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Objectives vs. strategies vs. Tactics
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Objectives are medium to long term goals, whereas strategies are overall long term plans to reach those goals. On the other hand, tactics are specific short term approaches which are taken to carry out strategies, and they also guide “day-to-day” operations. Objectives define the purpose of the organization and it gives people a sense of direction of where the business is going. Without objectives, a business would not be able to develop strategies and tactics to be successful.
Mission statement vs. Vision Statement
A mission statement conveys the business’s reason for existence and where the company is at the present state, whereas a vision statement communicates the values of a business and where it intends to be in the future. A mission statement tends to be more detailed in terms of what the organization aims to do in the present, whereas a vision statement gives a broader understanding of the business and provides a roadmap for planning strategies.