Unit 2 Individual Paper

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Feb 20, 2024

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Unit 2 IP 1 Petra Husnajova Unit 2 Individual Project Colorado Technical University January 26 th , 2023

Unit 2 IP 2 Introduction Everyone in life needs goals. Even if you do not own a business, most of us have few goals in life we would like to achieve at some point in our lives. Goals in businesses are just as important to have. I truly believe goals inspire us to achieve the impossible and that is what we want our businesses to achieve as well. As we launch our new product, we want to stay focused, complete our objectives, inspire our employees, and sell our product to as many customers as possible. We will discuss our new product and the importance of SMART goals, our SMART goal and how it is relevant to our business, and why the SMART goals are important when launching a product. Our Brand Refresh and Its Launch We are currently in the process of setting our goals for a brand-new sports drink called Refresh . It is a wonderful new sports drink that is the best for athletes who perform intense workouts because it contains the perfect amount of carbohydrates and electrolytes to refuel the body. Our target market for this product will be young adults and athletes between the age of 17 and 34 who perform high intense workouts. We will be using the target market to create our goals so that we are able to successfully launch our product. SMART goals are highly popular to use in marketing and that is exactly what we will be using. SMART goals stand for specific, measurable, achievable, realistic, and timely (Indeed Editorial Team, 2021). These goals can be described as goal-setting techniques that many marketing teams use to focus on long-term goals. They are crucial to any marketing team because these goals are the perfect framework with the best course of action for your product, they will help you overachieve your goals and further define the brand’s identity. SMART goals can highly ensure that you stay on track and that your product has the best chance at success. We can compare these SMART goals to having your own

Unit 2 IP 3 goals in life. Some of us may have a vision board that includes our next week’s goals, our yearly goals, five-year goals, ten-year goals, and steps on how to achieve them. SMART Goal for Our Brand Refresh To ensure a successful product launch, we will be setting a SMART goal for our new product called Refresh . This SMART goal will help our team stay on the same page, align our focus, and inspire us to achieve a successful launch of Refresh . Our goal is as follows, “We want to reach a net profit of $65,000 by the first half of 2023 and increase our customer outreach by ten percent per quarter after that.”. When launching a new product, a company must first decide whether they will be taking a product-focused or customer-focused approach toward marketing the product. A company that is product-focused prioritizes the product itself including all services, features, and benefits (Editorial Boards, 2014). After a lot of considerations, we decided to take our first half of the year to focus on the product and its profit. We want to start out by getting our product out there and focus on promoting the product itself with its features and benefits. We strongly believe that once the customers taste our product and realize how it benefits their workouts, they will not be disappointed. If our customers will be intrigued and continue to purchase our product, then we can start focusing on the second part of our goal. The second half of the year, we will be focusing on the customer outreach increase by ten percent per quarter while still focusing on the net profit. When making decisions on how to advertise, sell, and promote goods and services, customer-focused approach puts the wants and interests of the customer first (Frankenfield, 2021). We did not want to feel overwhelmed with our goal by choosing to be product-focused and customer-focused during the same timeframe. As a result, our final decision is to focus on the product the first year and focus on the customers outreach during the second part of the year.

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Unit 2 IP 4 Goal Relevance to Our Business & Attaining Our Goal We made such a SMART goal so that we can take one step at a time and slowly achieve our goal as our first year of this new product begins. Rome was not built overnight, and a business is not either. SMART goals should be specific, measurable, attainable, relevant, and time-based and that is exactly what we attempted to achieve by creating it. Our goal consists of specific details such as a detail vision of what we want to achieve which is a certain net worth and a certain customer outreach increase. Our goal is most definitely measurable because we want our product to reach a $65,000 net worth the first half of the year and a ten percent per quarter increase on our customer outreach. It is measurable because we have these numbers as our goals to tell us when we have accomplished our goal. Our goal is also very much achievable. We did not make our net profit goal a million dollars. We took into consideration that we are just starting out and our product is still unknown by its future customers. Our goal is also relevant because it aligns with our values and our long-term goals. Even though this is our goal for the first year of the launch, we will strive for this goal in the future as well. Our product and our customers will always be our focus. Our goal is time-based because we want to reach a certain net worth by the first half of 2023. In addition, we want to increase our customer outreach during the second half of 2023. It is very important to have a goal that will inspire the entire company and every employee. The hardest task of the goal is attaining it. We set such a goal because we will be focusing on our target market to achieve our net worth of $65,000. The fact that our product Refresh is a sports drink, our target market will be athletes. We plan on having contracts with famous athletes to join our marketing campaign to help reach out to our target market. We will also try to achieve our goal with digital marketing. The world has changed, and the people now

Unit 2 IP 5 have an unlimited amount of information at their fingertips and can purchase a product with a click of a button. By marketing the product online, we will have more control over the brand’s identity, and we will be able to reach a large audience (Chandler, 2023). Importance of SMART goals The same way goals are important to have in our normal lives, the same way SMART goals are important to have in business. They are used to help guide our goal setting. SMART goals inspire us to aim and focus on the goal so that we can achieve it within a certain timeframe (Indeed Editorial Team, 2021). In addition, SMART goals help create a team bond, guides your data collection protocols, aids the team’s task prioritization, tracks your progress over time and so much more. With goals that are specific, measurable, achievable, relevant, and timely, it helps businesses to improve, measure outcomes and reach the desired success. Conclusion When a person is launching a brand-new product, it is crucial to have SMART goals in order to be successful. For our launch of Refresh, we will be using the following SMART goal: “We want to reach a net profit of $65,000 by the first half of 2023 and increase our customer outreach by ten percent per quarter after that.”. We decided with this goal because we strongly believe it will help us focus one task at a time to achieve the desirable results in a timely manner. SMART goals are important to have in any business because they help you aim for your goal, help you focus on your objectives, and inspire everyone on the team. SMART goals can not only help your business, but they can be used in regular life as well. We strongly believe SMART goals will help us have a successful launch of our product Refresh in the upcoming year.

Unit 2 IP 6 References Chandler, A. (2023, January 24). A Financial Advisor’s Secret Weapon: Their Digital Marketing Strategy . Entrepreneur. https://www.entrepreneur.com/growing-a-business/a-financial- advisors-secret-weapon-their-digital/442727 Editorial Board. (2014). Marketing Management . Available from: Colorado Technical University (CTU). Words of Wisdom, LLC. Frankenfield, J. (2021, April 1). Client-Centric Approach and its Benefits . Investopedia. https://www.investopedia.com/terms/c/client-centric.asp Indeed Editorial Team. (2021, July 7). 10 SMART Goals in Marketing (and Why They’re Important) . Indeed Career Guide. https://www.indeed.com/career-advice/career- development/smart-goals-marketing

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