Hierarchy of Strategic Intent
By strategic intent, we refer to the purposes the organization strives for. These may be expressed in terms of a hierarchy of strategic intent. The Hierarchy of strategic Intent includes five types of elements: Vision, Mission, Goals, Objectives, and Action Plans.
Vision: Vision refers to the category of intentions that are broad, all-inclusive; and forward-thinking. A vision describes the aspiration for the future without specifying the desired ends. A vision articulates the position that a firm would like to attain in the distant future.
Mission: Strategic mission identifies the basic function or task of an enterprise. A company’s mission statement is typically focused on its present business scope – “who we are and what we do”.
Goals: Mission statement tries to make vision statements specific; goals attempt to improve an organization’s, performance by making mission statements more concrete. Goals provide guidance and. a unified direction for the people in the organization. Goals can help everyone understand where the organization is going and why going there.
Objectives: Objectives are the operational definition of goals. Objectives are an organization’s performance targets – the results and outcomes it wants to achieve.
Strategy: A company’s strategy consists of the competitive efforts and business approaches that managers employ to please a customer, compete successfully and achieve organizational objectives.
Action plans: Action plans include all the plans regarding the detection and performance of all the’ required functions to achieve the objectives of an organization and identify their priority.