Question

How are objectives and strategy interrelated? What is the role of objectives in evaluating strategy?

Answer 1

The main focus of any organization is to create value for its stakeholders. Objectives are established in the business to create that business value and strategies are the measures that are employed to achieve those business objectives. Strategic business plan is developed with the aim of achieving the business objectives. So, objectives and strategy must be interlinked for the success of the company.

Strategy is considered successful if the strategic plan is able to achieve the business objectives. Strategic evaluation is used to check the effectiveness and efficiency of a strategy and the efficiency of the strategy is measured by the way the business objectives are achieved.