What are the key terms in strategic planning?
Strategic planning is the process of developing and executing a plan to achieve long-term goals and objectives. The key terms associated with strategic planning are vision, mission, goals, objectives, tactics, and strategy.
Vision
The vision of an organization is a statement of its purpose and what it hopes to achieve. It is a long-term view of the future and how the organization sees itself in that future.
Mission
The mission of an organization is a statement of its core values and the activities it will focus on in order to achieve its vision. It should be a concise statement of what the organization does, who it serves, and how it will achieve its objectives.
Goals
Goals are the broad, long-term objectives for the organization. They are the end-state that the organization is striving for and should be specific, measurable, attainable, relevant, and timely.
Objectives
Objectives are the short-term, specific steps that an organization takes to achieve its goals. They are measurable, attainable, relevant, and timely.
Tactics
Tactics are the specific actions taken by an organization to achieve its objectives. They are tangible actions that can be taken to move the organization closer to its goals.
Strategy
Strategy is the overall plan for achieving an organization’s goals. It is a comprehensive plan that outlines how the organization will use its resources to achieve its objectives.
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