Assessing Business Mission, Vision, Objectives, Goals and Core Competencies

Business Strategy
TASK 1

1.1 Assessing of business mission, vision,
objectives, goals and core competencies
inform strategic planning.
● It is very essential to develop the business mission, vision, objective,
goals and core competencies to formulate the strategic planning of any
enterprises.
● Having a good business idea and a business plan is not just enough for
the enterprises or entrepreneurs but they also need to start thinking
about what they need to achieve in long run.
● As Dragon Den BBC is a program which help the business
entrepreneurs to pitch their business idea and then they secure the
investment.
● For allowing Dragon Den BBC to secure and to invest their money in
exchange for equity it is required to show them the business goal,
mission, objective and core competencies so that they can analyse them
and then invest accordingly.

CONTINUED...
Business mission-
● This is the statement which help company in describing its
functions, markets and competitive advantages.
● Mission is the reason why the company is in existence and what
is the main reason behind. It will not define the target in terms of
percentage or number but will tell the actual explanation down its
existence.
● The main reason of the company will be customer satisfaction
and providing them with the best quality of service and products.
● If the company is having the mission then it would be easy for
the management of the organisation to set the business strategies
and thus help them to achieve the mission.

CONTINUED...
Vision-
● The mission define the basic reason behind the existence of the
company and vision tells the entrepreneurs how will this mission
would be achieved.
● This is the actual future planning of the company that where it
would like to see the business in near future. Vision clearly
describe what the entity want to accomplish in mid term or for
long term.
● Like if business want to be in the top three enterprises of the
country in term of revenue generation then this will be the vision
of the company.
● Thus, this will help the company to form the strategy according
to the vision.