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Strategic business objectives are goals deemed most important to the current and future health of a business. Objectives are prioritized by an organization through a thorough analysis of business practices such as a SWOT analysis. SWOT stands for strengths, weaknesses, opportunities and threats. Though prioritization of strategic objectives is unique to each business, common objectives exist. Six of the most common areas to focus strategic business goals are in the areas of market share, financial resources, physical resources, productivity, innovation and action planning.
1. Definition. In business, operational objectives (also known as tactical objectives) are short-term goals whose achievement brings an organization closer to its long-term goals.