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Organizational Goals, Strategies and Tactics
To measure their viability as well as remain relevant in a highly competitive marketplace, businesses routinely draft both long-term and short-term goals. This text highlights the importance of strategies, goals as well as tactics for business entities. In addition to discussing how they can be measured, the interrelationship between business strategies and tactics will also be discussed.
Strategies, Goals and Tactics: Discussion
A strategy according to Plunkett, Attner and Allen (2011) can be defined as "a course of action created to achieve a long-term goal." The authors on the other hand define a tactic as "a course of action designed to achieve a short-term goal; an objective" (Plunkett, Attner and Allen, 2011). In basic terms, a goal can be termed the end result an entity commits or desires to achieve. More specifically, Hill and Jones (2012) define a goal as "a precise and measurable desired future state that a company attempts to realize." Goals are in most cases divided into two i.e. short-term goals and long-term goals. While short-term goals are meant to be accomplished within a relatively short period of time i.e. In less than one year; long-term goals ordinarily take a longer period of time to accomplish i.e. more than one year.
The relevance of strategies, goals as well as tactics cannot be overstated. In a way, a business that defines its strategies, goals as well as tactics...
Strategic thinking benefits an enterprise both in the short-run and in the long-run. In the opinion of Daft and Marcic (2012), "research has shown that strategic thinking and planning positively affect a firm's performance and financial success." Most successful companies have a formalized strategic planning process. This allows such companies to regularly update both their strategies and tactics in the light of the prevailing changes in the marketplace. Thus in the final analysis, a business entity that clearly defines its tactics, goals as well as strategies has a better chance of succeeding than an entity which does not attach significant importance to this critical area.
It can also be noted that a firm that has well defined tactics and strategies differentiates itself from the competition by following its own unique path towards goals accomplishment. By differentiating itself and standing out in a crowded marketplace such a business entity enhances the success of its undertakings. Strategies, goals and tactics also help in performance evaluation. In this case, organizations can measure the progress made over time against their tactics and strategies for that period of time.
Well defined strategies, goals as well tactics also give an organization direction. In such a case, businesses are often in a better position than their counterparts to execute their…
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