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Discussing Objectives and Corporate Governance

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A. What is the difference among strategic, long-term, and short-term objectives? What is the relationship between objectives and goals? What are some examples of this relationship?

B. What is corporate governance? What role does corporate governance play in strategic planning? Why is it important? Explain your answer and give an example.

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Solution Summary

This solution discusses objectives of a business and corporate governance.

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In today's fast paced and competitive market, it is important for organizations to maintain their competitive edge, and be recognized as an industry leader. While the nature of business is constantly changing, the core ideals that the business is based on remain relatively steady, providing guidance in strategic decision-making. These steady ideals are expressed in companies' vision and mission statements.

The purpose of this essay is to outline the difference among strategic, long-term, and short-term objectives, while showing the relationship and the difference between objectives and goals. The objective of this essay is to illustrate the important role that corporate governance plays in strategic planning.

Interestingly enough, many people use the term "goal" and "objective" interchangeably, as if they mean the same thing. It is important to start by distinguishing the two; "Goals are broad objectives are narrow. Goals are general intentions; objectives are precise. Goals are intangible; objectives are tangible. Goals are abstract; objectives are concrete. Goals can't be validated as is; objectives can be validated". In other words, vision and the mission of the company is a goal, while everything needed to reach that goal is a tangible and measurable objective.

Strategic management is a future oriented and long-term focused, set of ...

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