A strategic vision describes the route a company intends to take in developing and strengthening its business. It lays out the company's strategic course in preparing for the future.

The distinction between a strategic vision and a mission statement is fairly clear-cut: A strategic vision portrays a company's future business scope (“where we are going”), whereas a company's mission typically describes its present business and purpose (“who we are, what we do, and why we are here”).

An effectively communicated vision is a valuable management tool for enlisting the commitment of company personnel to actions that get the company moving in the intended direction.

Strategic visions become real only when the vision statement is imprinted in the minds of organization members and then translated into hard objectives and strategies.

A company's values are the beliefs, traits, and behavioral norms that company personnel are expected to display in conducting the company's business and pursuing its strategic vision and strategy.

Objectives are an organization's performance targets—the results and outcomes management wants to achieve. They function as yardsticks for measuring how well the organization is doing.

Setting stretch objectives is an effective tool for avoiding ho-hum results.

Financial objectives relate to the financial performance targets management has established for the organization to achieve. Strategic objectives relate to target outcomes that indicate a company is strengthening its market standing, competitive vitality, and future business prospects.

A company that pursues and achieves strategic outcomes that boost its competitiveness and strength in the marketplace is in much better position to improve its future financial performance.

A company exhibits strategic intent when it relentlessly pursues an ambitious strategic objective, concentrating the full force of its resources and competitive actions on achieving that objective.

In most companies, crafting and executing strategy is a team effort in which every manager has a role for the area he or she heads. It is fl awed thinking to view crafting and executing strategy as something only high-level managers do.

A company's strategy is at full power only when its many pieces are united.

A strategic plan lays out the company's future direction, performance targets, and strategy.

A company's vision, objectives, strategy, and approach to strategy execution are never final; managing strategy is an ongoing process, not an every-now-and-then task.