Objective

What is Objective? Definition, Components, Levels, and Types

What is Objective? The objective is the target that is set to accomplish the organization’s vision and mission. It is the expected outcome of the organization. Determining objectives is an integral part of strategic management. They translate the strategic vision into concrete performance objectives. The managerial commitment to performance attainment is demonstrated by objectives. They …

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Strategic Intent

What is Strategic Intent? Definition, Attributes, and Example

What is Strategic Intent? Strategic intent is the high level of statement or plan which is developed to achieve a strategic vision. It is one of the revolutionary concepts in strategic management. It is informal in nature – it is not compulsory like a mission and vision statement to be made. It is assumed to …

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Write An Effective Mission Statement

How To Write An Effective Mission Statement? 9 Key Points For It

Write An Effective Mission Statement Writing an effective mission statement is the most essential task for a manager to set company direction on the most feasible path. To write an effective mission statement the manager should focus on both employees and target customers. A mission statement talks about the present context of the organization what …

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Importance of Mission

8 Importance of a Mission Statement in an Organization

Importance of Mission Statement The mission statement of the organization works as a means to connect employees of the organization with the mission’s objectives to be competitive at the present. The mission statement deals with the present conditions of the company ultimately aiming to achieve the vision. Following are the main importance of an effective …

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Mission

What is Mission? Definition, Features, Importance, Process, and Examples

What is Mission? A mission is a reason why an organization exists, dealing with what it does, and why it does. It talks about the present such as where we are, how we compete, and what makes us different leading to the future. In short, a vision is the future of the organization and a …

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Benefits of strategic vision

8 Benefits and Importance of the Strategic Vision (Explained)

Benefits of Strategic Vision The strategic vision is the cornerstone for the company that sets the overall future and direction of the company. The major benefits and importance of the strategic vision can be mentioned below: Provides Direction Strategic visions provide long-run direction for the organization. They are essential to consider as they provide a …

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Strategic Vision

What is Strategic Vision? Definition, Features, Benefits, Process, and Examples

What is Strategic Vision? A strategic vision is the intended future of the organization that reflects the organization’s values and aspirations and intends to capture the heart and mind of the employees and other stakeholders. The strategic vision paves the strategic direction of the organization and charts a strategic plan to go there. It is …

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Approaches to Strategy Formulation

Three Approaches to Strategy Formulation

Approaches to Strategy Formulation Mintzberg and Water (1985) suggested three approaches to strategy formulation. They are intended, realized, and emergent strategies. A manager can choose any of these strategy-developing approaches considering the goal of strategies. Intended Strategy It is the strategy that the company has chosen to pursue deliberately. It is also known as a …

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Strategic Plan

What is Strategic Plan? Definition, Features, Process, and Importance

What is Strategic Plan? The strategic plan is a long-term plan that aims for better formulation and implementation strategy to achieve organizational goals and sustainable competitive advantage. It specifies where an organization will go in the future, how it will get there, and how it will know whether it has there or not. A strategic …

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Strategic Decision

What is Strategic Decision? Definition, Features, and Importance

What is Strategic Decision? Strategic decision refers to the identification, evaluation, and selection of the best strategy that increases the likelihood of achieving organizational goals. Strategic decisions are directive, rare, and consequential. Decision-making is the selection of the best one out of the pool of available alternatives. And, while making a decision, a number of …

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