discover new ways to increase the number of people on the list.

“Send emails to all interested youth by 31 st January’23.”

Maintain customer satisfaction: Marketing teams typically cultivate relationships with customers,
because happy customers often recommend a brand within their social circles. We can use a SMART
goal-setting process to evaluate your customer engagement protocols and inspire loyalty. By reflecting
on our customer service practices using a guideline, we can find new ways to personalize
advertisements and conduct more successful sales events.

“ Increase customer satisfaction index by 20% by 31 st of May’23.”

Get more online reviews: Many marketing teams strategize ways to increase the number of online
reviews they receive. We can use the SMART method to determine the best digital tools to use for
encouraging customers to write them. By planning a comprehensive process, the team can spend more
time on incorporating customer reviews or using the material in promotional content.

“Increase online reviews by 10% by 31st of March’23.”

Conclusion:- So we can now understand that setting SMART goals develops team cohesion as teams
discuss the terms of goal to better develop a unified purpose for their objective. It helps teams to
prioritse parameters of the goal-setting process which help the team understand the relevance of each
task and increase overall productivity. SMART goals can serve as smaller steps in a larger process,
allowing teams to develop more organized structures.

Q2. “Forever Young” is a women’s premium brand dealing with women’s apparel, shoes,
bags and other accessories. The brand has a pan-India presence in malls and online
shopping. It has plans of launching globally starting with South East Asian countries.
Prepare a Balanced Scorecard for “Forever Young” covering one goal each in Financial,
Customer, Business Process and Learning & Growth quadrant.

Answer:-

Introduction:- The balanced scorecard is the most important SPM tool to realize the strategic intents.
The score-card is so designed that it can track the overall performance in key areas and processes, which
aggregates to business results. Such key areas are divided into four perspectives, customer, internal-
business processes, learning and growth, and financials. When individual, group or organizational level
performance targets are translated into these four balanced scorecard perspectives, it gives more
candid details of performance, and helps the organization to understand how every member contributes
to strategic performance requirements. The balanced scorecard pioneered by Kaplan and Norton (1992)
needs to be developed for the individual employees, groups, divisions, and departments and also for the
overall organizations. The process involves, first deciding the overall scorecard for the organizations, and
then cascade the same to the division, department, group, and individual levels. Integration of the
performance results, ultimately, fits with the organization level scorecard. Assumptions of the balanced
scorecard are that every employee of the organization, irrespective of their functional areas and
hierarchical level, contribute to the four perspectives, and tracking such contribution helps to
understand
the performance results.

Concept and Application:-

Learning and growth perspective: This perspective includes employee training and corporate cultural
attitudes related to both individual and corporate self-improvement. In a knowledge-worker
organization, people are the only repository of knowledge which makes them the main source. In the
 current climate of rapid technological change, it is becoming necessary for knowledge workers to be in a
continuous learning mode. Government agencies often find themselves unable to hire new technical
workers, and at the same time there is a decline in training of existing employees. This is a leading
indicator of ‘brain drain’ that must be reversed. Metrics can be put into place to guide managers in
focusing training funds where they can help the most. In any case, learning and growth constitute the
essential foundation for success of any knowledge-worker organization.
Kaplan and Norton emphasize that ‘learning’ is more than ‘training’; it also includes things like mentors
and tutors within the organization, as well as that ease of communication among workers that allows
them to readily get help on a problem when it is needed

For Forever young we need to train employees to suite them well for the south east Asian countries for
interacting with them in their language and we also need people to learn the demographic lineage of
different countries and the climate of different demographics need to be addressed as it will hugely
affect the sales of different attires of clothing and accessories.

Business process perspective: A business process is a series of tasks or a set of activities performed by a
group of stakeholders to achieve an organizational goal. The processes are performed by people or
systems in a structured manner to attain a pre-defined objective. Efficient and streamlined execution of
business processes directly contributes to the success of business operations and growth. Each step in a
business process denotes a task that is assigned to a participant. It is the fundamental building block for
several related ideas such as business process management, process automation etc. While there’s a
deluge of things written and said about business process management, it’s essential to understand why
they are so important to your business.

Financial perspective: The balanced scorecard uses financial performance measures, such as net income
and return on investment, because all for-profit organisations use them. Financial performance measures
provide a common language for analysing and comparing companies. People who provide funds to
companies, such as financial institutions and shareholders, rely heavily on financial performance
measures in deciding whether to lend or invest funds. Properly designed financial measures can provide
an aggregate view of an organisation’s success.

Customer perspective: In the customer perspective of the Balanced Scorecard, managers identify the
customer and market segments in which the business unit will compete and the measures of the business
unit’s performance in these targeted segments. This perspective typically includes several core or generic
measures of the successful outcomes from a well-formulated and implemented strategy.The core out-
come measures include customer satisfaction, customer retention, new customer acquisition, customer
profitability, and market share in targeted segments. But the customer perspective should also include
specific measures of the value propositions that the company will deliver to customers in targeted market
segments.

Conclusion: Forever young needs to minutely examine and determine all of the above mentioned
perspectives in order to flourish well and expand its business in the South East Asian countries. In order to
promote and develop all the key factors of people regarding their interests and their accessibility needs to
be tailored carefully for the business to be an instant hit.

Q3. Using ‘’cost effectiveness’’ as the theme, prepare two SMART each for the following profiles:
a. Production Executive at a manufacturing company
b. Dispatch Executive at a Logistics company

Introduction: A S.M.A.R.T. goal is defined by its five key aspects or elements. Without all aspects, you
might be goal setting, but not effectively creating a plan for success. 

S- Specific goals have a desired outcome that is clearly understood. This might be a sales number or
a product rollout goal. No matter what it is, the goal should be clearly articulated so that everyone is on
the same page with the objective. Define what will be accomplished and the actions to be taken to
accomplish the goal.

M-These are the numbers used with the goal. You need to have a quantifiable objective so that you can
track progress. Define what data will be used to measure the goal and set a method for collection.

A-Goals need to be realistic in order to maintain the enthusiasm to try to achieve them. Setting lofty
goals is good, but you may want to break them down into smaller, bite-sized chunks. If the goal is not
doable, you may need to first ramp up resources to give yourself a shot at success. Ramping up
resources would likely be its own S.M.A.R.T. goal.

R- Goals should be aligned with the mission of the company. Don’t set goals just as an exercise for
something to do. One way to determine if the goal is relevant is to define the key benefit to the
organization.

T-Goals should have a deadline. A goal without a deadline doesn’t do much. How can you identify
success or failure? This is why S.M.A.R.T. goals set a final date. This doesn’t mean that all the work is
done, but it means that you can evaluate the success of the endeavor and set new goals.

(a) Production Executive at a manufacturing company:-

Ivan being the Production executive at a manufacturing company will make sure that the goods
produced in the production line must be bug free. The executive need to make sure that the
production line of the company is working in the best efficiency so that there is a smooth
transition in the development phase of the products which will reduce development cost of the
products and time consumed by the workers to make the product. This in turn will help
improving overall efficiency of the production line.

Ivan being the Production executive needs to make sure that all the products are being quality
checked properly so that there is no faulty product rolling out in the market which will reduce
the cost pof logistics required for the return of the product and also will reduce the bad
mouthing if the product in the review section of the company.

(b) Ivan being the dispatch executive of the ABC logistics company will to make sure that the
customer satisfaction quotient needs to go up by 10% by May’23.For this Ivan has to make sure
that the products that are being dispatched for the delivery to the customers are faultless and
as per the client expectations.

Ivan being the dispatch executive of the company will make sure that the delay in the delivery
time must be reduced to a maximum of 24 hrs by the end of the month of Dec’22. This will
happen when all the deliveries and booking will reach to or will be picked up by the customer on
time. This will increase customer satisfaction quotient and will help the company to get more
business by the help of positive reviews generated by the customers.