Definition: A strategic vision describes the achievable future state of an organization. The timeline for reaching the vision can vary from three to ten years or more. A strategic vision supports the organization’s mission statement and helps the organization and employees visualize the direction of the organization. As the vision is time-bound, the organization will …
Definition: A Strategic Mission defines the unique purpose of an organization’s scope of operations. It is a high-level long-term plan that an organization aims to achieve. A mission statement explains why the organization exists, its purpose, and what it serves. A mission statement supports the organization’s corporate strategy. A strategic mission statement should be exciting …
Definition: Strategic management is an ongoing process of planning, executing, and then monitoring and controlling the process to ensure the business achieves its objectives. The business environment is dynamic, and organizations need to review the current situation and adjust their strategies to stay ahead of the competition. Strategic management provides direction for an organization, its …
Definition: A strategic objective is a high-level goal for an organization. It describes measurable steps to achieve a goal and sets the deadline for an organization. A strategic objective is specific and measurable. Strategic objectives help businesses align with organizational goals and improve decision-making and productivity. It affects the whole organization and its culture. Types …