• Aims are the long-term goals of a business. Think of it as your dream of where you want your business to be in the future. Example: "We want to be profitable every year by producing tasty, high-quality meat products." This could be similar to your wish to be a world-class pianist in the next 10 years.
• Objectives are medium to short-term goals that help the business achieve its aims. Example: To achieve the aim of being a profitable business, an objective could be to "increase market share by 10% in the next year." Similarly, to be a world-class pianist, your objective could be to master a challenging piece of music in the next three months.
• Strategies are the plans to achieve strategic objectives and work towards the aims of the business. For example, to increase the market share (objective), a strategy could be to "launch an aggressive advertising campaign." Think of it as your plan to practice 2 hours daily (strategy) to master that piece of music (objective).
• Tactics are short-term plans to achieve tactical objectives that contribute to the strategies of the business. For instance, the tactic for the advertising campaign (strategy) might be "to offer special discounts during holiday seasons." Similarly, your tactic could be practicing the hardest parts first during your daily practice sessions.

There are three types of business objectives: strategic, tactical, and operational.

• Strategic Objectives are medium- to long-term objectives set by senior managers to guide the company towards its aims.
• Tactical Objectives are medium- to short-term objectives set by middle managers to achieve strategic objectives.
• Operational Objectives are daily objectives set by floor managers to help the company reach its tactical objectives.

Imagine this as planning for a hiking trip. Your strategic objective might be to reach the top (your aim), your tactical objective could be to reach halfway by noon (your objective), and your operational objectives might involve packing a lunch, wearing appropriate clothes, and setting a steady pace (your daily tasks).