Strategic Management: Formulation and Implementation

Strategic Goals And Objectives

To fulfil the promises of the mission statement, strategic objectives must be identified. Without objectives, the organization is assured of eventual failure.

In management literature, the terms "goals," and "objectives" are often used synonymously.

Still others claim that these two terms mean different things. In this case, "organization's goals" represent the desired general ends toward which efforts are directed" (Wright, Pringle, Kroll )

Three economic goals guide the strategic direction of almost every viable organization: survival, growth, and profitability.

Objectives are specific, and often quantified, version of goals. Therefore, objectives should be specific, measurable, time phased, and achievable.

In this thesis the terms "goals" and "objectives" are used interchangeably. However, where other works are being referred to and those authors have used the term goal as opposed to objective, their terminology is retained.