BỘ GIÁO DỤC VÀ ĐẠO TẠO

TRƯỜNG ĐẠI HỌC KINH TẾ - TÀI CHÍNH TP.HCM

REPORT
GOAL FORMULATION

Lecturer: Nguyen Huu Khang

Student: Nguyen Huu Trung

Student ID: 205010329

Class: B08E_UEF

Word count: 808 words

 TP.HCM, December 9th 2023

I. Introduction

In the dynamic business world, “Goal Formulation” stands as a cornerstone in the strategic planning process. This report delves
into the intricacies of goal formulation, elucidating its pivotal role in shaping organization direction and fostering long-term success.

II. What is “Goal Formulation”? (Describe)

“Goal are objectives that are specific with respect to magnitude and time” (Kotler & Keller, 2016). Once you or your business has
determined the S.W.O.T analysis, you can proceed to set specific and clear goals. In business, “Goal Formulation” is the process of
defining, proposing, and developing specific strategic objectives to guide and shape the long-term strategy of an organization. This
process involves setting clear, measurable, and feasible goals to establish a common direction for the organization.

III. Why does this knowledge impress me? (Interpret)

After learning this, I pondered for a long time. “Why have I set many goals so far but only successfully completed a few?”. The
answer is because I don't know clearly what my strengths are and what events will hinder me. Besides, I didn't know the criteria to
set the goal I wanted such as:

- You must put the most important goal first, followed by less important goals.

- If possible, quantify that goal (if you want to be rich, how much money does it take to be rich, how quickly does "get rich quickly"
mean, how many years?)

- Goals must be realistic, don't dream.

- The goal must be consistent, do not want everything at once and then nothing will come to fruition.

I knew about S.M.A.R.T before but didn't pay much attention to it, but through the class with Mr. Khang, I had a very clear
understanding of S.M.A.R.T and how to apply it. Each letter in S.M.A.R.T represents a specific criterion to construct strategic goals
clearly and effectively:

- Specific: Goals need to be set in a clear and detailed manner, avoiding vague and nonspecific objectives.
- Measurable: Goals should be measurable, enabling the assessment of progress and performance measurement.
- Actionable: Goals should have a specific action plan, ensuring there are tangible steps to progress towards the goal.
- Realistic: Goals should be realistic, ensuring they are achievable with the current conditions and resources of the
organization.
- Time-bound: Goals should have a specific timeframe, creating pressure and defining the necessary time duration to achieve
the objective.
IV. How has this knowledge influenced my thinking? (Evaluate)

Not long ago, I established a business team and the goals we set at that time were:

- Payback soon
- Many guests
- Profits increase, costs decrease
- Many people know

As a result, money was stagnant, direction was deadlocked, few people knew about us, heavy losses led to bankruptcy. But since
learning this, I have tried to apply it to some small goals in life or to the game “Clash of clan” that I am playing to practice this goal
setting ability, I find that I have progress is better when the goals set are achieved exactly as I expected. I will give some example
for this:
 - First, I want to change to waking up early within 1 week and have a healthy body in the next 3 months to celebrate Tet.
Previously, I slept at 2a.m and woke up at 9a.m, every day I will sleep earlier 30min the day before and woke up 30min
earlier, now I can sleep at 11p.m and wake up at 7a.m, both waking up early and improving my sleep. Besides, I also bought
a gym package and regularly went to practice for my second goal.
- In addition, I set a goal to save 10 million in my account in 3 months based on my own income, so I have a goal to come up
with a more reasonable spending plan and currently I am on track with the plan set out initially.

Thus, setting goals based on the knowledge from Goal Formulation will help us clearly understand the process without worrying
about the results anymore. Just follow the set plan and the completion will surely come in time.

V. How will I apply it in the future? (Plan)

Through the above lesson, I will set 10 more short-term goals and complete them before the Tet holidays to create for myself the
habit of setting goals and improving my own life. Then, I will plan to set larger, long-term goal according to the S.M.A.R.T.

Some goals I plan to set next year are:

- Complete all the subjects and graduate on time, get a job with a salary of 12million.
- Run a project that generates passive income of 5 million per month.
- Has a 6-pack body.
- Save 100 million at the end of the yea..

Certainly, I will again establish a business group with clear and specific goals (S.W.O.T analysis is definitely indispensable).