Identified long-term objectives. Create two more long-term objectives for Spar business using the SMART principles ( specific, measurable, achievable, realistic and time bound)?

1. Increase market share by 10% within the next five years by expanding into new geographic locations and targeting new customer segments.

2. Achieve a 15% increase in revenue from online sales within the next three years by improving website functionality, implementing targeted digital marketing strategies, and offering exclusive online promotions.

Objective 1:

- Specific: Increase market share in the Nordic region by 5%.
- Measurable: Trackable through market research data.
- Achievable: The region has a growing economy and a high demand for electrical equipment.
- Realistic: Spar has established relationships with key distributors and has a strong brand reputation in the region.
- Time-bound: To be achieved within the next 5 years.

Objective 2:

- Specific: Expand product portfolio into the renewable energy sector.
- Measurable: Number of new products launched and sales revenue generated from renewable energy products.
- Achievable: Spar has the technical expertise and resources to develop and manufacture renewable energy solutions.
- Realistic: The market for renewable energy is growing rapidly, and Spar can capitalize on this opportunity.
- Time-bound: To be accomplished within the next 7 years.