Strategic Management: Formulation and Implementation


The term objective is often used interchangeably with goal but usually refers to specific targets for which measurable results can be obtained. Organizational objectives are the end points of an organization's mission. Objectives refer to the specific kinds of results the organizations seek to achieve through its existence and operations (William F. Glueck, and Lawrence R. Jauch) Objective define what it is the organization hopes to accomplish, both over the long and short term.

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


Strategies are the means by which long-term objectives will be achieved. "A strategy is a unified, comprehensive, and integrated plan that relates the strategic advantages of the firm to the challenges of the environment. It is designed to ensure that the basic objectives of the enterprise are achieved through proper execution by the organization" (William F. Glueck, and Lawrence R. Jauch). The role of strategy is to identify the general approaches that the organization utilize to achieve its organizational objectives. Therefore, the choice of strategy is so central to the study and understanding of strategic management.