QS Study

Various Direction-setting tasks in a company

Strategic visions are the ideas for the direction and activities of business development. In order to set a direction for a company, the management has to do some tasks. These are as follows:

(1) Developing a strategic vision: It is the first direction setting task. Managers cannot function effectively without having a clear vision of fills organization. Therefore, at first, a company should determine a strategic vision. A strategic vision reflects management’s aspirations for the organization and its business, providing a panoramic view of “where we are going” and giving specifics about its future business plans.

(2) Establishing objective: It is the second direction setting task. Setting-objectives converts the strategic vision into specific performance targets. Objective represents a management commitment to achieving specific performance targets within a specific time frame. There are basically, two Types of objectives:

  • strategic objectives; and
  • financial objectives.

(3) Crafting a strategy: It is the third direction setting tasks. Strategies represent management’s answers to how to achieve objectives and how to follow the organization’s business mission and strategic vision.