MB0052 – Strategic Management and Business Policy – 4 Credits
(Book ID: B1314)
Set - 1
1. What is meant by ‘Strategy’? Differentiate between goals and objectives
Ans - Definition of STRATEGY
a (1) : the science and art of employing the political, economic, psychological, and military forces of a nation or group of nations to afford the maximum support to adopted policies in peace or war (2) : the science and art of military command exercised to meet the enemy in combat under advantageous conditions b : a variety of or instance of the use of strategy
a : a careful plan or method : a clever stratagem b : the art of devising or employing plans or stratagems toward a goal
: an adaptation or complex of adaptations (as of behavior, metabolism, or structure) that serves or appears to serve an important function in achieving evolutionary success <foraging strategies of insects.
Examples of STRATEGY
1. They are proposing a new strategy for treating the disease with a combination of medications.
2. The government is developing innovative strategies to help people without insurance get medical care.
3. a specialist in campaign strategy
Origin of STRATEGY
Greek stratēgia generalship, from stratēgos
First Known Use: 1810
Goals vs Objectives
When you have something you want to accomplish, it is important to set both goals and objectives. Once you learn the difference between goals and objectives, you will realize that how important it is that you have both of them. Goals without objectives can never be accomplished while objectives without goals will never get you to where you want to be. The two concepts are separate but related and will help you to be who you want to be.
Definition of Goals and Objectives
Goals ‘“ are long-term aims that you want to accomplish.
Objectives ‘“ are concrete attainments that can be achieved by following a certain number of steps.
Goals and objectives are... [continues]
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