Homework: Goal Setting and Measuring Success
Competency
Build key performance indicators that relate to business goals for quantitative measures of success.
Scenario
The tourism board you work for receives budget dollars from the state government through an established contract for promoting the destination. Thus, the organization has been awarded stimulus dollars in the form of a business development grant that it will receive in the upcoming year and now needs to decide where to spend it.
There is an opportunity to grow the local economy by improving ticket sales to local attractions using an online store. The board is looking to refresh the current website and update the online store. Specifically, the board is requesting:
• A new website with a modern look that is engaging and promotes the local attractions.
• The online shopping experience should be user-friendly and pleasing for customers.
• A good percentage of visitors to the website should buy tickets and lots of them.
• There should be more ticket sales for each month compared to the same month of the previous year.
• Repeat shopping should be common for people visiting the site.
• After reviewing these goals, you feel there is a lot of possibility for confusion, and you feel it might be challenging to measure success. You bring your concerns to your manager, who decides to draft a memo for the Chief Marketing Officer (CMO), who is responsible for setting these goals and measuring success and offering your feedback and suggestions for modifications.
Task
Create a memo for the Chief Marketing Officer and included the following:
• Explain why the stated goals may be challenging.
• Address each goal indicating any potential challenges with measuring, and make suggestions on how the goal could be modified or replaced with a more measurable goal.
• Determine how building key performance indicators for the stated goals above quantify future business success.
Format your homework according to the give formatting requirements:
a. The answer must be double spaced, typed, using Times New Roman font (size 12), with one-inch margins on all sides.
b. The response also includes a cover page containing the title of the homework, the course title, the student's name, and the date. The cover page is not included in the required page length.
c. Also include a reference page. The references and Citations should follow APA format. The reference page is not included in the required page length.