Defenitions

By: Alejandro C.

Mission Statements
A short business statement written by the boards of directors of the company or organisation. It is normally done in consultation with internal stakeholders. It describes in a small sentence a companys function, markets and competitive advantages.

Vision Statement
A vision statement is sometimes called a picture of your company in the future. It is your inspiration, the framework for all your strategic planning.

Tactical Objectives
An intermediate goal that is part of a comprehensive strategy of achieving a given result. For example, a company wishes to increase its return on assets from a current 12% to 15%.

Strategy
A plan composed as a method to achieve something in a future. For example: accomplishing a goal or a solution a specific problem.

Tactics
A way of doing things to get an advantage over something. Also it is a tactic to accomplish a certain goal.