Business Strategy Essay

6000 Words24 Pages
HND in Business and Finance Unit Name: Business Strategy – 7 Assessors: Egya Gyamfi Student: Sulaiman Adebakin Introduction In this part of the assignment I will be defining and explaining mission, vision, objective, goals & core competencies, I will also be distinguishing the difference between each point and the role they play in the operation of a business, I will be reviewing the issues involved in strategic planning and explain the different planning techniques. 1.1 Explain strategic contexts and terminology – Missions Visions Objectives, Goals, Core competences About Walkers Walker is a British snack food manufacturer operating in the United Kingdom and Ireland and to a lesser extent on the European…show more content…
There are many different types of objectives such as long-term and short term objectives. Long-term objectives focus on the desired performance and results of the organization on an on-going basis. An example of a long term objective setting out customer service goals by doing this you will be able to make sure that your organization aims to receive positive customer service feedback. Short-term objectives are concerned with short-term performance targets that the organisation is working towards in pursuing its strategies. Short-term objectives tend to last up to six months or a year. Core competence The core competences of an organisation are the things that the organisation is particularly good at, that is, the resources, processes and skills which give it a competitive advantage. It is very important to identify and build on these core competences because they are what enable them to stand out from other organisations. Apple being one of the most well-known brands will mean that customers will have high expectations on their products. Apple having distinctive features on their mobile phones (IPhone) will enable them to have a competitive advantage on their competitors. A competitive advantage is an advantage over competitors gained by offering consumers greater value, either by means of lower prices or by providing greater benefits and service that justifies higher prices. 1.2 Review the issues involved in strategic

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