With SMSRULES application, you can send and receive SMS and MMS messages like regular messaging applications. In addition, you can build customizable actions (rules) such as triggering specific alerts, forwarding to other mobile numbers , forwarding to emails, deleting or moving the message under new name (folder). The rule will be executed if it matched the sender and/or the wanted word/phrase or regular expression in the incoming SMS message text.

Simply, add a rule for the sender and the wanted phrase then choose the desired actions to make the phone vibrate or generate alert sounds in response to receiving an SMS that matches the added rule.
The volume of the alert is controlled by phone media volume.
When adding a rule, either the sender or the wanted phrase field can be blank but not both.
Modify or delete the rule by swiping the rule to the left in the list rules screen.
All alerts can be disabled (this can be useful in meetings) and enabled from the main menu.
All rules can be saved/restored by exporting and importing from a file. You can also share them with others.

Please add any comment or suggestion after trying this application.