Objectives, Strategies, Tactics, and Mission and Vision Statement
Objectives, Strategies and Tactics – What are they?
- Objectives are medium to long-term targets that give a sense of direction to the organization and which need to be achieved in order to fulfill the organization’s mission and vision.They define its aims and purposes and are the foundations for strategical and tactical decisions.
- Strategies are how the organization will achieve its objectives. They guide strategic/high level decisions that will have significant consequences.
- Tactics are the specific actions which carry out the organization’s strategies. They guide short-term/low-level decisions.
- All three of them are inter-dependant. As Sun Tzu once said, “Strategy without tactics is the slowest route to victory. Tactics without strategy is the noise before defeat”. You need tactics to achieve strategies, you need strategies to achieve objectives, and you need to keep your objectives constantly in sight in order to run a successful business.
Mission and Vision Statement
- A vision statement is usually quite broad. It’s where the company sees itself in the future and is meant to be inspiring, whereas a mission statement is more concrete and specific. It’s how the company sees itself in the present and should be the first consideration for evaluating any strategic decision.
- Walmart’s mission statement is “We save people money so they can live better”. The use of present tense helps indicate that it is a mission statement, as it implies that “we are already doing this” and not that “we will become this”.