After managers set goals and define objectives in line with the organization's mission and overall vision, the next step is to translate these into a plan. In their planning function, managers identify the resources they need (e.g. people, finances, equipment, etc.) and organize them so employees can accomplish tasks and meet set objectives.
Once a plan is in place and the appropriate resources have been allocated, managers must strategize. Strategic management means deciding what the organization is willing and not willing to do to make its mission a reality. It is the sum total of all the activities undertaken to implement the plan and, ultimately, reach the goals and objectives set by the organization.
After successful completion of this learning pathway, you will be able to:
- Explain how managers translate goals and objectives into action as they make a plan.
- Describe how managers use goals and objectives to allocate resources.
- Explain the role of planning and strategy in making an organization's mission and vision a reality.
