In this article we will discuss about the effects of organisation mission on objectives of a business. An organisation must first establish an overall mission or purpose before it determines its objectives. The organisational mission identifies the function that the organisation intends to perform within its social or economic system. As shown in the diagram below, specific objectives, strategies, programmes, [...]
Fundamentally, there are four different approaches to do formal strategic planning. The approaches are:- 1. Top-Down Approach 2. Bottom-Up Approach 3. Mixture of the Top-Down and Bottom-Up Approaches 4. Team Approach. 1. Top-Down Approach: In a centralised company, such planning is done at the top of the corporation and the departments and outlying activities are advised straightway what to do. [...]
The problem of determining competitive strategy of a firm is that of finding the right product-market-sales approach combination for effective accomplishment of its objectives in each field of endeavour specified in the organisation mission and deriving associated goals in the various functional areas of the business. The choice of a particular strategy is possibly the most critical in the competitive [...]