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www.gyaniversity.com90Managerial Processes-I Explain and differentiate between the concepts viz, Mission, Objectives, Goals, and Strategy in the context of an organisation. Cite examples.company wishes to become a market leader (goal), it might adopt a strategy of %u201cinvesting in research and development to produce state-of-the-art solar panels and partnering with local governments to incentivize renewable energy adoption.%u201d In this case, thestrategy defines the organized efforts and specific tactics required to meet the objectives and, ultimately, achieve the goal while staying true to the organization%u2019s mission.To further clarify with an example, consider a leading global technology firm. Its mission might be %u201cto innovate and connect the world through technology.This mission provides a broad and noble stance on why the company exists. From this mission, the company sets detailed objectives such as %u201cto increase its research and development budget by 15% annually%u201d and %u201cto launch two innovative products each year that address emerging consumer needs.%u201d These objectives break down the mission into actionable and measurable steps. The goals derived from these objectives may be %u201cto be recognized as the top innovator in the tech industry%u201d or %u201cto achieve a double-digit market share increase in the global market.%u201d The company%u2019s strategy to achieve these goals might involve investing in cutting-edge technology, forming strategic alliances with startups, and entering new markets in emerging economies.Explain the need for MBO in an organization and the process involved in it. Briefly discuss the benefits of having MBO in an organization.Exam Prediction: 56%Source: Dec 2022, Internal IGNOU & Study Centre PapersNeed for MBO in an OrganizationMBO is essential in organizations for several reasons. First, it addresses the need for clarity and direction. When an organization undertakes planning, it sets out its longterm and short-term objectives. However, without a clear method to cascade these objectives down to individual performance targets, there can be a gap between organizational strategies and day-to-day activities. MBO bridges this gap by ensuring that each employee understands how their personal goals and tasks contribute to overall organizational success.Second, MBO nurtures motivation and accountability. Involving employees in setting their own objectives creates a sense of ownership and commitment toward achieving these goals. When employees are actively participating in the planning process, they becomemore engaged and dedicated to their work. This participation