In strategic management, artefacts are things that can be seen or touched that reflect an organization’s plan. Strategy artefacts help identify, share, and carry out the strategy goal of an organization. Some popular pieces of plan are:
Vision statement: This is a sentence that says what the organization wants to be like in the future.
Mission statement: This is a sentence that describes the organization’s purpose, including its target customers, goods or services, and market place.
Strategic targets are high-level goals that an organization wants to reach over a certain amount of time, such as making more money, getting a bigger share of the market, or entering new markets.
SWOT analysis is an evaluation of an organization’s strengths, flaws, chances, and dangers. This helps to find places where the organization could improve and risks that it might face.
Competitive research is an evaluation of the organization’s rivals, including their strengths, flaws, and market place. This helps to find chances and risks in the market.
Key performance indicators (KPIs) are measures that are used to measure how well an organization is meeting its strategic goals, such as increasing sales, making customers happy, or getting employees involved.
Balanced scorecard is a strategy management tool that gives a framework for measuring and directing an organization’s success in multiple areas, such as finances, customers, internal processes, and learning and growth.
Strategic plans are thorough plans that show what the organization will do and how it will do it to achieve its strategic goals.
By making these strategy objects, organizations can make sure that their strategic direction is clear, well-communicated, and backed by real actions and initiatives. They also give a way to measure and manage success against strategic goals and make changes as needed to stay on track.
