Answer to Question 1
Many managers select key competitors and gather as much data as possible about these companies. Usually, the key competitors are comparable competitors. These competitors may be looked at as role models to be emulated in most respects. If the manager knows the past sales data of a key competitor, then the manager's sales objective for next year may be somewhat influenced by the competitor's past sales.
Answer to Question 2
Objectives should be set using a three-stage process: (1) identification of one or more objective dimensions, (2) identification of the measures used to gauge outcomes related to each objective, and (3) identification of the desired level and time frame associated with each objective dimension.
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