Evaluation of Business Vision, Mission, Objectives and Core Competencies

BUSINESS STRATEGY
TASK 1

1.1 Evaluation of business vision, mission, objectives and core
competencies to inform strategic planning.
Mission: It is considered as basic aim of enterprise which
describes why it exists and also describe its actions to meet its
vision. This statement is very important for organisation as it
inspires employees to work make a coordination and make their
focus on achievement of company's vision. For example: A
mission of retail enterprise is “to provide unique and fashionable
brand products in order to satisfy the customers' demand and
achievement of market share to become a leader in fashion
retail industry”.
Vision: It is considered as the outline of organization which
clarifies its future desired position in a particular industry or
business. It also provides understanding about what the firm
wants to achieve in a specific time frame. For example: vision
statements of retail fashion brands are “to become a market
leader by providing the satisfaction to customers by
accomplishing their demand and achieve the highest probability

Cont...
Objectives: It is an end result which is the measure of progress
which is required to meet the targets of an organization. These
are also considered as steps through which a business
enterprise will ultimately meet those business plans.
Core competencies: It mainly provides competitive advantages
over other companies to sustain in competitive market situation.
If any organization have competitiveness then it is clear that it
will able to sustain in their desire market.