BUSINESS ADMINISTRATION
STRATEGIC MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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to convert the strategic vision and mission into specific performance targets
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reflect the basic philosophy of the company and are expressed in abstract terminology, for example, ‘sufficient profit’, ‘market leadership’ etc.
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represent a future state or outcome of the effort put in now.
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reflect the distinctive competence of the organization
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Detailed explanation-1: -Objectives: The managerial purpose of setting objectives is to convert the strategic vision into specific performance targets results and outcomes the management wants to achieve-and then use these objectives as yardsticks for tracking the company’s progress and performance.
Detailed explanation-2: -The purpose of setting objectives is to convert managerial statements of strategic vision and business mission into specific performance targets, results and outcomes the organization wants to achieve. Setting objectives and then measuring whether they are achieved or not help managers track an organization’s progress.
Detailed explanation-3: -Strategic objectives establish the boundaries for what your organization’s effort must focus on. They create the top layer of your strategic plan’s framework, articulating what you’ll focus on to achieve your vision of success.
Detailed explanation-4: -Mission is a general statement of how you will achieve your vision. Strategies are a series of ways of using the mission to achieve the vision. Goals are statements of what needs to be accomplished to implement the strategy. Objectives are specific actions and timelines for achieving the goal.
Detailed explanation-5: -Strategic objectives are statements that indicate what is critical or important in your organizational strategy. In other words, they’re goals you’re trying to achieve in a certain period of time-typically 3-5 years.