Hi tsomanath
Hope this info helps you out....
Quality Policy - This should be a brief statement the shows a commitment by your top management to the quality management system. It should also describe the commitment to continuous improvement of the effectiveness of your system as well. A mention about establishing and reviewing objectives relevant to your business needs would also be required. You want to state that the success of your system involves the participation of all employees.
Mission Statement - Easy to answer - What is the purpose of your business? What are you trying to achieve? Typically a one line statement may be all that is required. It typically reflects the comments made in the Quality Policy
Objectives - Set by the top management in your company, these need to be 'SMART' goals. ie. Specific, Measureable, Accountable, Realistic and Time. What is it that you are trying to achieve through your processes?
Goals - These will compliment your Objectives. By way of 'Policy Deployment' the "Objectives" reflect the Quality Policy and Mission Statement and "Goals" reflect the "Objectives". So for an example, the CEO sets Objectives, the Business Unit Manager sets goals that reflect the CEO's objectives, the Department Manager sets Goals that meet the Busines Unit Manager's Goals, and the employees' set Goals that meet the Department Manager's Goals. That way, everyone in the organisation is working towards the same Goals and Objectives which then reflects the Quality Policy Statement. Goals should also be "SMART" in their development and relevant to the business needs.
Targets - would most generally come from goals and objectives set. That is, what do I have to do to achieve my goals? So I need to set minor goals or "targets" along the way to ensure I stay on track in reaching my goal and meeting business objectives.
Hope all that makes some sort of sense. There will most likely be others that may have a difference of opinion, but in reality, it would most probably mean the same thing.