Skip to main content

Business Goals vs. Objectives vs. Strategies vs. Tactics

Brief

Recently I have encountered a few terms which a lot of confusion about them exists among business people. These terms are business goal, objective, strategy and tactic. At first glance, they might look like the same; however they are totally different from organisations’ standpoints and convey distinct concepts at different levels. In the following lines, I explain these terms along with a sample to make it more clear:

Business Goal

  • Goals are the broad primary outcomes towards which effort and actions are directed in a business.
  • They are whats, not hows and a business might have multiple goals to achieve.
  • For example, "we must be a leader player and increase our share in the home loan market".
  • Normally there is no measurement in the definition of a goal and only gives you the general direction of the company.

Business Objective

  • Business objective differs from business goal in the sense that they are measurable and specific.
  • It actually quantifies the thoughts and sets a target so that the strategy can be planned around it.
  • In other words, objectives are measurable steps an organisation takes to achieve its goals.
  • For example, “increase the share in Home Loan segment to 15% by end of 2015 financial year”. Although business goals and objectives are loosely interchangeable, business objectives are subset of business goals.

Business Strategy

  • Strategy is the organization's approach to persuade the customers to buy the products or services.
  • Strategy is how, not what. 
  • On the other hand, strategy is the organization's approach to compete with other organizations to absorb more customers in order to achieve the objectives. 
  • It implies the marketing and advertising campaigns that are planned to attain the objectives. 
  • "For example, convince the customers that our home loan product is the best in the market by TV and Online advertisement."

Tactic

  • Tactics are actions or tools an organization takes to achieve the objectives associated to a strategy.
  • They are what's, not how's. 
  • Strategies and tactics must work in tandem, without tactic the organization has big thinker and no action.
  • In other words, the organization needs both big wings (strategies) and feet (tactics). 
  • For example, “Create a new home loan product with reduced interest rate and zero dollar administration fee.”

To make the best use of these concepts and advance your organization's capabilities, educate your organization on the differences of the terms and explain your expectation from them. A team might be engaged in strategy development, while another team involved in tactics. Ensure that all tactics align to strategies and all strategies take into account the tactics. Don’t forget that goals, objectives, strategies and tactics are dependent to each other and work in tandem.

Labels:

Comments

Post a Comment

Popular posts from this blog

Useful video links with Questions and Answers(.NET, SQL/Database, Azure, DSA, Docker, GIT, AI)

A) AI What is artificial intelligence (AI)? B) .NET SOLID Principles In C# With Examples Design Patterns In C# .NET (2023)   Design Patterns   Software Architecture And Patterns Shiva Kumar - .NET (Youtube)   Multithreading and multitasking Multithreading and asynchronous programming and parallel programming in C# (Youtube)   C) SQL/Database SQL Query Interview Questions - SQL Server Database (Youtube)   ACID Properties Of Transaction In DBMS (Youtube) D) Azure   Modules in this learning path - MSDN Susanth Sutheesh (Youtube)   E) DSA   Strivers A2Z DSA Course/Sheet F) Docker   Docker - Everything You Need To Know G) GIT   Start with Git & GitHub in Visual Studio Misc https://www.youtube.com/watch?v=aaUInV445BY Salary Negotiation - 10 tips on how to negotiate a Higher Salary    
Post a Comment
Read more

Senior Software Engineer - .NET, Kathmandu

First Round (Decemeber 2022) ------------------------------- Brief: There were 4 people in the interview squad in the both round and each were experitise in their fields. .NET related questions were asked by .NET Expert. SQL related questions were asked by Database Expert. Front End related questions were asked by Front End Expert. Cloud Computing related questions were asked by DevOps Expert. First Round (December 2022) A. Question related to Exceptions & disposable. 1) What is the purpose of exception? 2) How is exception handling done in .NET?  3) What is the purpose of finally block? 4) What is the purpose of IDisposable interface?  5) Why we need to dispose object manually if it is automatically done by the framework? 6) Managed resource vs unmanaged resource? Unmanaged code vs managed code? B. Question related to LINQ or Lambada 1) what the purpose of LINQ or lambada?  2) What is lambad expression?  3) The method like First(), FirstOrDefault(), TakeWhile(),...
Post a Comment
Read more

npm install on windows 7 python2 not found error and node-sass@3.13.1 error #317

Before I write all, I'd like to say that before the update everything worked well; while updating node from version 7.2.1 to version 9.4.0 and npm from version 5.5.1 to version 5.6.0 in Windows 7 (64-bit) using the installer (https://nodejs.org/en/download/) and installing globally gulp-cli version 2.0.0, as far as npm install starts from the JointsWP folder I get the following error: $ npm install npm WARN deprecated babel-preset-es2015@6.24.1: รฐ  Thanks for using Babel: we recommend using babel-preset-env now: please read babeljs.io/env to update! npm WARN deprecated gulp-util@3.0.8: gulp-util is deprecated - replace it, following the guidelines at https://medium.com/gulpjs/gulp-util-ca3b1f9f9ac5 npm WARN deprecated minimatch@2.0.10: Please update to minimatch 3.0.2 or higher to avoid a RegExp DoS issue > uws@0.14.5 install C:\Users\Bob\Dropbox\Development\vhosts\mongoose-project\vanilla\themes\JointsWP\node_modules\uws > node-gyp rebuild > build_log.txt 2>...
1 comment
Read more