Define Strategic Vision, Strategy and Objectives in Strategy

Question

Explain the integrating the Strategic Vision, Strategy and Objectives into a Strategic Plan.

Answer 1

 

1. Developing a strategic vision, crafting a strategy and setting objectives are the basic direction-setting tasks. Together, they comprise a strategic plan for coping with the industry and competitive conditions, the probable actions of the organization main players, and the issues and the challenges that stand as obstacles to the company’s success.

CORE CONCEPT: An organization’s strategic plan lays out its future direction, strategy and performance targets.

2. In an organization dedicated to regular strategy reviews and development of explicit strategic plans, the strategic plan may take in the form of a written document that is circulated to perhaps and managers, to selected employees.
3. Short-term performance aims are the piece of the strategic plan most often spelled out explicitly and communicated to employees and managers.