Strategic management involves formulating and implementing strategies to achieve organizational objectives by relating the organization to its external environment. It is a continuous process involving strategy formulation and ensuring effective implementation. The focus is on relating the organization to opportunities and threats in the external environment. Vision refers to the desired future state of an organization and contains realistic, credible, attractive and future-oriented elements. Developing a vision involves conducting a vision audit, targeting the vision, setting the vision context, developing future scenarios, and choosing the final vision. Mission defines an organization's role in society by addressing a particular societal need. Objectives should be specific, measurable, achievable, relevant and time-bound to define an organization's relationship with its environment and

1. INDIRA GANDHI UNIVERSITY
MEERPUR
ASSIGNMENT ON STRATEGIC MANAGEMENT
Submitted To: Dr. Pinky Submitted By: Malika Yadav
Mcom (2yr) 4th semester
180010501008

2. What is strategic management?
• Strategic management is defied as the set of decisions and actions in
formulation and implementation of strategies designed to achieve the
objectives of an organization.
• Strategic management is a continuous process of relating the organization
with its environment by suitable course of action involving strategy
formulation and ensuring that strategy has been implemented effectively.
• The focus of strategic management is on relating the organization to its
external environment.

3. VISION
• “description of something in the future”
• Vision refers to the aspiration of the business. It is a package of ideals and beliefs regarding
the firm’s purpose and values that project an image of what the business will be in future.
• Vision is the starting point of expressing an organization’s strategic intent.
• Vision contains four elements:
1. Realistic
2. Credible
3. Attractive
4. Future

4. HOW TO DEVELOP A VISION
1. Conduct a vision audit by assessing the current direction and momentum of the organization.
2. Targeting the vision, it involves starting to narrowing on a vision by asking the boundaries and
constraints to the vision?
3. Setting the vision context, it involves identifying what the organization’s future environment
might look like.
4. Developing the future scenarios, scenarios are the likely future behaviors of the environment.
5. Generating the alternative vision, at this stage possible visions are developed for possible
environment.
6. Choosing the final Vision, here alternative visions are evaluated in the light of environmental
variables as well as organizational variables.

5. MISSION
• Mission is a statement which defines the role that an organization plays in a society.
• It refers to the particular need of the society for instance, its information needs.
“Mission is an enduring statement of purpose that distinguishes one firm from other
similar firm.”
• Different from vision by it is more focused on ‘what is our business’ as compared to
the ‘where are we headed’ or ‘what we want to become’ nature of vision.

6. COMPONENTS OF MISION
STATEMENT
• 1.Organisation’s self-concept.
• 2. Organizational philosophy.
• 3. Organizational image.
• 4. Long-term objectives.
• 5. Nature of business.

7. OBJECTIVES
• Objectives are the end results.
• Objectives state what is to be accomplished by when and should be
quantified if possible.
• Objectives are more specific and narrower.
• Objectives are always measurable and particular.

8. ROLE OF OBJECTIVES
• 1. Objectives define the Organization's Relationship with its Environment.
• 2. Objectives help an Organization pursue its vision and mission.
• 3. Directions for Decision Making.
• 4. Objectives provide performance standards against which the performance
of the organization can be measured.
• 5. Serve as basis for decentralization.
• 6. Helps in Integrating Organization, Group and Individual.

9. GOAL
• Goal is defined as an “intermediate result to be achieved by a certain time as
part of the grand plan. A plan can, there for have many goals.”
• Goal is a specific target that a firm intend to reach in long term.
• Goals should be measurable, quantitative, challenging, realistic, consistent
and prioritized

10. TYPES OF GOALS
1. Financial Goals:
These goals focus on achieving a certain level of financial performance,
measured in terms of ROI and Growth of revenues.
2. Strategic Goals:
The goals focus on achieving strategic or competitive advantages within the
industries like technology, leadership, creativity and innovation and superior
customer services.

11. REFERENCES
• STRATEGIC MANAGEMENT (By Dr. F.C.Sharma)
• www.educba.com