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Q.1 What is meant by ‘Strategy’? Differentiate between goals and objectives.


The word strategy is derived from the Geek word “strategia”, and conventionally used as a military term. It means a plan of action that is designed to achieve a particular goal. Earlier, the managers adopted the day-to-day planning method without concentrating on the future work. Later the managers tried to predict the future events using control system and budgets. These techniques could not calculate the future happenings accurately
. Thus, an effective technique called strategy was introduced in business to deal with long term developments and new methods of production. The different concepts of strategy are:
·         It is defined as a plan to direct or guide a course of action
·         It is a pattern to improve the performance over time
·         It is a fundamental way to view an organisation’s performance
·         It is a scheme to out-maneuver competitor

Difference between Goals and Objectives of Business
Goals are statements that provide an overview about what the project should achieve. It should align with the business goals. Goals are long-term targets that should be achieved in a business. Goals are indefinable, and abstract. Goals are hard to measure and do not have definite timeline. Writing clear goals is an essential section of planning the strategy.

Example - One of the goals of a company helpdesk is to increase the customer satisfaction for customers calling for support.

Objectives are the targets that an organisation wants to achieve over a period of time.
Example - The objective of a marketing company is to raise the sales by 20% by the end of the financial year.

Example - An automobile company has a Goal to become the leading manufacturer of a particular type of car with certain advanced technological features and the Objective is to manufacture 30,000 cars in 2011.

Both goals and objectives are the tools for achieving the target. The two concepts are different but related. Goals are high level statements that provide overall framework about the purpose of the project. Objectives are lower level statements that describe the tangible products and deliverables that the project will deliver.

Goals are indefinable and the achievement cannot be measured whereas the success of an objective can be easily measured. Goals cannot be put in a timeframe, but objectives are set with specific timelines. The difference between organisational goals and objectives is depicted in table 1.

Table 1: Differences between Organisational Goals and Objectives
Goals
Objectives
Are long term
Are usually meant for short term
Are general intentions with broad outcome
Are precise statements with specific outcome
Cannot be validated
Can be validated
Are intangible – can be qualitative as well as quantitative
Are tangible – are usually quantitative and measurable
Are abstract
Are concrete


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