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

Objectives and Challenges for Employers to Adopt and Implement the Strategic Approach to Hrd

...organizations should ensure any investment which is made in human capital with the promotion of HRD strategy is clearly linked to the wider corporate strategy (2000). Strategic approach to HRD is a relative new concept in HRD and training and development fields. It is not a traditional training and developing view of interventions in response to specific problems of organizations (Beer & Spector, 1998). A strategic approach to HRD is a multi-level concept whose contribution to the organization is to enhance its performance in the long-term (Garavan, 2007). It suggests that the HRD activities should integrate with the strategies, aims and goals of the organization. This paper mainly talks about the objectives for organizations to choose strategic approach to human resource management and what the challenges when implement this vision. Although SHRD is a relative new concept, there are still many organizations would like to choose it as a main means of competition. Following are some possible objectives organizations may take into consideration. Firstly, take SHRD can cater to the development and changing of the global market. The impact created by changing environment of organizations, fuelled by globalization, liberalization, technological changes and market changes forces organizations to make various strategic responses (Kandula, 2004). For example, with the economic globalization, organizations may create many new business strategies to cope with this phenomenon. HRD......

Words: 2353 - Pages: 10

Premium Essay

Objectives

...Omar Hassan Principles of Management Professor Joe MArkert October 10, 2012 In the article “Objectives of an Organization” one can learn that a business or organization’s vision and mission plays a very important role in maintaining a consistently successful business. Workers of an organization and just people in general tend to lose track towards the path to success without a vision providing strategies for the future of a company. An organization that lacks this ingredient is likely to fail in achieving its goal. Therefore, It is very essential that the leader of an organization sets a well defined and reachable goal for which an organization could work towards achieving. With this being said, I feel that CEO’s/leaders truly have a very vital role in terms of setting the vision and mission for the organization ultimately building it into a stronger one. It doesn't just take any highly ranked manager to convey the vision/mission to the employees, but one that is cautious, aware, and very well understands the job enough to be able to clearly communicate to the employees so that they can appropriately work their part seriously. This technique can also help managers to guide worker’s behaviors. Relatively, I believe that setting such motivational and propelling guidance such as vision and mission to influence employees behaviors is crucial when trying to maintain a positive working atmosphere because it will drive workers into providing outstanding results. Thus, it......

Words: 347 - Pages: 2

Premium Essay

1.1 Explain the Importance of Effective Supply Chain Management in Achieving Your Organizational Objectives.

...1.1 Explain the importance of effective supply chain management in achieving your organizational objectives. Supply Chain Management as defined as "Maximising added value and reducing total cost across the entire trading process through focusing on speed and certainty of response to the market”. Competitive Edge through Core Competencies Today's business climate has rapidly changed and has become more competitive as ever in nature. Businesses now not only need to operate at a lower cost to compete, it must also develop its own core competencies to distinguish itself from competitors and stand out in the market. In creating the competitive edge, companies need to divert its resources to focus on what they do best and outsource the process and task that is not important to the overall objective of the company. Supply chain management has allowed company to rethink their entire operation and restructure it so that they can focus on its core competencies and outsource processes that are not within the core competencies of the company. Due to the current competitive market, it is the only way for a company to survive. The strategy on applying SCM will not only impact their market positioning but also strategic decision on choosing the right partners, resources and manpower. By focusing on core competencies also will allow the company to create niches and specialization of core areas. As stated in the Blue Ocean Strategy outlined by Chan Kim, in order to create a niche for......

Words: 1514 - Pages: 7

Premium Essay

Objectives

...www.thetimes100.co.uk Social responsibility - using resources more efficiently Curriculum Topics • Aims and objectives • SMART objectives • Strategy • Tactics Images supplied by Vismedia Introduction The challenge facing business and society in the 21st century is how to use resources more efficiently. Every business large or small needs to consider carefully: 1. how to reduce its use of energy 2. how to minimise waste. The central economic problem is how to match finite resources with unlimited wants. With the demand for resources rising as the world economy grows this is becoming more of a challenge. Leading global companies like Anglo American strive to find new solutions to this problem every day. Anglo American is one of the world’s largest mining companies. Its portfolio of mining businesses spans precious metals and minerals – in which it is a global leader in platinum and diamonds, base metals (copper and nickel) and bulk commodities (iron ore, metallurgical coal and thermal coal). The company’s mining operations and extensive pipeline of growth projects are located in southern Africa, South America, Australia, North America and Asia. The purpose of the organisation is set out in a mission statement. In 2008 there was a downturn in world economic activity. This resulted from a loss of confidence in the world financial system. The downturn led to a steep fall in commodity prices such as coal, copper and platinum. By late 2009 these prices started to......

Words: 2386 - Pages: 10

Premium Essay

Strategic Business Objectives of Information System

...The main objective of the study is to find out the problem and prospect of mobile banking in Bangladesh. For this research primary data were used. This study adopts with descriptive in nature. Total respondents were 120 within that 61 % respondents think it saves time than traditional banking, the highest number of respondents use mobile banking for 'Air-time top-up' service, that is 21%, out of 120 respondents 56% replied it is less costlier than traditional banking, 100% respondents did agree that it is speedy, and 38% respondents are upper class. Although this concept is new in Bangladesh but its potentiality is high. From this research, other researchers and policy makers will get an insight about the problems and prospects of mobile banking in Bangladesh. Definition of M- Commerce M-commerce (mobile commerce) is the buying and selling of goods and services through wireless handheld devices such as cellular telephone and personal digital assistants (PDAs). Known as next-generation e-commerce, m-commerce enables users to access the Internet without needing to find a place to plug in. The emerging technology behind m-commerce, which is based on the Wireless Application Protocol (WAP), has made far greater strides in Europe, where mobile devices equipped with Web-ready micro-browsers are much more common than in the United States. In order to exploit the m-commerce market potential, handset manufacturers such as Nokia, Ericsson, Motorola, and Qualcomm are working with......

Words: 3970 - Pages: 16

Premium Essay

Organizational Leadership for Achieving Strategic Goals and Objectives”

...was held vicariously liable for the acts of its members even though it was not engaged in any kind of profit-making ‘business activity’? It seems we must read ‘business’ in a broad way: Lord Phillips thought that this incident was satisfied in Various Claimants because the members were directed to teach at St William’s in order to achieve the Institute’s objective: ‘The business of the Institute … was to provide Christian teaching for boys. All members of the Institute were united in that objective. The relationship between individual teacher brothers and the Institute was directed to achieving that objective’ (at [59]). With regard to incident (v), Lord Phillips emphasized, at [36], that the sort of ‘control’ that is most often found today is a power in D to direct what T does, not how he or she does it. Thus it seems that the three ‘incidents’ that will be most influential when we are deciding whether D and T’s relationship was ‘akin to that between an employer and an employee’ will be: (1) whether D is a ‘substantial enough’ enterprise; (2) whether the work T was doing on behalf of D was directed towards achieving some objective (‘business’) of D’s, and (3) D having power to control, to a greater or lesser degree, what T does. Now it’s an elementary mistake to read a paragraph in a judgment like it’s a statute – so we need to look at the rest of Lord Phillips’ judgment to flesh out when these three ‘incidents’ will point towards the relationship between D and T being ‘akin......

Words: 12613 - Pages: 51

Premium Essay

Criticize the Use of Strategic Planning as a Means to Achieve Organisational Objectives.

...Criticize the use of strategic planning as a means to achieve organisational objectives. Strategic planning is the process by which managers of the firm analyze the internal and external environments for the purpose of formulating strategies and allocating resources to develop a competitive advantage in an industry that allows for the successful achievement of organizational goals Rothaermal (2012). Strategic planning cannot provide a precise and detailed picture of the future. Method of describing in detail the future of an organization is not a detailed description of its internal state and the situation in the external environment, but rather a mixture of qualitative wishes towards the state in which the organization wants to be in the future, what position to take in the market and in the business, what organizational culture to have. Strategic planning enables an organisation to determine its growth trajectory by analysing internal and external factors that may affect its growth in the long term. Due to its complexity and heavy commitment to strategic goals, strategic planning is rarely implemented successfully Fuller (2004). Often, the poor implementation is the reason for failure, although it is more often the case of misaligned operational and strategic goal. For instance, the Zimbabwe Agenda for Sustainable Socio-Economic Transformation (ZIM-ASSET) is a strategic plan to turn around the economy. Therefore as much as strategic planning identifies constraints......

Words: 977 - Pages: 4

Premium Essay

Strategic Business Objectives of an Information System

...Count 2845 | Erdem Emanuel 11378 | 3/20/2015 | Question 1: Write an essay outlining the strategic business objectives of an Information System (IS). Include a description of its management, organization and its technology components. Make use of diagrams where appropriate. | Contents Abstract 1 Introduction 1 Strategic Business Objectives of Information Systems (IS) 1 The Three Dimensions 1 Conclusions 1 References 1 Abstract In this time constrained-essay the reader will be introduced to the topic through an exploration of how the business world has changed since the digital revolution has occurred. This event, sometimes also referred to as the third industrial revolution, has dramatically increased the flow of information due to rapidly evolving internet access for more and more people worldwide. In parallel, the development and use of information technology has also strongly increased worldwide for people as well as for companies. In the next step, I will define the difference and connection between two important terms: information technology and information systems. Following I will explain the meaning of gathering data and its transformation into meaningful information for companies. The following part will then deal with the interdependence of organizations and information systems and go into more depth on explaining the six strategic business objectives of information systems which are competitive advantage, increase customer/supplier......

Words: 2908 - Pages: 12

Premium Essay

Strategic Business Objectives

...that computes lost dollars from late payments may help to vest these departments: Gross annual sales X Annual interest rate X Days Delinquent divided by 365 For example, a company with annual sales of $10,000,000 that pays approximately 5% on shortterm borrowings, collecting accounts 30 days late results in a monetary loss of over $40,000. It is probably not in the best interest of the company to provide all departments with every aspect of the current financial condition. However, each department is daily making decisions that dramatically affects working capital. Communication of working capital strategies using terminology that is targeted to the individual departments will assist companies in reaching their financial goals and objectives by keeping all personnel on the “same page”. SOURCE: Corporate Finance Weekly Update (WG&L) If you have additional questions about the types of services we can provide, please contact Deanna Salo or Roger Reitz. We are here to assist the FBC in any way we can. Deanna Salo CPA Cray, Kaiser Ltd. 1901 S. Meyers Road Suite 230 Oakbrook Terrace, IL 60181 Phone: (630) 953-4900 x210 Fax: (630) 953-4905 Roger Reitz CPA, CVA Cray, Kaiser Ltd. 1901 S. Meyers Road Suite 230 Oakbrook Terrace, IL 60181 Phone: (630) 953-4900 x213 Fax: (630) 953-4905 Email: dsalo@craykaiser.com Email: rreitz@craykaiser.com We are a full-service accounting and business advisory service with three offices in the Chicagoland area.......

Words: 1027 - Pages: 5

Premium Essay

Setting and Achieving Goals

...Setting and Achieving Goals Course Number (ORG300) – Applying Leadership Principles Colorado State University – Global Campus Dr. Doeford Shirley January 4, 2015 Every existing organization has a leadership. Every leader has a goal, and usually it is connected with establishing and developing effective strategy which will be helping the achievement of the company’s goals. Humankind has practiced in many and different planning strategies during its existence. Apparently some of them have been more successful than others. However, the most common techniques that are used and proved to be effective are known as strategic planning and tactical planning. In my opinion the planning in our days is with tremendous importance for companies’ well-functioning. Many factors will play role in companies’ functioning. Some are preventable and predictable, while others are quite surprising. However, having a plan of action can be in great benefit. The negative impact always can be minimized by having proper plan, or if we anticipate positive circumstances to happen the benefits we can obtain will be even greater. From historical point of view it is proven that strategic planning is more appropriate for accomplishing long term goals. Basically strategic planning is an organizational management activity that is used to set priorities, focus energy and resources, strengthen operations, and ensure that employees and other stakeholders are working toward common goals. During this......

Words: 1226 - Pages: 5

Free Essay

In the 1870's, What Were Britain's Strategic Objectives?

...In the Early 1870’s, what were Britain’s strategic objectives? When approaching a topic as broad as strategy, especially strategic objectives, it’s important for one to realize just what of just what is covered under the term ‘strategy.’ It could mean political, economic or militant strategy. In this essay I will be exploring what Britain’s strategic objectives were, but I will focus on foreign policy for the most part, and aim to explore how foreign policy changed under different government parties. Strategic objectives, whether it’s defined corporately or politically, are the long-term goals to convert a mission statement, (or in this case, a manifesto,) from a broader vision into specific plans and projects. For 1870’s Britain, the goals set were to maintain and expand the British Empire, and by extension, economic superiority. But also Britain had set out to grow trade networks via improvements in infrastructure, and also the purchase of shares in the Suez Canal made international trade quicker and cheaper for the British to operate. The industrial revolution of Great Britain also added to this, as Podmore states, “The British Empire’s pioneer industrial supremacy was the basis of this pioneer imperial supremacy.” (Podmore, 2008) 1 Trade was a vital element to Britain’s economic successes, which is what made the purchase of Suez Canal shares so imperative to its sustainment. Because of the expansionary British Empire, Her sphere of influence spanned greater than most......

Words: 1061 - Pages: 5

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! ACKNOWLEDGEMENT ...

Words: 13024 - Pages: 53

Premium Essay

Achieving and Maintaining Strategic Competitiveness in the 21st Century: the Role of Strategic Leadership

...Achieving and Maintaining Strategic Competitiveness in the 21st Century: The Role of Strategic Leadership Author(s): R. Duane Ireland and Michael A. Hitt Source: The Academy of Management Executive (1993-2005), Vol. 19, No. 4, Classic Articles from AME (Nov., 2005), pp. 63-77 Published by: Academy of Management Stable URL: http://www.jstor.org/stable/4166206 Accessed: 10-05-2015 07:37 UTC REFERENCES Linked references are available on JSTOR for this article: http://www.jstor.org/stable/4166206?seq=1&cid=pdf-reference#references_tab_contents You may need to log in to JSTOR to access the linked references. Your use of the JSTOR archive indicates your acceptance of the Terms & Conditions of Use, available at http://www.jstor.org/page/ info/about/policies/terms.jsp JSTOR is a not-for-profit service that helps scholars, researchers, and students discover, use, and build upon a wide range of content in a trusted digital archive. We use information technology and tools to increase productivity and facilitate new forms of scholarship. For more information about JSTOR, please contact support@jstor.org. Academy of Management is collaborating with JSTOR to digitize, preserve and extend access to The Academy of Management Executive (1993-2005). http://www.jstor.org This content downloaded from 203.101.161.82 on Sun, 10 May 2015 07:37:52 UTC All use subject to JSTOR Terms and Conditions I Academy of Management Reprinted from 1999, Vol. 13, No.......

Words: 12550 - Pages: 51

Free Essay

How Successful Was Henry Vii in Achieving Foreign Policy Objectives

...How successful was Henry VII in fulfilling his foreign policy objectives? Generally speaking, overall, Henry VII was successful in fulfilling his foreign policy objectives. Although he did not achieve a number of things in the way he endeavoured to, Henry VII achieved the majority of his foreign policy objectives one way or another. Firstly, Brittany, a part of Europe where Henry spent a large part of his life, was under attack by the French and faced losing their independence, following an invasion in 1487. Henry felt as though he had a duty and sense of obligation to the Britons, and therefore summoned Parliament to grant him extraordinary revenue in order to raise an army sufficient enough to battle against the French. Crushing the potential French control of Brittany was very important to Henry, as by doing so would decrease the possibility of France invading England. This soon became one of Henry's main foreign policy objective, to defend Brittany and potentially, England. Additionally, England and Brittany signed the Treaty of Redon in 1489, in which, Duchess Anne would pay for a small English army to defend Brittany. Henry strived to strengthen is position by forming an alliance with Maximilian. Maximilian had contracted a marriage-by-proxy with Anne, and had no desire fro the Duchy of Brittany to fall into the French hands. The army went to Brittany to support their freedom, but Anne had lost her motive, and reluctantly married Charles VIII. To make things......

Words: 907 - Pages: 4

Premium Essay

Achieving Goals Through Planning

...Achieving Goals Through Planning Elizabeth Smith ORG300 – Applying Leadership Principles Colorado State University – Global Campus Dr. Bradly E. Roh January 30, 2016 Achieving Goals Through Planning Planning is essential for organizations to reach their vision and goals. When an organization does not take the time to plan, they consent to putting the company’s future in jeopardy for the present. It also shows many of the present important issues that need attending to now are implications of insufficient planning in former times (Stryker, 2012). A vision can be communicated and achieved by execution of goals, objectives, and strategies (CSU-Global, 2016a). These three components are part of the planning process. Types of Planning During the planning stages of a company, goals can be set utilizing strategic and objective planning. They can be defined as desired concerns an organization wants to become consciously aware of; desired outcomes an organization wishes to accomplish and focuses upon. Without goals, a company will find difficulty in organizing activities and predicting what is in store for future events. Goals help employees maintain focus; they provide long-term vision and short-term inspiration (Schniele, 2007). Strategic Planning Strategic planning is one way to help an organization reach their goals. It guides the organization and helps them realize what is most important to the company; therefore, prioritizes the order of......

Words: 766 - Pages: 4