Module 1- My Business and I Final LK

Activity 8

Instructions:

a) Read the case study below. b) Answer the questions that follow.

Pauline has just been appointed as the manager of a new company (Yogi’s Farms) that supplied yoghurt to supermarkets and other retailers. Pauline has seen how the market is growing for yoghurt and has decided they need to enter the market more aggressively. Pauline calls her team leaders together to talk about the strategic objectives they have set. They have two years to become profitable and in three years’ time they must have at least 15% of the market for their brand of yoghurt.  To be selected by a national supermarket chain to supply the yoghurt, under the Yogi Farm brand name.  To supply at least 5% of the total yoghurt market.  To achieve sales of R2 million. Fikile leads the team that buys the fruit to be used in the yoghurts. She goes back to her team and discusses the objectives. They agree they need to set themselves some targets to enable them to contribute to these objectives. They suggest their targets include:  Identify at least 10 new suppliers of fruit in the next three months to enable them to maintain supply (they currently have 26 suppliers).  Prepare to double the storage capacity of frozen fruit by the end of the Summer (it is now June). For the coming year, the team has three operational objectives:

Questions:

1. Do these team targets seem SMART? Why? Why not? 2. Are these targets likely to contribute to achieving the team’s objectives? Explain your answer.

4. Summary

In this module we have gone online and identified potential opportunities to grow an online business using an online diagnostic tool. This will have helped you to identify any strengths, weaknesses, and opportunities for going online.

You have conducted a self-evaluation and identified if you truly have an entrepreneurial spirit.

We have looked at setting SMART goals for your business. Keep in mind you can also set SMART goals for yourself.

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