STRATEGIC MANAGEMENT

 IS A FIELD OF STUDY THAT INVOLVES

THE PROCESS THROUGH WHICH FIRMS
DEFINE THEIR VISION, MISSION, GOALS
AND OBJECTIVES AS WELL AS CRAFT
AND EXECUTE STRATEGIES AT VARIOUS
LEVELS OF THE FIRMS HIERARCHIES TO
CREATE AND SUSTAIN A COMPETITIVE
ADVANTAGE.
IT HELPS ORGANIZATION TO
PRIORITIZE WHAT IS
IMPORTANT FOR THEM AND
PROVIDES A HOLISTIC VIEW
OF AN ORGANIZATIONS.
VISION
- YOUR GOAL FOR WHAT
YOUR BUSINESS WILL BE IN
THE FUTURE.
MISSION
- GENERAL STATEMENT OF
HOW YOU WILL ACHIEVE
YOUR VISION.
GOAL
- ARE STATEMENTS OF WHAT
NEED TO BE ACCOMPLISHED
TO IMPLEMENT THE
STRATEGY.
GOAL
- CAN BE INTANGIBLE AND
NON-MEASURABLE.
GOAL
- OUTCOME THAT IS
GENERALLY BROAD AND
LONGER.
OBJECTIVES
- SPECIFIC ACTIONS AND
TIMELINES FOR ACHIEVING
GOALS.
OBJECTIVES
- CAN BE TANGIBLE
TARGETS.
OBJECTIVES
- OUTCOME IS SHORTER AND
DEFINES MEASURABLE
ACTIONS TO ACHIEVE AN
OVER ALL GOALS.
 VISION MISSION

- What you want to achieve. - How you will achieve it.

- An inspirational statement that - A statement outlining what your

describes a company’s goals for the company does, why it does, and how it
future and impact it aims to make on gets done.
the world.
GOALS OBJECTIVES

- What need to be accomplished to - Specific actions & timelines for

implement the strategy. achieving goal.
- Can be intangible & non-measurable - Can be tangible targets

- Outcome is generally broad and - Outcome is generally short term &

longer. measurable.