Premium Essay

Achieving Strategic Objectives

In: Other Topics

Submitted By MHK1
Words 800
Pages 4
"If you don’t know where you are going, then any road will lead you there!" This famous old saying shows us the importance of planning. Planning is the basic building block for current and future organization's success.
Every successful organization should develop a clear plan to achieve their goals. This leads organizations towards developing strategic plans. Vision and mission statements are the cornerstone of a successful strategic plan.
An organization vision statement may describe desirable and possible future state or long term aims of a company and is also a backdrop of a purpose and company’s strategy, itaffects key priorities and behavioral standards in a company(Dermol, 2012).
Vision is viewed as a mental picture of a compelling future situation. It originates from creative imagination, the act or power of perceiving imaginative mental images, sort of foresightedness (Joachim, 2010).
A clear and realistic vision will lead organizations towards success; it is the basis for right strategies and key priorities.The vision statement is an institution’s clear description of what it intends to become within a certain timeframe. The vision statement defines the institution’s strategic position in the future and the specific elements of that position with relationship to the mission statement, vision statements benefit the planning process by providing everyone in the institution with the same vision of the future. (Hinton, 2012)
In the other hand, mission statement represents a more specific description of what an organization is seeking to achieve and how it will achieve. It also represents the organization's internal and external values.
Developing a clear mission statement is a very important part in strategic planning.The mission should emphasize the main focus of the company and its activities. It usually says what is our main field or activity...

Similar Documents

Premium Essay

Organizational Leadership for Achieving Strategic Goals and Objectives”

...Lister v Hesley Hall Ltd [2001] UKHL 22, [2002] 1 AC 215, [2001] 2 WLR 1311, [2001] 2 All ER 769 HL Summary The defendants ran Axelholme House, which was attached to Wilsic Hall School in Doncaster. Local authorities would send children to the school and they would board at Axelholme House. The defendants employed Mr and Mrs Grain to run the house and maintain discipline. The claimants stayed at Axelholme House between 1979 and 1982. During that time they were sexually abused by Mr Grain. They sued the defendants, claiming that the defendants were vicariously liable in respect of the torts committed by Mr Grain when he sexually abused the claimants. The Court of Appeal dismissed the claimants’ actions on the grounds that Mr Grain was not acting in the course of his employment by the defendants when he sexually abused the claimants. The House of Lords reversed the Court of Appeal’s decision, holding that because there was a “close and direct” connection between what Mr Grain was employed to do and Mr Grain’s sexual abuse of the claimants, the defendants were vicariously liable in respect of the torts committed by Mr Grain when he sexually abused the claimants. Comments It is not an understatement to say that this is the most important decision on vicarious liability ever handed down by the House of Lords. It’s unfortunate, then, that the decision is so badly flawed. Two criticisms may be made. First, the reasoning underlying the decision is sloppy, to say the least.......

Words: 12613 - Pages: 51

Premium Essay

Strategic Human Resource Development as a Means of Achieving Corporate Objective

...KWAME NKRUMAH UNIVERSITY OF SCIENCE AND TECHNOLOGY SCHOOL OF BUSINESS THE USE OF STRATEGIC HUMAN RESOURCE DEVELOPMENT AS A MEANS OF ACHIEVING CORPORATE OBJECTIVE IN THE MICROFINANCE SECTOR. (A CASE STUDY OF SOME SELECTED MICROFINANCE INSTITUTIONS) BY: ACKON BEATRICE APRAKU ESTHER ASABEA OPPONG-SEKUM KINGSLEY A DISSERTATION SUBMITTED IN PARTIAL FULFILLMENT OF THE REQUIREMENT FOR THE AWARD OF THE DEGREE OF BACHELOR OF SCIENCE BUSINESS ADMINISTRATION (HUMAN RESOURCE MANAGEMENT OPTION) MAY, 2015 DECLARATION We the undersigned, declare that this is the result of our own research work carried out in the School of Business, and under the supervision of Mr. Emmanuel Oheneba-Acquah ACKON BEATRICE 8535512 …………………………… …………………………… APRAKU ESTHER ASABEA 8548912 …………………………… …………………………… SEKUM-OPPONG KINGSLEY 8584412 …………………………… …………………………… CERTIFIED BY: EMMANUEL OHENEBA-ACQUAH……………………….. ……………………………. (SUPERVISOR) SIGNATURE DATE MR. J.E TURKSON ………………….. ……………………………. (HEAD OF DEPARTMENT) SIGNATURE DATE DEDICATION This study is dedicated to the Almighty God, we made this possible despite the many challenges faced and to our supervisor Mr. Emmanuel Oheneba-Acquah whose patience and intellect, guided us through this whole phase. We appreciate you!...

Words: 13024 - Pages: 53

Premium Essay

Messing G

...How does the organisational structure and strategic planning help organisations achieve their aims and objectives? Strategic planning is a systematic process of envisioning a desired future, and translating this vision into broadly defined goals or objectives and a sequence of steps to achieve them. In contrast to long-term planning (which begins with the current status and lays down a path to meet estimated future needs), strategic planning begins with the desired-end and works backward to the current status. * At every stage of long-range planning the planner asks, "What must be done here to reach the next (higher) stage?" * At every stage of strategic-planning the planner asks, "What must be done at the previous (lower) stage to reach here?" Also, in contrast to tactical planning (which focuses at achieving narrowly defined interim objectives with predetermined means), strategic planning looks at the wider picture and is flexible in choice of its means. Sainsbury’s: 20x20 Sustainability plan Sainsbury’s 20x20 sustainability plan is what they aim to have achieved by 2020. They aim to double the amount of British foods it sells while also boosting the provision of fairly traded products. It’s also aimed to drive down energy use in supermarkets, doubling the amount of British food sold from the current £4 billion a year and increasing the sales of fairly traded products. This plan costs up to £1 billion and was launched back in 2011....

Words: 1503 - Pages: 7

Premium Essay

Achieving Goals Through Planning

...For all departments involved to be successful in achieving goals, it is important everyone has the same understandings; this type of planning assist in defining that strategic direction. Having a strategy helps keep focus, which is necessary in the decision making process. Strategic planning helps to ensure information is communicated effectively (White Flame...

Words: 766 - Pages: 4

Premium Essay


...History of SWOT In the 1960’s and 70’s, Albert Humphrey is said to have developed this strategic planning tool using data from the top companies in America at the time. A SWOT Analysis looks at the strengths, weaknesses, opportunities and threats that are relevant to an organization in a new venture. A SWOT Analysis is a tool which allows users to look at the direction a company or organization may wish to move towards in the future. A SWOT Analysis is a useful tool, which in conjunction with others can help make informed decisions. Definition of SWOT Many people see SWOT as synonymous with strategic planning. In fact, a SWOT analysis is only one of many tools that can be used in an organization’s strategic planning process. SWOT is short for “Strengths, Weaknesses, Opportunities and Threats”. By specifying clear objectives and identifying internal and external factors that are either helpful or not, a short and simple SWOT analysis is a useful resource which may be incorporated into an organizations strategic planning model. Strengths Internal attributes those are helpful to the organization to achieving its objective Weaknesses Internal attributes that are harmful to the organization to achieving its objective Opportunities External factors that help the organization achieve its objective Threats External factors those are harmful to the organization to achieving its objective....

Words: 280 - Pages: 2

Premium Essay

Economic Intents

...Strategic objectives focus on winning additional market share, overtaking key competitors on product quality or customer service or product innovation, achieving lower overall costs than rivals, boosting the company’s reputation with customers, winning a stronger foothold in international markets, exercising technological leadership, gaining a sustainable competitive advantage, and capturing attractive growth opportunities. (Thomas Strickland, p.7) Strategic objectives need to be...

Words: 689 - Pages: 3

Premium Essay

Swot Analysis

...Strengths- Internal attributes that are helpful to the organization to achieving its objective Weaknesses – Internal attributes that are harmful to the organization to achieving its objective Opportunities – External factors that help the organization achieve its objective Threats - External factors that are harmful to the organization to achieving its objective A SWOT Analysis Can be Used for:        Workshop sessions Brainstorming meetings Problem solving Product evaluation Strategic planning Competitor evaluation Personal development planning After identifying the SWOT’s, identification of the factors and their interdependence helps clarify the steps needed to achieve the ending objectives. Internal...

Words: 962 - Pages: 4

Premium Essay

Crafting and Executing Strategy

...Several business owners might disagree with my argument, because they might feel that documenting a strategic plan can could be a time-consuming and costly process. This paper outlines the importance of documenting and implementing a strategic plan. Additionally, this paper provides vital explanations as to why a strategic plan is important for the success of the business. Crafting and...

Words: 1612 - Pages: 7

Premium Essay

Developing a Strategy

...The 5 steps in the strategic process: “A strategic planning process is a systematic or emerged way of performing the strategic planning in the organisation through initial assessment, thorough analysis, strategy formulation, its implementation and evaluation.” In this essay I will discuss the strategic planning process which involves the development of a strategic vision, mission and values, setting objectives, crafting a strategy to achieve the objectives, executing the strategy and evaluating the outcomes. I will look at how each section is inter-related and why it is important for a company to manage this process. Developing a strategy to gain sustainable competitive advantage and ultimately grow profits is fundamental to achieving success for a company. Without it, a company has no road map to follow when pursuing opportunities and running daily operations, the consequences of which can be severe. The first step in developing a strategic plan is to outline the company’s vision (why we exist), mission (what we want to be) and goals (what we must achieve for success). The mission provides a road map showing the route a company intends to take to develop and strengthen in business. It paints a picture and describes the company’s rationale for going there. While the vision statement will outline an image of what success looks like and the mission statement will identify the firm’s product or service....

Words: 1015 - Pages: 5

Premium Essay

Bus 599 Assignment 1

...Additionally, this paper provides vital explanations as to why a strategic plan is important for the success of the business. Crafting and Executing Strategy What is a strategic plan, and why is it important...

Words: 1634 - Pages: 7

Premium Essay


...  | management's game plan for growing the business, attracting and pleasing customers, conducting operations, and achieving financial and market performance objectives. | C.  | management's concept of "where we are headed." | D.  | the business model that a company's board of directors has approved for outcompeting rivals and making the company...

Words: 7127 - Pages: 29

Premium Essay

Strategic Management Process

...Phases of Strategic Management Organizations go through different stages of strategic management, these phases evolve into more complicated and formal types of strategic planning, as they develop they get more detailed, refined, and granular. Strategic management, in its most basic form includes financial planning that consists of budgeting projects for the time the budget is for (usually one...

Words: 1523 - Pages: 7

Premium Essay

Strategic Intent

...Question With respect to hypothetical Business Organisation, Develop strategic intent and implementation after critical analysis of the environment. Case Study: SS SECONDARY SCHOOL Strategy is a unified, comprehensive and integrated plan relating strategic advantages of the firm to challenges of the environment. The strategy designed to ensure that the basic objectives of the enterprise are achieved. Strategic business management refers to a set of managerial decision and actions that determine the long run performance of a business or corporation, which is basically a process of achieving organisational objectives, by establishing a framework to perform various processes and focusing on relating the organisation to its external environment, that there is continuous interaction between the organisation and its environment. There are various limitations to strategic business implementation which includes complex and dynamic environment, rigidity, inadequate appreciation of strategic business management, limitation in implementation and seldom corporate strategy. Strategic management process involves three stages which includes strategy formulations, strategy implementation and strategic control. Strategic intent which is part of strategic formulation involves establishing a vision, mission and long term broad objectives....

Words: 898 - Pages: 4

Premium Essay

Human Resource Management

...What is strategic management? Strategic management is the process whereby managers establish an organisation's long-term direction, setspecific performance objectives, develop strategies to achieve these objectives in the light of all the relevantinternal and external circumstances and undertake to execute the chosen action plans. The aims of strategicmanagement are to help the organisation to achieve a competitive advantage and to ensure long-term successfor the organisation. Components of strategic management Strategic management involve Strategy formulation - selecting an organisation's mission, or purpose, andkey objectives; analysing the organisation's internal and external environments; and selecting appropriate business strategies, and Strategy implementation - designing an organisation's structure and control systemsand evaluating the selected strategy in achieving the organisation's key objectives. Organisational mission...

Words: 1524 - Pages: 7

Premium Essay

Mosaic Project

...White Paper The Strategic Management of Projects The concept of Managing projects describes the organisation’s ability to select, nurture and deliver projects and programs effectively. The strategic capability to manage projects1 expands this general concept to include the direction of the organisation’s overall Project Delivery Capability (PDC) towards the achievement of its strategic objectives. The strategic management of projects includes all of the aspects of project delivery discussed in our white paper PDC Taxonomy2 (outlined below) focused on realising strategic value for the organisation. In many organisations, implementing an effective and rigorous PDC structure will require a major organisational change effort and will challenge existing cultures, particularly the tendency of executives to focus on project failure rather than organisational failure when their organisation fails to adequately support the management of its projects. 2 The PDC Architecture outlined in WP1074 – PDC Taxonomy 1 Strategic project management has many different terms for the same general set of management capabilities required to support the efficient delivery of the ‘right’ projects and programs. Some options include: - The Management of Projects: Prof....

Words: 2101 - Pages: 9