Idea Generation

Idea Generation

Idea generation is “the creative process of generating, developing and communicating new ideas, where an idea is understood as a basic element of thought that can be visual, concrete or abstract.”

Strategic Objectives

Strategic objectives relate to target outcomes that indicate a company is strengthening its market standing, competitive vitality, and future business prospects. Thompson and Strickland (1980) argue that objectives overall define the specific kinds of performance and results that the organization seeks to produce through its activities. The long term objectives relate to the desired performance and results on an on-going basis; whereas short term objectives are concerned with the near-term performance targets that the organization desires to reach in progressing towards its long term objectives.

Clearly stated strategic objectives, the third step of strategy formulation, outline the position in the marketplace that the firm seeks. Performance targets state the measurable milestones that the firm needs to reach or obtain to achieve its strategic objectives.

Some strategic objectives relate to the positioning of goods and services in the competitive marketplace while others concern the structure of the company itself and how it plans to produce goods or manage its operations. Typical strategic objectives involve profitability, market share, return on investment, technological achievement, customer service level, revenue size, and diversification.

In order to make strategic planning work, the goals, missions, objectives, performance targets, or other hopes of top management must somehow be made real by others in more distant locations down the organizational chart. Merely communicating to each member of the business the vision that top management has for the firm is not sufficient. Strategic objectives and performance targets should penetrate every corner of the organizational chart. There should be a hierarchy of strategic formulation starting with the