Question: What Are The Characteristics Of Good Strategic Objectives?

What are the five elements of strategy?

They identify five elements of strategy: arenas—where a firm should be active; vehicles—how it can enter the arenas; differentiators— how it can win in its markets; staging—sequence and speed of moves; and, at the core of their framework, economic logic—how the firm plans to obtain its returns..

What are the types of objectives?

There are three basic types of objectives.Process objectives. These are the objectives that provide the groundwork or implementation necessary to achieve your other objectives. … Behavioral objectives. … Community-level outcome objectives.

What is strategy and its purpose?

Strategic planning is a systematic process that helps you set an ambition for your business’ future and determine how best to achieve it. Its primary purpose is to connect three key areas: your mission – defining your business’ purpose. your vision – describing what you want to achieve.

What is objective and give example?

Objective is defined as someone or something that is real or not imagined. An example of objective is an actual tree, rather than a painting of a tree. … The definition of an objective is a goal or something to aim for.

What are process objectives examples?

Process objectives, by their nature, are usually short-term. Example of a SMART process objective: By (month/year), (X%) of providers who reported incorrect gonorrhea treatment in County Z will be contacted within 1 month. end result of a program.

What are some examples of strategies?

Here are 10 examples of great business strategies.Cross-sell more products.Most innovative product or service.Grow sales from new products.Improve customer service.Cornering a young market.Product differentiation.Pricing strategies.Technological advantage.More items…•

What are the two main types of objective?

In summary,Cognitive objectives emphasize THINKING,Affective objectives emphasize FEELING and.Psychomotor objectives emphasize ACTING.

What are the 7 steps of the strategic management process?

7 Steps Effective Strategic Planning ProcessStep 1 – Review or develop Vision & Mission. … Step 2 – Business and operation analysis (SWOT Analysis etc) … Step 3 – Develop and Select Strategic Options. … Step 4 – Establish Strategic Objectives. … Step 5 – Strategy Execution Plan. … Step 6 – Establish Resource Allocation. … Step 7 – Execution Review.

What are the 3 levels of strategy?

The three levels of strategy are:Corporate level strategy: This level answers the foundational question of what you want to achieve. … Business unit level strategy: This level focuses on how you’re going to compete. … Market level strategy: This strategy level focuses on how you’re going to grow.

What are the characteristics of strategy?

Characteristics of Strategy:Strategy is a systematic phenomenon: … By its nature, it is multidisciplinary: … By its influence, it is multidimensional: … By its structure, it is hierarchical: … By relationship, it is dynamic:More items…

What are the main characteristics of strategic decision?

Characteristics of Strategic DecisionsConcerned with Scope of an Organization’s activity. … Matching of activities with environment. … Matching of activities with resource base. … Affects operational decisions. … Affects nature and magnitude of strategies. … Affects long-term direction of company.

What is the main focus of strategy?

The strategic focus is essentially the same as Drucker’s theory of business: Assumptions about the specific mission of the organization, what it considers meaningful results – its vision, mission, passion.

What is strategy example?

So, for example, your marketing strategies would look at price, distribution, product, packaging, and promotion. There might be a specific strategy for each. HR management will have a set of strategies too. These could include recruitment, retrenchment, remuneration strategy, or training strategy.

What are the characteristics of good objectives?

What Are the Characteristics of a Good Objective?Specific: The objective should be specific and detailed.Measurable: It must be measurable so it can be objectively assessed.Attainable: Employees and others must be able to reach the objective.Realistic: Realistic objectives are more likely to be met.More items…

What is the meaning of strategic objectives?

Strategic objectives are the big-picture goals for the company: they describe what the company will do to try to fulfill its mission. Strategic objectives are usually some sort of performance goal—for example, to launch a new product, increase profitability, or grow market share for the company’s product.

What is the purpose of strategic objectives?

At their broadest, strategic objectives serve an organization’s ambition. A company’s ambition is found in its mission and vision statements. These statements together describe the main thrust of a company and its ultimate goal, a goal that can only be reached by successfully carrying out business.

What makes a good strategic objective?

Strategic Objectives should be easy to remember and should be understandable by everyone within the organization. That means no jargon (if possible), and keeping them to one sentence long.

What are the 5 smart objectives?

The “SMART” acronym stands for “specific,” “measurable,” “attainable,” “relevant,” and “time-bound.” Each SMART goal you create should have these five characteristics to ensure the goal can be reached and benefits the employee.

What are the four types of strategy?

4 Levels of Strategy-Making / 4 Types of Strategic AlternativesCorporate level strategy.Business level strategy.Functional level strategy.Operational level strategy.

What are strategic objectives examples?

Examples of Strategic ObjectivesTime: Decrease the time required to produce a product or provide a service. … Dollars: Decrease the cost of producing a product or service, or increase the revenue generated by delivering a product or service. … Percentages: Decrease or increase the rate of a process, activity, or desired outcome.More items…