S (specific): Validating the results of the marketing audit and swot analysis, it is clearly known that the objectives are specified for increasing the growth of HMV for profit maximization and achieving popularity for our brand among the people. A wide range of products should be launched with better services and quality to attract more customers and create a powerful image as not just being a music store but an organization satisfying all the entertainment needs, which results in a whole new experience for the customers and eventually help achieve the objective of the company as well. And also helps recover the setbacks occurred for the company in the past such as the shutdown of 63 stores in December 2010 in the UK.
M (measurable): The set objectives of the company if implemented accordingly, it is expected to achieve a growth in sales rate of up to 22% in the UK and have a net profit margin increased up to 6 to 8% by the end of the financial year 2012-2013, and be the top high street store in the current market. It is also expected to increase the number of stores by 2 to 3 per year which is a great step towards business expansion.
A (achievable): The objectives suggested are clearly done after a research on the company with a detailed marketing audit and SWOT analysis to know the background information about the company.
R (realistic): It is very important to know that the specified objectives are realistic for the company to achieve. To reach the set goals it is very important for the company to have all the required resources such as Man power, Technological resources, financial resources and the required raw materials. According to the data acquired in the research shows the company have the required resource which makes the goals realistic. But however it is suggested to keep the technology up to date in order to achieve maximum efficiency.
T (time): Time is a very important factor when it comes to achieving the set targets by the company. The specified objectives are being suggested in order to obtain increase in profits without fail. According to the statistical information available from the background research on the company and the available resources, the targets are to be achieved in a period of 2 years which is by the end of the financial year 2012- 2013, depending on the implementation of the plans and proper management of the resources.