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1. MISSION: (What Is Our Reason for Being?

) A statement of the purpose of

a company and organization. The mission statement should guide the actions of the
organization, spell out its overall goal, provide a path, and guide decision-making.
Example: McDonalds - "To provide the fast food customer food prepared in the same high-quality
manner world-wide that is tasty, reasonably-priced & delivered consistently in a
low-key dcor and friendly atmosphere."

2. VISION: (What Do We Want to Become?) Sometimes called a picture of your company in the
future but its so much more than that. Your vision statement is your inspiration, the
framework for all your strategic planning.
Example: Ford Become the main company of the world in products and services of the car.

3. GOAL: Desired result a person or a system envisions, plans and commits to achieve a personal
or organizational desired end-point in some sort of assumed development. Many
people endeavor to reach goals within a finite time by setting deadlines.
Example: Consumer goals: this refers to supplying a product or service that the market/consumer wants

4. OBJECTIVE: A process in which a manager and an employee agree upon a set of specific
performance goals, or objectives, and jointly develop a plan for reaching them.
The objectives must be clear and achievable, and the plan must include a time
frame and evaluation criteria.
Example: We aim to build customer database of at least 250,000 households within the next 12 months

5. STRATEGY: These are the methods or processes required in total, or in some combination,
to achieve the goals. (Going back to our reference to systems, strategies are
processes in the system.) It is the ability to trace our activities back to
motivators that we can all agree on.
Example: A printer company to use a strategy like this: Increase market penetration in the North
America SOHO segment by 20% through improvements in product usability, partner marketing,
and customer relationship management.

6. POLICY: Operating rules that can be referred to as a way to maintain order, security, consistency,
or otherwise furth a goal or mission.
Example: A town council might have a policy against hiring the relatives of council members for civic
positions. Each time that situation arises, council members can refer to the policy, rather than
having to make decisions on a case-by-case basis.

7. BUDGET: A particular some of money that has been allocated for a particular item, purpose, or
event over a specific or fixed period of time.
Example: Our monthly budget for entertainment has gone from $200 to $500 following my recent
raise. It can also refer to the itemization of anticipated expenses during that given time
period along with, in many cases, proposed methods of financing those expenses.