What makes an effective strategic objective

Expounding, using our imagination, let us climb a mountain! This example focuses us to consider the effort and struggle that climbing a mountain has in common with achieving a goal in business such as growth. The top of the mountain is our goal. To get there we must set and obtain certain objective along the way such as ledges on the mountain face. Now there are many ledges on the mountain face but not all of them are the best to choose in order to reach our goal of the top of the mountain. In business, conservative objective may not support the growth of the company. The strategic ledges are the best ones that would require the least effort and resources to achieve and in turn be the least cost effective and most profitable and support the overall goal of the company. The strategic plan includes selecting the route to climb toward the selected objective ledges and ultimately toward the goal of the company. There are many tactics used to achieve the objective some are risky and quick and some are careful and slower. The life of the company is contingent on the associated risk of the decision made by the management team (climbing team). I like to illustrate business with other activities and that helps me relate and visualize. Would you like to add to the illustration?

#4 Effectiveness (Professor)

According to Gregory, Lumpkin, and Taylor (2009), Strategic objectives are used to operationalize the mission statement. That is, they help to provide guidance on how the organization can fulfill or move toward the “high goals” in the goal hierarchy-the mission and vision. As a result, they tend to be more specific and cover a more well-defined time frame. Strategic objectives are measurable, specific, appropriate, realistic and timely. Gregory, Lumpkin, and Taylor (2009), state that “Setting objectives demands a yardstick to measure the fulfillment of the objectives. If an objective lacks specificity or measurability, it is not very useful, simply because there is no way of determining whether it is helping the organization to move toward the organization’s mission and vision.” Strategic objectives are specific concepts that are measurable, and ensure that organizational goals are achieved. Another example, in terms of hospitality, Drury Hotels has a goal of being the leader supplier of high quality hotels by providing exceptional service, and products. In order to do so, they must expand in new markets. They often experiment with new amenities and then measure guest reaction. If these new amenities gain admiration, generate new business, and retain old business, then they know their objectives are working. Once they see that there is demand for their services, they develop a time frame in which they will roll out the new amenities to all of their hotels. By measuring guest reaction, profits, and occupancy statistics, as well as monitoring new sources of business, they can see if their goals are adequately being met. If there is negative reaction towards new amenities, then they scrap the idea, because it does not help them achieve their organizational goals.

Dess, Gregory G., G.T. Lumpkin and Marilyn L. Taylor. Strategic Management. 2 ed. New

York: McGraw-Hill Irwin, 2005.

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