Strategic Management - Define and explain the difference between Mission, Goals, Objectives and the ways in which each fits into and forms a part of the Strategic Equation.
Mission: A mission of an organization or in general can be defined as the description of a business process, how it is done, and the group it offers the services or products to. The mission statement is short and contributes to the overall vision of the organization. Example: "To create a healthy environment and deliver the highest quality food to customers." can be the mission statement of a restaurant.
Goals: Goals can be defined as the state that an organization wishes to accomplish in order to meet the mission statement. They cover a bigger picture of the desired state. Example: The goal of the restaurant, in this case, can be to expand its services and maintain the highest quality across the country by opening more restaurants.
Objectives: Objectives are defined as short term targets and activities to reach the bigger picture which is to accomplish the goals. Objectives can be more than one as they are a step by step process. Example: The objective of the restaurant can be to open restaurants in two states every month, and then recruit the best chefs and other people to work in the restaurant.
The goals and objectives are different than the mission as they are steps to achieve the mission. Goals and objectives don't define the business processes like the mission statement. The difference between goals and objectives is the time frame. Objectives are short term and goals are long term. Goals also consider the overall picture of the business process, while objectives are the activities that are required to meet the goals.
The strategic equation for mission, goals, and objective would be
Mission = Goals + Objectives
The accomplishment of goals and objectives can result in the fulfillment of the mission statement. Example: For the restaurant to continue delivering a healthy and quality environment, the goals need to be achieved without which is to provide quality services as it expands its services. This can only be done by recruiting the best chefs which is the objective of the restaurant.
Strategic Management - Define and explain the difference between Mission, Goals, Objectives and the ways in...
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