VISION AND MISSION : is short, powerful and inspirational narrative about the future - why are you in the business in the first place - and what you want to achieve over a long period of time - typically a decade or more. Vision statements are typically used for communicating to the outsiders regarding what the company is trying to do and they are more inspirational and timeless. Mission statements on the other hand are used internally and much more specific and generally articulate what the business will be like in 5 years. The content of vision and mission may be anything - products, customers, methods, resources, activities etc but the challenge is to be brief (and hence memorable) and to clearly state what the company will always want to do - and therefore by implication what it will never do.
OBJECTIVES AND GOALS They both are exactly the same things. They are the end results towards
which effort is directed or coordinated. Although it is the end, it is not necessarily the final achievement.
That’s the mission. Objectives
and goals are "whats",
not "hows" but they are smaller than the mission.
There can be a number of objectives and goals to be achieved in order to
achieve a mission, but there is usually only one mission.
STRATEGY: Strategy
is how you will allocate your resources to achieve a given objective (or even a mission). The strategists excel at
devising schemes and plans and courses of action to achieve the desired result. As
you advance in the ranks, you move from being more of a
“doer” (execution, tactics) to being more of a “thinker” (developing strategies
to achieve objectives and solve problems).
EXECUTION :Executions
are what is done to deliver on or coordinate a strategy. They are definitely a what, not a how. Although
execution is more about doing than thinking, it is still critical, as poor
execution will prevent us from delivering on the strategy that will achieve our
objective.
TACTICS :Tactics
are devices or actions taken to achieve a larger purpose. They are also a what, not a how, but they are on a smaller scale than an
execution. When
we say that someone is a good tactician, we mean he is good at making the
smaller moves, gestures and acts that achieve a strategy. Many people often
confuse tactics with strategy and also confuse tactics with execution, but
there are differences, even if they are subtle.
EXAMPLE :
Vision : To be seen as being the leader in candy business among the elite.
Mission : To become the largest seller of premium candy.
Objective : Share of the premium candy market from 23% to 55% in 5 years.
Strategy
: Associate with high-end people and entities.
Execution
: Top print and TV vehicles to carry celebrity endorsers.
Tactic
- Sampling at high-end stores
Tactic - Put it on the pillows of beds in high-end hotels
