Key Terms in Strategic Management

Most of these terms are used interchangeably and may mean different from one person to another. Based on various sources I read, here's what I think they mean:

Mission - enduring purpose/duty, most important aim

Vision - desired future state supporting mission

Goals / Objectives - what the organization intends to do, an end-game

Strategy
- a chosen path, direction or plan of action, to achieve goal
- involves all or most of the resources within organization
- usually long-term
- usually timeless
- what to do?

Tactics
- way to a achieve sub-goals or implement strategy, tools
- performed by a subset or a specific ___ in  an organization
- shorter to mid term
- may vary depending on some factors like time, environment, etc.
- how to do?

Strategies should consider the tactics and tactical solutions should be aligned with strategies.

Some examples from Jan Zlotnick:

Goal: Be the market share leader in terms of sales in the mid-market in our industry.
Strategy: Remarkable Customer Service
Tactics: Offer lower cost solutions than enterprise competitors without sacrificing white-glove service for first 3 years of customer contracts.

Goal: Become a social utility that earth uses on an daily basis.
Strategy: Love Your Neighbor
Tactics: Offer a free global communication toolset that enables disparate personal interactions with your friends to monitor, share, and interact with.

Execution - implementation

Sources:
http://www.web-strategist.com/blog/2013/01/14/the-difference-between-strategy-and-tactics/
http://www.managementguru.net/key-terms-of-strategic-management/
http://bluesummitstrategy.com/strategy/mission-vs-vision/2007/
http://www.dummies.com/how-to/content/strategic-planning-strategy-vs-tactics.html

Outline: Talent is never Enough

by John C. Maxwell

When is talent alone enough?

- Talent is never enough. If talent were enough, then the most effective and influential people would always be the most talented ones.

- Intelligence, imagination, and knowledge are essential resources, but only effectiveness converts them into results. - Peter Drucker, the father of modern management

- Some tasks are not improved by adding more people.

- More isn't always better, and some things are best done by an individual.

- But there are many tasks that call for talent more than numbers. Like high jumping, they require the extraordinary talent of one person, not the mediocre talent of many.

Putting talent into perspective

1. We should marvel at their giftedness.
2. We should recognize their contribution to society?
3. We should separate what they can do from who they are.

- Talent gives you a head start on others but to keep on being a success, you should keep working on that talent.

Do you have what it takes?

1. Everyone has talent. Find your talent.

2. Develop the talent you have, not the one you want.

3. Anyone can make choices that will add value to talent.
- Destiny is not a matter of chance, it is a matter of choice. - William Jennings Bryan

KEY CHOICES TO MAXIMIZE TALENT

1. Belief Lifts Your Talent
-
2. Passion Energizes Your Talent
3. Initiative Activates Your Talent
4. Focus Directs Your Talent
5. Preparation Positions Your Talent
6. Practice Sharpens Your Talent
7. Perseverance Sustains Your Talent
8. Courage Tests Your Talent
9. Teachability Expands Your Talent
10. Character Protects Your Talent
11. Relationships Influence Your Talent
12. Responsibility Strengthens Your Talent
13. Teamwork Multiplies Your Talent