1. Mission:

The mission is the broad sense of purpose of the organization or the reason for the existence of an organization. Top-level management develops mission Mission defines the fundamental unique purpose that differentiates an organization from other organizations of similar type. It also consists of the company’s philosophy about how it does business and treats its employees. It states the reason & priorities It projects the image of the organization It reflects the long term commitment of the organization. It is also known as the purpose of the organization.

2. Vision:

It states where the organization aspires to be in the long run. It indicates the aspiration of the organization. It is the scope that a person sees from a particular position. Vision creates the direction of the firm. Strategic goals evolve from the mission and vision of the organization. Strategic vision moves beyond the mission statement to provide a perspective on where the company is headed and what the organization can become. Although the terms mission and vision often are used interchangeably, the vision statement ideally clarifies the long term direction of the company and its strategic intent (purpose)

3. Objectives:

Objective means-end results desired. They are broad, non-quantifiable & timeless desired outcomes. Objectives are the destinations that an organizations plan to reach. All the attempts are aimed at achieving goals in the organization. Objectives are the targets or end the manager wants to reach. They are the planned results to be achieved. They have desired outcomes for individuals, groups or entire organizations’ goals specify what is to be accomplished by whom and try to clarify in quantitative terms. They serve as standards for measuring performance. They should be specific, realistic, and linked to a time frame. They should be consistent with the mission of an organization

4. Strategies:

The strategy is a comprehensive master plan stating how an organization will achieve its mission and goals. It determines the basic long-term objectives of an organization and the adoption of a course of action and allocation of resources necessary to achieve the goals. It maximizes competitive advantages. Thus, it is a pattern of actions and resource allocations designed to achieve the goals of the organization. The strategy an organization implement is an attempt to match the skills and resources of the organization to the opportunities found in the external environment. The strategies that the organization implements should be directed toward building strengths in areas that satisfy the wants that satisfy the wants and needs of consumers.

5. Tactics:

Tactics are the action plans through which strategies are executed. Strategies must be supported by effective tactics. Tactics is a term often confused with strategy since the difference between tactics & strategy lies only in the degree of importance associated with the tactics. Tactics generally involve a particular method the managers use to achieve something. The managers may discuss tactics with their terms. It is a kind of art that may bring efficiency to+ the work. To be effective, strategies and policies must be put into practice by means of plans and tactics. (Tactics is an ant do enhance efficiency)

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