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One of the important steps in strategic planning involves the definition of long-term objectives. Long-term objectives are goals identified in the following areas, profitability, productivity, employee…
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Long-term Objectives Long-term Objectives Strategic planning is of critical importance to any organization. One of the important steps in strategic planning involves the definition of long-term objectives. Long-term objectives are goals identified in the following areas, profitability, productivity, employee development, competitive position, employee relations, technology leadership, and public responsibility. Usually, long-term objectives should be measurable, flexible, suitable, and understandable (ORegan et al., 2012). Without the identification of long-term objectives, it is difficult to make effective strategic decisions. Executives of companies consider the long-term objectives before deciding the necessary organizational changes. Since objectives have timelines, they serve as guidelines for the organization to determine the strategies used to achieve them. Executive teams involved in strategic planning should differentiate between value disciplines, generic and grant strategies if they seek to gain competitive advantage. Notably, generic strategies denote the ideas that an organization can use to have an advantage over competitors in the market. Three different generic strategies exist. They include low-cost leadership, differentiation, and focus differentiation (Dye & Sibony, 2007).
Low-cost leadership involves the reduction of the cost of production. Since a company registers lower production costs, it can offer standard products at relatively lower prices than competitors can. Differentiation involves the improvement of product features in an effort to add value to the customers. Differentiation may result in premium prices for the products. Focus differentiation targets a specific market segment. Companies that indulge in the focus differentiation design unique products that can satisfy the needs and expectations of an identified target market that can pay premium prices. On the other hand, value disciplines include operational excellence, customer intimacy, and product leadership. Finally, executives should give considerations to grant strategies, which denote the basic directions that they should follow in making strategic decisions (Ali, 2014). Understanding the difference between value disciplines, generic and grant strategies are of critical importance when companies seek to gain competitive advantage.
Ali, S. (2014). Strategic Planning Using COBIT 5. COBIT Focus, 211-17.
Dye, R., & Sibony, O. (2007). How to improve strategic planning. Mckinsey Quarterly, (3), 40-49.
ORegan, N., Kling, G., Ghobadian, A., & Perren, L. (2012). Strategic positioning and grand strategies for high-technology SMEs. Strategic Change, 21(5/6), 199-215. doi:10.1002/jsc.1904. Read More
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