Objectives: Strategies are specific results that a person or system aims to achieve within a time frame and with available resources. Objectives are basic tools that underlie all planning and strategic activities. They serve as the basis for creating policy and evaluating performance.
Some examples of business objectives include minimizing expenses, expanding internationally, or making a profit. The objective may be financial or strategic. The objectives of the organization should be measurable and they must have a deadline to be achieved. Without an objective, the accountability cannot be ensured.
Strategy: Strategy is a method or plan chosen to bring about the desired future, such as the achievement of a goal, objective, or solution to a problem. The strategy is the determination of the basic long-term goals and objectives of an enterprise and the adoption of a course of objectives and the allocation of resources necessary to carry out these goals and objectives.
Objectives are the ultimate target of the company and strategies are the way or path to reach the objectives. At first, the management of the company set the goal or objective which it wants to achieve after a logical time period. Then they determine the strategies, the way or methods or process to achieve that goal.
Example: If the X Company Ltd. wants to increase its sales by 10% within the next 5 years then that will be the objective, and the company can –
- Increase the quality at the same price,
- Develop better distribution channel,
- Differentiate its product,
- Increasing marketing and promotional activities,
- Reduce the price, etc. as strategies to achieve predetermined the objective.
So from the above discussion, we can say that Objectives are the ‘ends’ and strategy’s the ‘means’ to achieve them.
