Final Answer:
Setting goals and objectives in Stage One involves defining specific, measurable, achievable, relevant, and time-bound (SMART) targets that align with the overall mission and vision of the organization.
Step-by-step explanation:
Setting goals and objectives in Stage One is a critical step in the strategic planning process. This phase involves establishing clear and concise targets that guide the organization toward its overarching mission and vision. The SMART criteria serve as a framework for goal-setting, ensuring that objectives are Specific, Measurable, Achievable, Relevant, and Time-bound.
Specific goals provide a clear direction, avoiding ambiguity and fostering a shared understanding among stakeholders. Measurable goals enable the organization to track progress and assess performance objectively. Achievable goals are realistic and feasible, taking into account available resources and capabilities. Relevant goals align with the organization's mission and contribute to its long-term success. Time-bound goals come with a defined timeframe, creating a sense of urgency and accountability.
For example, if a company aims to increase its market share by 10% within the next year, this goal is specific (increase in market share), measurable (10% growth), achievable (considering current market conditions), relevant (contributes to overall business objectives), and time-bound (within the next year). This SMART goal provides a roadmap for the organization, guiding decision-making and resource allocation throughout the strategic planning process.