ABSTRACT
This chapter describes the concepts of mission, objective, and strategy as key outcomes of the process of strategy formulation and strategic decision-making in the enterprise. The components of strategy are explained. The influence of stakeholders on the process of objective setting and strategy formulation is summarized. The processes of strategy formulation, strategic decision-making, and strategy implementation take place at three main levels which includes the strategic, the tactical, and the operational. Strategies determine how the enterprise intends to carry out its activities during the time horizons to which it is working, in order to achieve its objectives. The ability to use power, and to manage political behaviour has always been a key part of the process of strategic management. Mission statements may be defined to derive from any or all of five inter-related components, namely, enterprise purpose, enterprise vision, enterprise values, core ideology and enterprise ethos. Enterprise purpose will shape the formulation of mission and objectives within the enterprise.
