Short Term and Long Term goals
Strategic goals are major targets or end results that relate to the long term survival, value, and growth of the company. Strategic objectives are defined to direct the decisions and the actions of an organization. There are different levels of strategic objectives including functional strategies, competitive strategies, and corporate strategies (Coulter, 2005).
Short Term Goals (1 year)
Functional strategic objectives are short term operational targets. Able Corporation’s short term strategic goals may include:
1. Improving production processes
2. Launching a new marketing campaign
3. Addressing staffing issues.
Long Term Goals (5 years)
Competitive strategies are an example of longer term goals and are focused on how the company will compete within its industry. Competitive strategic objectives are meant to guide the company in a direction that will improve its competitive advantage over its competition. For example, Able Corporation’s long term strategic objectives might include:
• Improving price advantage
• Improving quality advantage or
• Increasing market share (Coulter, 2005).
10 year Goals
Corporate strategies are very broad and long term in perspective. They look at the bigger question of what the business wants to do in the future. This is an example of a 10 year goal. Able’s 10 year goal may include:
• Acquiring similar companies to grow larger or acquiring different companies to diversify the business.
Coulter, M. (2005). Strategic Management in Action (3ed.) Prentice Hall: Upper Saddle River, NJ
Bateman, T. and Snell, S. (2004). Management: The New Competitive Landscape (5 ed). NewYork: McGraw-Hill.
References: Coulter, M. (2005). Strategic Management in Action (3ed.) Prentice Hall: Upper Saddle River, NJ Bateman, T. and Snell, S. (2004). Management: The New Competitive Landscape (5 ed). NewYork: McGraw-Hill.