Business Strategy: Mission, Vision, Goals, Objectives, and Core Competencies

BUSINESS STRATEGY
TASK 1

1.1 BUSINESS MISSION, VISION, GOALS, OBJECTIVES AND CORE
COMPETENCIES TO INFORM STRATEGIC PLANNING
• To support the answer let’s take an example of the Volkswagen AG. the mission statement of the
expresses that, its goal is to offer environmentally sound, safe and attractive vehicles that can
compete in an increasing tough market and to set high world standards. the vision of the
company expresses, the company is focusing on becoming a global economic and environmental
leader among auto-mobile industry around the globe. some examples of company's goals and
objectives are:
• Aims to increase its unit sales and profitability.
• To become more successful and sustainable auto-mobile manufacturer.
• To achieve a target of EBT at least 8%.
• To have an ability to sustain even in difficult market phase.
• To become the most attractive employer and to have the best team in the automobile industry.

1.2 FACTORS TO BE CONSIDERED WHILE FORMULATING STRATEGIC
PLANS
• Strategic planning is the process of organisation's management to define
their strategies and for directing and decision making for allocating their
resources in order to peruse strategies. it also involves the mechanism for
implementation of the strategies. Following are the contents of strategic
planning:
• Vision and mission statements
• Core values of the organisation
• Swot analysis of the company
• Short term and long-term goals
• Annual objectives